Top 5 Evolving eCommerce Trends In Coming Years
Grow Your Business, Not Your Inbox
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
The eCommerce industry is a hyper-competitive community where the way in which customers experience specific brand matters most. Brands anticipating, plus meeting - or exceeding - customer’s expectations, strategically targeting and engaging online shoppers together through mobile will definitely taste success in the coming year. eCommerce retailers adhering to traditional brand-centric commerce or the marketing model will sadly lag behind the competition, losing their customers along with the revenue.
How will a brand stay competitive in this market? What are the options that will help a brand to increase online sales? Here are five major trends that will help retailers in improving conversion rates dramatically.
Big Data and Predictive Analysis to Enhance Operations
Retailers can now take decisions based upon a structured approach through data-driven insight. Precise insights effortlessly boost decisions about a day that would be beneficial to launch a promotion, identify products supposed to generate more sales, and target specific segments with powerful campaigns. Big data enable retailers to enhance the outcome of customer and product profitability, strategies related to customer acquisition, retention, and satisfaction. Additionally, marketing segmentation, operations, and performance management as well as streamlining supply chain and delivery chain strategies.
Deployment and use of big data analytic tools helped many companies in streamlining their analytics process. It helped them to enhance operational efficiency, generate new revenue streams and achieve a competitive edge over business rivals. Descriptive Analysis, Predictive Analysis, and prescriptive Analysis are the three major types of analytic applications.
Descriptive analysis is about discovering something that happened in the past along with its root cause. Predictive and Prescriptive analysis helps companies foresee business opportunities and call for real-time/right decisions. Annihilating intuition-based decisions and decisions based on gut feeling is a major achievement of data and predictive analysis. Targeting marketing campaigns, reducing customer churn, barring all loopholes are some major benefits of big data.
Omni-Channel Is the New Normal
The ‘Omni-channel’ is the most recent buzzword in eCommerce industry for a cross channel with finesse. In the coming year, eCommerce businesses must emphasize more on customer experience. Nevertheless, whenever they think of it, they should think of Omni. In an Omni-channel, it is never about my customers or your customers, but it is always for all customers.
There is nothing more disappointing for customers than having no connection between an online and a physical retail store. Today, consumers move around different stores and shop using different channels. To provide customers with a seamless shopping experience, an option to order online and collect in-store is a fabulous gesture, keeping customers engaged in online shopping.
Indulge in Omni-channel marketing and create a consistent shopping experience for consumers and shoppers. Expand brand's presence from social media to the website and from retail stores to supply chains. Customer shopping online besides in-store are more valuable; empower them to purchase on any channel with equal ease and flexibility.
The Biometric Modules to Boost Sales
A Biometric module offers scores of answers related to offering a coherent shopping experience without any glitches. Order picking and user identification are the two major aspects that will improve after implementing biometric module sale technology. Biometric sale module assists customers in retaining their identity, leaving behind the complexity to remember passwords, codes or secret questions.
As numerous enterprises are vowing to adopt biometric technology, Grand View Research forecasts its market size will reach $24.59 Billion in the next four years. Already, the adoption of mobile commerce is on a surge expecting a further acceleration in the coming year, due to the impending wide-scale integration of biometric technology in smartphones.
Fingerprint verification, Voice biometrics, Facial recognition, and Palm print or hand geometry are the four major identification techniques used by different biometric platforms. Biometric authentication is already being used in laptops, smartphones, hard drives and electronic wallets. The same technology is expected to enter eCommerce arena in the coming year with an aim to offer a quick way to purchase online. Although retailers are ready to employ a Biometric module for point of sale/purchase, the question remains if the customers are ready.
Same-Day Delivery to Meet Customer Expectations
Ordering speed and speed of delivery are the two parameters that help eCommerce retailers in retaining customers as well as in earning their trust and loyalty. The logistic and supply chain industry plays an important role in making same day delivery possible. If you succeed in employing same day delivery, it will eliminate one of the significant differences between online and in-store shopping.
With the support from incumbent logistic providers, an increasing number of eCommerce retailers have started operating and piloting same day delivery model. Due to reduced delivery time, consumers are able to access purchased products immediately, resulting in increased conversion, enhanced loyalty and valued engagement with users.
Not only muscles, but also efforts, and stamina are required necessities for e-retailers to maintain, moreover manage the demand supply chain. A cross-functional approach to deep planning, substantial investment and an effective rapport or ties with logistic providers will help an online business transform the concept of same-day delivery into reality.
Artificial Intelligence to Make Systems Smarter
After introducing cognitive technology and after employing smart data, “Hyper-Personalization” is the new trend in the eCommerce industry. This trend is supposed to become imperative in the coming year.Artificial Intelligence facilitates learning of consumer behavior and procuring a predictive analysis. AI uses intellectual algorithms to process an immense amount of data collected at different touch points as if smartphones, tablets, laptops and desktops.
Machine learning and Artificial Intelligence possess limitless possibilities with a potential to change the traditional approach of doing online business. Visual search and image recognition, product recommendation, voice-powered search and an intelligent agent are some of the key areas that will transform after using AI applications in eCommerce domain.
Already a bunch of eCommerce giants like Amazon, Alibaba, e-Bay and Flipkart as well as Snapdeal in India started using it. In fact, they have invested a fortune for the next level of AI research. It is believed that until the end of next year, AI will be developed to imitate capabilities similar to a human brain. These highly capable AI Solutions are supposed to serve an immense base of online shoppers scattered globally. To constitute search results faster, precise and relevant to the individual consumers. Therefore, either a retailer should adopt AI or stay ashore watching own dismay.
Many eCommerce entrepreneurs are willing to carry their business a step ahead of the competition. At times, it feels easier to build traffic and watch the increasing conversion ratio. Nevertheless, with increasing competition and enhanced customer expectations, it might get difficult to attain the expected conversion rate. This is the time you start looking under the collar and start asking questions
How to understand the customer mindset? What would be the maximum price a consumer would like to pay for his/her favorite product? What is the best way to solve customer complaints proactively before it turns out to become larger issues? How to receive insights and align business strategy to increase conversion rate?
Once you arrange all ducks in a row; get creative and solve each problem by thinking outside the box. Employing these five trends will surely help you gear up and compete fiercely and confidently in today’s hyper-competitive eCommerce industry. Follow these trends and enter 2017 with an advanced edge to garner more leads, deliver more products, and earn maximum profit.