To place this in perspective, if the eCommerce industry were a country, it would slot to the fifth place, before the United Kingdom, whose GDP as of April 2018 was 2.61 trillion.
With this kind of eye-opening figures, it is little wonder there is so much excitement surrounding the future of online retail. Amid all the hype about eCommerce, it’s easy to forget this section accounts for just 11.9 percentage of their total retail revenue around the world. Hence, the market holds an outstanding capacity for expansion during the next decade.
Beneath, I identify the four trends that eCommerce entrepreneurs should pay the closest attention to:
1. Smaller companies using big data
Yes, we have heard quite a lot about large data within the past two years, but it is not going off. And this branch will not be restricted to behemoth eCommerce businesses , because mid-range opponents are currently using their information reservations to mine insights that are unique.
Substantial data, in fact, helps entrepreneurs analyze shopping behavior, trends and what goods it’s that are selling. It has been proven to help eCommerce businesses make improvements in customer service, safety and mobile commerce.
In a nutshell, large data is very likely to power future improvements on your eCommerce business. If you are planning on staying in the market long term, you would be smart to study the most recent developments.
2. Excellent customer support
Shoppers are growing accustomed to the convenience of eCommerce, and entrepreneurs need to be certain that the customer experience meets these people’s growing expectations. The purchasing journey needs to be smooth, secure and reassuring. Shops also need to be quick to react to inquiries and resolve issues.
According to eCommerce development companies One American Express research has found that over half of Americans surveyed had canceled a buy due to bad support. But take heart; you should not be the entrepreneur on the other end of that kind of transaction.
Ensure a smooth checkout: Too many eCommerce shops still have drawn-out checkouts. Consider if you will need any more than two phases, i.e., you can fill in the details on one page; subsequently confirm those details and items on the following.
Be responsive: Whether it’s on social networking or your own site or through email or phone, your business should respond to some questions in a timely and professional way. A growing number of stores offer live chat on their websites, and the response of clients has been overwhelmingly optimistic .
This is some thing Amazon has become an art form lately, directing its customers to the products which are most applicable to them and that they are more inclined to purchase.
Cling to your clients: Be proactive in looking for opinions and requesting your customers about their expertise. By asking for feedback, you are going to shape a much more holistic view of your company and how it is perceived. Don’t be afraid to deal with criticism, either, even if it’s in public. In this manner, you will identify your weaknesses and prove to clients that you take complaints seriously.
Above all, understand that providing exceptional customer support is no longer a bonus to get an eCommerce business. It is currently the norm.
3. Increased AI
Without great, well-ordered information, you will not be able to embrace the latest technologies which will drive revenue to a eCommerce store. AI is already evident in many eCommerce shops. Those automated live chat bots, innovative data analytics and stock management tools? They’re all powered by AI.
However, there are examples of stores carrying it to the next level to provide an extremely personalized experience. Exterior wear brand, The North Face, has unveiled a digitized personal shopper which may guide customers to goods. There are also voice search and mobile shopping, which enable people to shop on the transfer.
4. Improved personalization
Among the factors behind Amazon’s success is its advanced product recommendations algorithm, which pushes to 35% of their organization’s total 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 shown capable of providing a personalized buying experience and driving revenue for stores. The secret is to place those recommendations at optimal points in the purchasing process.
First, make certain you’ve recommended products visible to your shoppers on the home page or following the point they register in. Then, as soon as they’ve added items to their basket, then make sure you have suggested complementary items. You can also suggest items at checkout.
Connected: This Powerful E commerce Entrepreneur Explains How to Tell The Difference Between Urgent and Important Product recommendation tools have the capacity to turbocharge your store’s earnings immediately if you use them properly.
Entrepreneurs who take the proactive approach, embrace the latest advances in tech and use information will reap the rewards in eCommerce. As AI becomes more mainstream, it’s essential that eCommerce business owners take personalization to another level. Just having a product recommendation plugin is not enough; you have to be proactive and utilize tools in the right way, with well-curated data, to maximize their potential.
Author Bio: 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.