It was the spring of 1994. Web usage had skyrocketed by a baffling 2,300%. This inspired a 30-year-old enterprising man to quit his job, set up shop in a garage and take advantage of the opportunity. He booked the domain relentless.com, but naysayers said it sounded sinister. So, he changed the name, used the domain to sell books online at first, then diversified the product portfolio and eventually became the world’s largest online retailer. That domain still exists today and redirects to the Amazon website.
Making a company or product stand out, succeed and sustain in the cluttered e-commerce space is not as easy as it sounds. It demands a thorough understanding of customer behavior, technological advancements, strategic marketing tactics and a lot more. It’s also important for marketers to be extremely nimble while being receptive to the idea of adopting emerging technological trends. Failure to do so would make the task of customer acquisition and retention a nightmare.
Listed below are some e-commerce trends marketers can’t afford to overlook in 2019:
Programmatic Advertising
In layman’s language, programmatic advertising refers to the automated buying/selling of digital display advertising in real time. The elimination of human intervention makes the process efficient, cost-effective and scalable. Marketers can then spend their valuable time on more sophisticated tasks like strategic planning and creative brainstorming. Display advertisers can use LinkedIn’s targeting methodology, or their own database, to programmatically reach audiences that matter most to their business. Displayed across devices, programmatic ads can reach 98%1 of the internet; this includes the Google platform.
Chatbots for Smarter Interactions
Bots enable fast and focused interactions with customers. Cortana, Siri and Google Assistant are doing a splendid job, but there lies a plentitude of possibilities in chatbot marketing. A great tool for handling predictable customer queries and monotonous tasks, chatbots are now increasingly being used on websites, apps and social platforms for both customer service and sales. Widgets and plugins make implementation a breeze. What’s more, 80%2 of the respondents of a survey of decision makers – including CMOs – said that they have either used or are planning to use the technology by 2020.
Voice Search is the New Norm
ComScore says that by 2020, 50%3 of all searches will be powered by voice. Sending a “will be late” message while driving or adding an appointment to a calendar without touching the keyboard are just a few simple use cases. Digital assistants and search engines are trying to understand customer intent based on available data, so they can help in faster decision making. Microsoft’s Cortana powers voice search on all devices from the PC to the phone to the Xbox One. Amazon’s Echo is being integrated into more devices to play music, control other ‘things’ and manage smart homes, among many other applications.
Personalized Product Recommendations
Geo-location, past preferences and historical search queries are some of the ways in which search engines populate results. E-com portals display recommended products based on browsing history and product demand, so it’s not uncommon to see a listing classified under “Your Recently Viewed Items” and “Customers Who Bought This Item Also Bought”. According to a study of 100+ online retailers, shoppers were 915%4 more likely to buy recommended products compared to other items. Aside from increased conversion rates, the e-retailer can also expect to see a spike in the average order value while helping the customer save time, resulting in customer delight and loyalty.
UI/UX is on Rise
‘User friendly’ and ‘mobile friendly’ are the keywords that have become the buzzwords in today’s UI/UX design space. To be relevant and competitive, e-commerce players need to deliver a delightful experience to customers. Easy navigation, pleasing design, demo videos, smart search and gamification are just a few strategies marketers are deploying to woo and retain customers. According to a recent survey, m-commerce sales accounted for 63.5%5 of the total e-commerce sales worldwide. That figure is expected to touch 72% by 2021. This underscores the rising importance of mobile UI/UX.
Interactive Video are the Future
According to Forbes, consumers are 276 times more likely to click on an online video ad than a standard banner ad. That’s the impact of video in the digital space. What if these videos were interactive? Instead of viewing passively, shoppers have the power to click, drag, scroll and swipe on an interactive video while making their choices. Be it a quiz, survey or a game, the engagement option is likely to elicit a better response. Moreover, there are myriad other functionalities that can be built into an interactive video. Put simply, it’s a new way to engage, educate and enlighten the customers; this, in turn, will help boost conversions.
References:
https://www.linkedin.com/pulse/9-reasons-why-programmatic-advertising-kicking-google-consultant
https://www.businessinsider.com/80-of-businesses-want-chatbots-by-2020-2016-12?IR=T
https://www.statista.com/statistics/806336/mobile-retail-commerce-share-worldwide/
https://www.afaqs.com/news/story/53908_Interactive-Video-The-Most-Powerful-Megatrend-for-Marketers
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