The covid-19 pandemic has had a tremendous impact and shifted e-commerce to its growth more than any other time in history (Forbes, 2020). For the EU alone, brick and mortar stored had to switch their business online to survive the pandemic, as a result, a projected $393.8 billion in 2020 which is about 15,5% of total EU Sales translating into a 40% growth since last year. (Statista, 2020).
People are shifting their buying behaviors, even boomers had to adapt their shopping behaviors online joining the e-commerce business revolution more than ever before. However, simply a website and selling your products online is not enough. The competition is growing and consumer behavior is shifting more than ever before with technology expected to play a crucial role in the process, changing the way we conduct business.
Let us explore the three key trends across the E-commerce sector that will shape 2020 and beyond.
For the year 2020, the online reviews are not considered to be able to convince customers to buy a product. Before heading for the check out today’s customers need to trust the company, its products as well as their experience when they are shopping.
That is why high resolution images matter in e-commerce, but static images will not be enough, in fact consumers need more, such as 360-degree viewing images that let potential buyers view all angles of the product.
With the power of predictive analytics now retailers are in position to analyze consumer data and understand key information on consumer behavior and purchasing history. With a clear understanding of what people will be buying the retailers can then shift their focus to what the demand will be.
This involves gathering demographic data and economic indicators to build a picture of spending habits across the targeted market. A good example is the russian e-commerce Ozon.ru increasing the amount of book recommendations which appear in their customers’ feeds as the temperature drops in their local areas, since they have verified that when temperature is lower the demand for books increases.
Let us examine the data, according to the Deloitte 2020 Report on E-commerce 48% spend more when their experience is personalized plus another 57% feels more comfortable with data sharing as long as their shopping experience benefits from it.
The sole basis of this mindset can be found on dynamically delivered content from personalized recommendations, to specific offers based on consumer behavior as well as leveraging factors such as demographics, purchase history and browsing behavior. These are the means that will guarantee a personalized touch through the customer’s journey within your e-commerce. Leverage tools such as social media, search engine queries and purchase history to guide your customers experience to the next level.
However, according to EY e-commerce 2020 Report, there is a clear great deal of potential within social media, customer feedback, video footage and locational GPS data that is yet to be discovered. Clearly the ones that have an innovative approach to this will stand out rather than those who simply try to collect as much data as possible and then see what it does.