1) Personalized experiences drive eCommerce success
It's a simple formula that needs to be repeated over and over again for success: need, desire, and fulfilment.
Everyone wants personalized shopping experiences. According to a recent survey, more than 85& of online consumers considered their personal needs and desires when making a purchase decision with regard to an online shop, and nearly 50% said they would be willing to share their data in exchange for personalized offers.
There are numerous ways you can create a customer profile that allows you to offer them relevant products or services based on their individual tastes and preferences.
You can also leverage various channels –such as email marketing, social media, search engine advertising, retargeting strategies–to reach the right audience or customers at the right time with specific messages tailored for them.
2) Women lead in consumer spending power globally but men are the early adopters of new technology
The power of women in the global market segment has been confirmed in various studies. Women are more conservative spenders than men which is why they have the opportunity to invest a larger share of their disposable income in stocks, bonds, and other areas.
Women spend about two-thirds of their income on food while men spend half. Women also lead in most countries when it comes to purchasing large household items such as furniture and appliances but men still make up for a majority of new technology adopters.
The Mexican market for female consumers has lagged behind in the recent past but women have made up a significant share of new car buyers within the last decade. Stateside, women lead men when it comes to purchasing most products despite their limited earning potential.
Women spend more money on average than men and make up for 70% of all retail purchases while accounting for only 40% of disposable income. The buying power of American consumers is estimated at $11 trillion per year with women controlling two-thirds of that amount.
This is largely due to spending decisions made by married couples where the wife makes 85% or more of household purchases.
3) Consumers want online, in-store and mobile experiences to be seamless
The demand for seamless customer experience across all channels and devices is becoming the norm. Consumers want to buy anything online, and then pick it up in-store or have it delivered to their home.
They also want to be able to browse items on the other side of the world while standing in a physical store. For retailers, it means that each channel must not only be on-brand but also serve up a consistent experience and message.
Tying together your online, mobile and in-store offerings is more than just about saving time or money; it's about delivering an optimal customer experience. Take Sephora: It lets customers shop online for makeup samples -- are you kidding me?! Through its Beauty Insider points program, then pick up the order at any of its locations across the country. "
If you look at all these channels as opportunities to drive [the customer] deeper into our relationship with them, rather than thinking of them as separate channels competing against one another, we can actually build those relationships much more successfully," says Todd Brawner, associate director of e-commerce at Sephora.
If you are selling something that you don't already have in stock, then your consumers want the product delivered to their doorsteps. Taobao Mall and Amazon's Prime Pantry in China provide one-hour delivery for certain products. Alibaba and JD.com offer same-day delivery to 350 cities across China, including fresh produce from local farms -- a service unheard of in America since World War II.
4) Mobile commerce is disrupting shopping behaviour across the globe after COVID-19
We are witnessing a change in shopping behaviour as people start buying from their mobiles. After the COVID-19, this behaviour has increased even more due to the fact that a lot of people do not have access to their phones or the internet.
Mobile commerce is not just about buying anything from anywhere. This technology is poised to completely change the way people shop and how retail businesses operate, both online and off. Mobile Commerce is a new app-based technology that helps you purchase products and services under one umbrella while providing you with an easy and seamless payment experience.
It makes it easier for buyers to make purchases on the go, at any time of their choosing rather than being limited by fixed check out hours as in traditional brick-and-mortar stores.
With the rise in mobile phones usage all over the world, there has been a huge revolution in shopping through mobiles because people don't have access to computers or the internet every time they want something and most of the time people are on their way to work or school and they need something at that moment so mobiles commerce is going to make things easier for them.
5-New age technology such as AI & AR combined with the Internet of things (IoT), is changing how consumers shop
New age technology such as AI and AR combined with the Internet of Things (IoT), is changing how consumers shop. More and more shoppers are using their smartphones to help them while they're shopping in the store.
Mobile apps are also very popular as well, where shoppers can scan a barcode or just type in an item to find out its price, reviews, and availability across stores. These days, when people want to buy something online they will first search on Amazon for the best deal.
This year, forward thinking businesses will find ways to incorporate customers power of the internet into their shopping experiences. Its this type of consumer centricity that will drive company growth and innovation in years to come with trends like Augmented Reality, Internet of Things (IoT), Artificial Intelligence (AI) and Mobile payments changing how people shop both online and offline.