Content creation is usually not a standalone event, using a fixed set of inputs. It is a journey, where new data generated at different stages are incorporated in creating different content pieces. Through this infographic, we map the journey of content creation through the various stages of a product. We also observe the different types of data generated by retailers and users, which serve as inputs and insights.
Reason's in the Past
Let’s travel some five years back when online shoppers started to become more demanding. They weren’t satisfied with the convenience alone - they wanted "experience". To serve them, the e-retailers introduced Omni channel using tools like Microsoft Dynamics 365 and IBM WebSphere.
The terms data, information, and content are often used interchangeably, without understanding their respective meanings. Through this infographic, we try to explain the relationship between these data and content in an eCommerce context.
E-Commerce is a chaotic space. More than hundred thousand websites, billions of products pages, and trillions of visits make it a huge, dynamic, and complex system. With components as whimsical as human visitors, large as neo-tech driven network architecture, and minute as product information, the system is as deterministic as unpredictable. You can assess the end result but can’t predict how the components coordinate with each other.
2017 was quite the year for social media. Facebook’s copycat approach ended up being quite successful in luring Snapchat users onto Instagram via Instagram Stories. The President of the United States tweeted policy within 140 characters. Apple and Google announced their push into better-augmented reality content.
Building a brand strategy for your eCommerce store is a critical and powerful marketing, customer retention, and loyalty method. It should be used effectively by new as well as established eCommerce businesses.
Writer’s Note: The following is the first in a trilogy on the past, present, and future of eCommerce consumer journeys.
As per the August 2017 edition of the Global Digital Snapshot by We Are Social and Hootsuite, there are around 3.8 billion user accounts on social media. Yes, you read that right. Billion! With a Big B!
The use of AI in writing content
The debate over AI versus humans is a long and storied one, with endless arguments and evidence on either side. In the last few years, machines have become efficient. Automation has largely replaced rote and mechanically-focused jobs. However, many believe that automation can never take over jobs that require human reasoning and creative thinking. Thus, we find it difficult to envision machines writing compelling content. However, the reality is that machines are already writing content and they are getting good at it. A popular example of artificial intelligence for content creation is Quill, an NLG platform developed by Chicago based company Narrative Science. Using Quill, you can automatically generate anything from stock market reports to sports articles.
The present day consumers are not only tech savvy but also hyper-connected. They use multiple channels to interact with a retailer and their purchase journey is more complex than ever. These highly empowered consumers seek personalized, consistent and holistic experience from all the channels. To meet the demand of these new age consumers, retailers are going beyond physical stores and tapping into the digital world to attract, engage, convert & retain consumers. This calls for the retailer to metamorphose from a brick-and-mortar presence to being omni-channel. While many retailers have already started implementing an omni-channel strategy, there are a few critical factors that could save it from failure.
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.
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.
Omni-channel is the new buzzword in the retail world - like eCommerce was a few years ago, and to a certain extent, Big Data was maybe a year ago. While eCommerce has already demonstrated its might, Big Data is starting to catch up, omni-channel remains largely uncomprehended by the retail industry in India. Having said that, it's likely to pick up pace rapidly and we foresee omni-channel retail trends like Mobility, Beacons, Personalization, Physical Stores, Fulfilment & Big Data (yes, another buzzword) changing the face of retail in India - yet again.