4 ways to grow your ecommerce business
13 May 2018
Whether you have been running an ecommerce store for a while or just starting up, long term success starts with knowing the fundamental market opportunities and potential points of friction within your business.
Brands are constantly fighting for market share and customers are left with multitude of points or facts to consider before making a purchase.
The desire for customers to have a seamless shopping and purchasing experience regardless of their method of buying (online, in store, phone) has seen the development of a number of commerce automation and engagement tools. This has enabled retailers to reach a wider audience and deliver personalised shopping experiences. The key to growth has been through engagement with customers.
We look at a number of things that ecommerce store owners should be looking at.
All sized retailers now have access to marketing automation tools. Once only affordable to Enterprises who had a large R&D budget these tools can now be purchased for a monthly subscription or as commerce platform addons.
Marketing automation tools allow you to create customised engagement workflows depending on a number of customer attributes or business rules. This allows the retailer to offer a personalised offers, discounts, or incentives to entice customers to spend further. As a result, retailers have seen increased conversions and are able to have a deeper engagement with customers creating brand loyalty.
Although this is a recently new concept (due to advancements in technology), visual search will be a must have for retailers in the coming years. Visual search allows the customer to upload an image to find the exact product/like-for-like or allows the customer to click on an image say on Instagram to find what brand, price and where to buy the clothing item shown in the photo.
Visual control has the ability to say goodbye to impulse control as customers don’t have to be shopping to see something that they would like to buy i.e. a friends pair of shoes - they can simply just take a photo to easily find commerce stores selling the product.
Personal Shopping Assistant
Customers once needed to make that trip to the department store as the department store employee often provided that final confirmation or rejection of a item. Today, this is isn’t becoming the case. Though Artificial intelligence (AI) brands are now able to integrate sophisticated tools to their website to provide a personal shopping experience.
AI is able to pull large number of datasets in addition to customers input to deliver a more accurate recommendations. Apparel company ‘The North Face’ recently integrated AI technology to help customers find the “perfect jack for their next adventure”. This involved the customer entering some information such as where are they going, what are they doing, what do they need the jacket for etc. allowing the North Face AI to find the most suitable jacket for their trip.
AI to better understand your customers want
We mentioned above how AI has helped deliver a better purchasing experience to their customers, however, AI has become a critical tool to help retailers better understand their business. AI has the ability to analyse the company’s entire dataset and make subsequent recommendations. We’ve found that one of the most important gains AI has made to retailers is through inventory and product lines. In this instance AI has examined purchasing patterns to determine the seasonality of spend and when customers are most likely going to purchase a particular item. This has allowed retailers to adjust their stock levels to ensure they’re not carry too much or too little stock at a particular point of the year.
The notion of “business as usual” applies no more. eCommerce has disrupted traditional means of purchasing. Online engagement is the key for success. Customers expect a better more personalised experience online and companies that are adopting these technologies are getting ahead. At Maytech, we pride ourselves on staying update to with these changes, ensuring our clients stay ahead of the curve. Contact us today to see how we can help you.