If you want to understand how the future of e-commerce is going to look like, it’s important to know what’s currently happening in the marketplace. New technologies and changes in consumer behavior are transforming the e-commerce landscape. Here’s what we’re seeing right now, and what we can expect in the next few years.
Social media is taking over commerce
Social media is taking over commerce. This is a significant shift in consumer behavior. It creates a more interactive and entertaining journey for consumers, as well as a new avenue for retailers to create brand awareness and generate revenue. But there are challenges for brands and merchants.
For starters, consumers are using social media to search for products. They are also sharing and reviewing products with their friends and followers. In turn, these interactions influence buying decisions.
Social media has enabled platforms to add new shopping capabilities. Many networks now allow users to purchase directly within the platform. These functions remove friction from the buyer’s journey, which helps encourage more conversions.
However, there are still some gaps in the checkout experience. As a result, consumers often have to navigate to a third-party marketplace to complete their purchase. Some platforms are also rethinking the checkout process.
Some social media companies are offering chatbots that can automate the communication process. Chatbots can answer customer questions and offer recommendations.
Another feature is Conversational Commerce, which engages customers in a conversation with every transaction. With more advanced technology, the next-generation of platforms can collect first-party customer data and provide advertisers with more value.
To be successful, brands and retailers must go where their customers are. They must develop a holistic strategy for social-first content and influencer partnerships. Then, they must create an e-commerce offering that works on social.
A social commerce solution will help you stay ahead of the competition. With a better understanding of your target demographic, you can create engaging content, direct customers to your online store, and capture a larger share of customer spend.
While social commerce is growing rapidly, it will still face challenges in the US. That’s why businesses need to act now to reach consumers in new markets.
Mobile e-commerce is on track to grow by 25% over the next 5 years
Mobile e-commerce is on the rise. It will continue to increase at a rapid rate. In fact, it will grow 25% over the next five years.
According to the Internet Advertising Bureau, a large portion of consumers are using mobile devices to research products. They are also more likely to combine their smartphone search with an in-store visit. That’s why ecommerce websites must have a mobile-friendly design.
More than half of mobile shoppers are expected to download a new shopping app before the 2021 holiday season. And one in four have changed their mind about buying something while in the checkout line because of information they found on their phone.
While the number of devices is increasing, the average person is only using their smartphone for three hours and 15 minutes a day. Therefore, it’s crucial to offer a variety of payment options, including credit and debit cards and digital wallets.
Digital wallets are expected to make more payments than bank transfers by 2020. As a result, the market for mobile wallets is estimated to be $350 billion by 2026.
One in five adults would rather go without shoes for a week than take a break from their phone. The COVID-19 pandemic has had a huge impact on consumer shopping behavior.
Mobile e-commerce is on the rise, but it can’t be successful if it’s not designed properly. Customers will avoid visiting mobile sites that are hard to use or don’t load quickly.
Ecommerce retailers must invest in proven optimization techniques to keep their site mobile-friendly and improve sales. Consider adding chatbots to your ecommerce website to provide customers with automated responses. These bots can also help answer queries and prompt customers to buy.
AI-based customer journeys create an individual experience
B2B customer journeys are increasingly taking place in digital environments. Consumers expect hyper-personalized experiences when interacting with brands. As a result, AI-based solutions can nurture users throughout their customer lifecycle.
To create a seamless experience, brands should first have a deep understanding of the customer journey. They should also gather actionable data. The study found that AI-empowered tools can help improve lead qualification, increase brand engagement and enhance sales forecasts. However, these tools could also cause negative outcomes. Hence, a careful examination of their ethical aspects is a must.
AI-powered tools can also help companies link channels. This is important in the hyper-connected society that we live in today. In fact, more than half of consumers prefer brands that deliver a customized experience. These customers are more likely to stay engaged with a company. Moreover, they are willing to pay more for products and services.
Developing a good customer journey requires a deep understanding of your customer’s preferences, behavior and needs. You can achieve this through surveys, questionnaires and user testing. Your data may include their browsing and purchasing history, as well as their click-through rates, communication preferences and demographics.
The most efficient way to gather and analyze data is through artificial intelligence. This technology can perform a number of tasks from market survey analysis to search engine optimization. It can also provide relevant insights on prospects’ actions, which can be incorporated into your content and marketing campaigns.
The best AI-based tools can be used for a number of purposes, including pre-qualifying leads, optimizing the sales process, managing the relationship between a company and its customers, and guiding the customer through the purchase process.
Voice search will be a significant innovation driver
As consumers become more comfortable with voice technology, eCommerce retailers must adapt to it as well. Voice search is an effective tool to enhance customer interaction, improve product discovery, and increase sales.
Voice search is a relatively new innovation, but one that’s quickly gaining popularity. As more people use smartphones and other devices, voice searches will continue to rise. This new way of searching will likely be a driving force in e-commerce for years to come.
Using a voice search to browse the web is one of the simplest ways to discover products, get more traffic, and save time. However, you need to make sure your landing page is optimized for voice searches.
The key is to know where your customers are spending their time online. A recent survey found that nearly three-quarters of Americans over the age of twelve own a smart speaker. With these devices, users can make reservations, schedule grocery pickup, and buy movie tickets all using voice commands.
Voice-based shopping is expected to reach $40 billion by 2022. To prepare for the future, it’s important to understand the difference between voice searches and manual ones. You can do this by integrating features such as machine learning and artificial intelligence.
A voice-based interface can also be accessed by using the Amazon Echo or Google Assistant apps. Unfortunately, however, these cannot be accessed unless you have the appropriate app installed.
Using a voice search will give your customers the opportunity to interact with you, ask questions, and learn more about your products. This can lead to long-term relationships with your customers.
Voice-based technology will enable you to customize the experience for your customers, removing the hassles of making online purchases. It’s the best way to ensure your customers are satisfied with their experience.
Multi-channel strategy to optimize sales conversions
Multi channel marketing is a strategy that allows businesses to maximize brand awareness while improving conversion rates. It’s a great way to reach customers wherever they are. In order to be successful, though, multi channel strategies need to be carefully thought out and executed.
The key to a successful multi channel campaign is to build a comprehensive marketing plan that covers all of the touchpoints. Create a cohesive campaign that includes a consistent messaging strategy and KPIs. You can also use automation to make intelligent decisions that will improve the performance of your channels over time.
When planning your multi channel marketing campaign, make sure to include an optimized path to sale. That means identifying which channels your audience uses most often and creating a cohesive campaign that reflects the unique needs of each channel.
Another challenge with marketing across multiple channels is targeted marketing. If you are promoting a specific product on Facebook, you don’t want to be sending the same ad copy to a different audience.
As with any marketing initiative, you need to measure and analyze the results of your campaign. Whether you are using social media, email, or Facebook, your efforts need to be tracked to ensure they are effective.
There are many tools that can help automate multi-channel marketing, such as ConvertedIn. This tool uses data from eCommerce and social media to automatically gather shoppers’ information and carry out multi-channel steps.
Other multi channel strategies can involve partnering with department stores or global marketplaces. These partnerships are useful for reaching consumers who prefer to shop in-store. They also give retailers access to built-in audiences.
Marketing efforts that cover multiple channels are not only more efficient, they are easier to manage. For instance, a company can use a mobile app and a social commerce ad to sell the same product.