This year, this figure is expected to rise to $3.5 trillion. To put this in perspective, in the event the eCommerce industry were a state, it might slot into the fifth spot, before the UK, whose GDP at April 2018 was $2.61 trillion.
Amid all of the hype about eCommerce, it’s easy to overlook that this section accounts for only 11.9 percentage of their total retail revenue across the world. Hence, the market holds an outstanding capacity for growth over the next decade.
Beneath, I identify the four tendencies that eCommerce entrepreneurs must pay the closest attention to:
1. Smaller companies using big data
Yes, we have heard quite a lot about big data over the past two years, but it’s not going away. As more people come to grips with this new source, this effort will progressively separate the successful from the less successful eCommerce businesses. And this division will not be limited to behemoth eCommerce businesses , because mid-range competitors are now using their data reservations to mine unique insights.
Substantial data, in fact, helps entrepreneurs examine shopping behavior, trends and what goods it’s that are promoting. It has been proven to help eCommerce businesses make improvements in customer support, safety and mobile commerce. Additionally, it forces the AI that’s revolutionizing the industry (more on this below).
In a nutshell, big data is very likely to power future improvements on your eCommerce business. If you’re thinking about staying in the market long term, you would be wise to study the most recent developments.
2. Fantastic customer service
Shoppers are growing accustomed to the ease of eCommerce, and entrepreneurs will need to ensure that the customer experience matches those people’s growing expectations. The purchasing journey needs to be smooth, secure and reassuring. Shops also need to be fast to respond to inquiries and resolve issues.
According to eCommerce development companies One American Express study has found that over half of Americans surveyed had canceled a purchase as a result of bad service. But take heart; you should not be the entrepreneur on the other end of that type of transaction.
Make sure a smooth voucher: Too many eCommerce shops still have drawn-out checkouts. Consider whether you need any over two phases, i.e., you can fill in the details on one page; subsequently verify those details and things on the following.
Be responsive: Whether it is on social networking or your website or through email or phone, your company should respond to some queries in a timely and professional way. A growing number of stores provide live chat on their websites, and the response of customers has been overwhelmingly optimistic .
Deliver a personalized experience: Utilize your client’s browsing and purchase history to deliver a personalized buying experience. This is some thing Amazon has turned into an art form lately, directing its clients to the products which are most relevant to them and that they are more likely to purchase.
Listen to your customers: Be proactive in looking for feedback and requesting your customers about their experience. By asking for feedback, you are going to shape a more holistic view of your business and how it is perceived. Don’t be scared to address criticism, either, even if it’s in public. In this manner, you will identify your weaknesses and establish to clients that you just take complaints seriously.
Most importantly, know that providing excellent customer service is no longer a bonus to get a eCommerce business. It is currently the norm.
3. Increased AI
Without good, well-ordered data, you won’t have the ability to embrace the latest technology that can drive revenue to your eCommerce store. AI is already evident in many eCommerce stores. Those automated live chat bots, advanced data analytics and stock management tools?
But, there are examples of shops taking it to the next level to deliver an extremely personalized experience. Outdoor wear manufacturer, The North Face, has recently unveiled a digitized personal shopper which may guide customers to products. Additionally, there are voice lookup and mobile shopping, which enable people to shop on the move.
4. Improved personalization
One of the factors behind Amazon’s achievement is its advanced product recommendations algorithm, which pushes to 35% of the organization’s overall sales. Using the buyer’s buying habits, interests and even browsing history, the eCommerce giant is able to market the goods the buyer is most likely to purchase.
Looking beyond Amazon, product recommendation motors have proven effective at delivering a personalized buying experience and driving up revenue for stores. The key is to place those recommendations at optimum points in the purchasing procedure.
First, ensure you have recommended products visible to your shoppers around the home page or following the stage they register in. Then, as soon as they’ve added items to their basket, make sure you have suggested complementary items. You could even indicate things at checkout.
Entrepreneurs who take the proactive approach, embrace the latest advances in tech and use data will reap the benefits in eCommerce. As AI becomes more mainstream, it is essential that eCommerce business owners take personalization to the next level. Simply having a product recommendation plugin is not enough; you have to be proactive and utilize tools in the ideal way, together with well-curated information, to optimize their potential.
Rose Finch is a senior editor at Top Firms. She is a technology blogger and eCommerce development companies in Dubai since 9 years. She is a badminton champion at the national level.