E-commerce Trends to Look out for

By Mana Network - April 1st, 2019

E-commerce enjoyed its best year in 2018, with world sales revenues calculable to possess reached $2.8 trillion, in step with Statista. This year, this figure is predicted to rise to $3.5 trillion. To put this in perspective, if the e-commerce industry were a country, it would slot into the fifth spot, ahead of the United Kingdom, whose GDP as of April 2018 was $2.61 trillion. With such eye-opening figures, it’s little wonder there’s so much excitement surrounding the future of online retail. Amid all the hoopla concerning e-commerce, it’s easy to forget that this segment accounts for just 11.9 percent of the total retail sales around the world. Therefore, the market holds a rare capability for growth over a successive decade. Below, we identify trends that e-commerce entrepreneurs should pay the closest attention to:

 

Using big data

 

Yes, we’ve 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 resource, this effort will increasingly separate the successful from the less successful e-commerce businesses. And this division will not be limited to behemoth e-commerce businesses either, because mid-range competitors too are now using their data reserves to mine unique insights. Big data, in fact, helps entrepreneurs analyze shopping behavior, trends and what products it is that is selling. It's been proven to help e-commerce businesses make improvements in customer service, security and mobile commerce. It additionally powers the AI that is revolutionizing the trade (more on this below).

 

In short, big data is likely to power future developments in your e-commerce business. If you are planning on staying in the industry long term, you would be wise to study the latest developments.

 

Customer service

 

Shoppers are growing used to the convenience of e-commerce, and entrepreneurs need to ensure that the customer experience meets those people's growing expectations. The process has to be fast, assuring and secure. Stores additionally ought to be fast to retort to queries and resolve problems. One has found that over half Americans surveyed had canceled a buying deal thanks to dangerous service. Ensure a swish checkout: Too several e-commerce stores still have unnecessarily drawn-out checkouts. Consider whether you need any more than two stages, i.e., you can fill in the details on one page; then confirm those details and items on the next. Be responsive: Whether it’s on social media or your website or via email or phone, your business should respond to any queries in a timely and professional manner. An increasing number of stores offer live chat on their sites, and the response of customers has been overwhelmingly positive. Deliver personalized expertise: Use your customer’s browsing and get history to deliver a personalized looking experience. This is one thing Amazon has become the associate form in recent years, leading its customers to the product that most relevant to them which they're more likely to buy. Listen to your customers: “Even now I'm learning from our customers”, a voice line in the famous game dota2 voiced by Gabe Newell the CEO of Valve software echos how important listening to customers is but most corporations tend to neglect. Be proactive in trying to find feedback and asking your customers concerning their expertise. By posing for feedback, you’ll shape a more holistic view of your business and how it is perceived. Don’t be afraid to deal with criticism, either, even if it’s in public. In this method, you'll identify your weaknesses and prove to customers that you take complaints seriously.

 

Above all, perceive that providing glorious client service {is no|is not associatey|isn't any} longer a bonus for an e-commerce business. It’s now the norm.

 

Improved personalization

 

One of the factors behind Amazon’s success is its advanced product recommendations algorithmic program, which drives up to 35 percent of the company’s total sales.

Using the buyer’s looking habits, interests and even browsing history, the e-commerce giant is able to promote the products the buyer is most likely to purchase.

 

Looking on the far side Amazon, product recommendation engines have proven effective at delivering a personalized shopping experience and driving up revenue for stores. The secret is to position those recommendations at optimum points within the getting method.

 

First, ensure you have recommended products visible to your shoppers on the home page or after the point that they sign in. Then, once they need else things to their basket, make sure you have recommended complementary things.

 

Final thoughts

 

Entrepreneurs who take the proactive approach, embrace the latest advances in tech and make use of data will reap the rewards in e-commerce. As AI becomes more mainstream, it is essential that e-commerce business owners take personalization to the next level. Simply having a product recommendation plugin is no longer enough; you need to be proactive and utilize tools in the right way, with well-curated data, to maximize your potential.