How to be Competitive in eCommerce (2018)
Data explosion, in combination with other technological disruptions such as AI, ML, and mobility of devices has been critical in driving the success of the eCommerce industry. The result is an exponential increase in the number of eCommerce firms, where each one needs to avail the latest technological strategy to stay ahead of their competition. Here are few features, functionalities, and processes that would help eCommerce firms gain that edge:
- Personalized Experience: The age of information overload has provided the firms with the opportunity to inform themselves about the exact desires and demands of their customers. The expectation in such an instance is that the firm will be able to create unique personalized experiences that will enhance and improve customer experience.
- Sensory Search: With an increase in visual social platforms like Instagram and Pinterest, there has been a transformation in the eCommerce industry in terms of demand for the capability of panoptic search. There’s also a surge of popularity for voice search, and firms should include both these capabilities to boost their site visit.
- Easy to Use Interface: To provide a seamless customer experience, extensive research should be performed with regard to new tools, systems, technologies, like ML to take care of the more iterative or time-consuming processes. One-click solutions can also be a great assistance in providing greater customer satisfaction.
- Mobile Commerce: The emergence of smartphones and tablets are driving the advent of mobile commerce or m-commerce. This allows retailers opportunities in terms of mobile payments, on-demand services, app-based services and new marketplaces.
- Application of AI: Machine learning and predictive analysis can prove to be quite a boon in terms of handling time-consuming jobs such as real-time optimization of merchandising, pricing, and source.
- Digital Assistance: With the increased adoption of messaging apps among customers, chatbots have achieved new heights of popularity. It saves time and effort by handling basic functions like placing or canceling orders, customer service inquiries, and even personal shopping experience.
- Real-Time Customer Assistance: To achieve high customer satisfaction, it is important to acquire an efficient customer service team that possesses the right capabilities and skills.
- Digital Promotions: Promoting healthy competition, digital promotions helps eCommerce firms with customer acquisition and retention. Firms should also be informed about tools such as SEO, PPC, and conversion rate optimization that would increase their site visibility.
- Adopting Sales Funnels: Mostly utilized in internet marketing, this helps boost marketplace sales. It assists in controlling the customer journey based on their behavior in order to increase conversion rates.