An ecommerce solutions provider must be able to help retailers exceed their customers’ expectations by making every touch point with the brand personalized, easy, and relevant. Customers, today, are looking for more than just online product information and an option to place orders on a website or mobile application. They are looking for a platform that facilitates seamless and healthy engagement with their favorite brands, and expression of their opinions and suggestions. Such an open and flexible ecommerce platform is the need of the hour for increasing customer satisfaction and increasing business revenue. A basic ecommerce solutions company must be able to offer fulfilment methods like ‘buy online’ and ‘pick up in store,’ so that customers are happy and keep coming back to the brand.
Do you think you as a “brand” really knows your customers? According to a study by IBM and Econsultancy, there is a massive perception gap between how well businesses think they are marketing and the actual customer’s experience. While 81% of the companies say they have a holistic view of their customers, only 37% of the customers agree that their favorite retail brand understands them. These numbers are an indication that companies still don’t have a clear understanding of how they can create a truly ‘Personalized Experience’ for their customers.
It’s the time of year when everyone is looking to set their expectations for the year ahead. For retail, 2017 promises more disruption ahead as retailers try to figure out the changing shopping behaviors they see from customers who are more digitally savvy than ever. Here is my take on five predictions for retail in 2017.
2016 was a tough year for initial public offerings of venture-capital-backed eCommerce companies. However, it was a year of notable acquisitions of eCommerce companies by large retail chains and consumer product providers. Getting acquired has always been a primary exit strategy for eCommerce companies that have received funding from outside investors.
64% of retailers’ emails were opened on a mobile device in the third quarter—13% on tablets and 51% on smartphones—according to the new Experian Marketing Service “Quarterly Benchmark Report.” That’s up from 61% of retailers during the same period in 2015—11% on tablets and 50% on smartphones. Another 13% of emails were opened on tablets, while only 36% were opened on desktops.
Mobile devices are responsible for $24.55 billion in sales so far this holiday season, according to the Adobe Digital Insights unit of Adobe Inc. This data accounts for sales during Nov. 1-Dec. 20, based on aggregated data from 23.4 billion visits to retail websites. Adobe defines the holiday season as November and December.
The surge of online stores has made it easy for shoppers to buy products from across the globe. Designers, however, feel that while technology has helped the Indian fashion industry grow, there are a few downsides, including easy access to designs leading to plagiarism.
Most retailers don’t use Buy buttons, and even among those that do, few generate significant sales from them.
Rapid increase in the use of mobiles and the emergence of the internet has led to the evolution of cyberspace. According to a recent ASSOCHAM-EY joint study titled 'Strategic National Measures to Combat Cybercrime', mobile frauds are areas of great concern for companies as 40-45% of financial transactions are done via mobile devices and this threat is expected to grow to 60-65% by 2017 (approximately 45% rise).
By next year, Forrester estimates that digital technology will play a part in almost 60% of all in-store transactions, which will equate to roughly US$1.8 trillion. While most brands have spent decades building their physical presence, many are losing out online because they simply aren’t holding any digital real estate.
Whether you're an operations head or in support functions like HR or Finance, your internal customer remains the same – ‘The Employee’. Every company spends a considerable amount of time & money in hiring quality talent and training them to perform optimally. The employees thus are able to generate profitability for the business. While we focus on external customer satisfaction, it is imperative that we also spend a thought on the internal customer a.k.a. 'the employee'. This is in alignment with what J.W. Marriott has to say about employee satisfaction - "Take care of your employees, they will take care of your customers and your business will take care of itself.”
Big Data has been increasingly used by eCommerce companies and this has become common these days. To stay competitive, the established eCommerce companies have started using extensive data sets that will help them to better understand their customers and thus provide better customer experience, product recommendations, and services that will be tailored for each individual. For most online stores, therefore, it is critical to use Big Data. However, primary questions are what tools to utilize and how much to spend on them.
Magento 2.0 is the most recommended e-commerce platform now that is used worldwide for developing e-commerce sites or online stores. There are several reasons that make this platform so popular among businesses interested in setting up an e-store. Here we present you some of the coolest facts about Magento 2.0 –
Over the last few years, the Indian e-Commerce industry has witnessed a substantial growth due to the numerous business models that have cropped up. E-Commerce and the sub-set retail e-Commerce is still in its nascent stage even though it has witnessed of lot of new players of late. Recently, a lot of consumers are acquainted with the concept of online shopping, and the convenient payment options offered by companies.
Cost plays a major role in the success and failure of any company. However, cost is not the only contributing factor that helps in the growth of an organisation. Today, there is lot of competition in the market and companies are striving to make their niche to stay on the forefront of this competition. For this, many companies have entered outsourcing markets with multiple vendors. This enables organisations to set-up seamless delivery processes and a higher ROI. Companies follow a full spectrum of evaluations to identify gaps in their business process. Improper understanding of these shortcomings may influence business decisions which in turn might negatively affect the company’s performance
The invention of internet mobility has significantly changed the shopping pattern. Nowadays, it is possible to compare products and prices at the touch of a button. The consumers are more knowledgeable these days as they are always connected through their mobility devices. Due to this, there has been an increase in the expectations related to shopping choices, product availability and consumer experience. A survey was conducted recently which showed that 73% of the consumers believed they were more informed than the salesman in the stores.