Going by the current online shopping trends of a growing online customer base across the globe, technology is shifting the power from brands to consumers who are well informed and have more options. It has shaken up the marketplace, allowing the most determined competitors to emerge as the new leaders changing the face of retail.
The current way of doing e-commerce is passé. Companies having a vision to expand its customer base need to embrace the new age of digital commerce to meet the growing demands of the evolving consumer.
Demographics play a key role in driving this growth here. With high usage of mobile devices and the internet, this trend continues to grow unabated.
Anytime, anywhere commerce is the new game
Digital has enabled commerce to take form in new and unexpected places, both online and offline. From various social network sites to online shopping portals, scannable print ads to virtual shopping wallets and newly emerging business models, brands can engage with consumers in new and sometimes less obvious locations than they have ever have been able to do before. The challenge is that merchants have to always be on it to succeed. Consumer-facing brands need to build their strategies to accommodate consumer preferences for which may include different formats or new payment methods.
The changing consumer
It's the consumer who is the driving force behind all these changes. Customers need the buying process to be as less time consuming as it can get so they can engage in activities they value most.
With some of the best technologies in the reach of their hands, consumers expect seamless customer experiences online and offline. Almost one in four online purchases are now made on smartphones and by 2020, its predicted over 65% of all transactions will be carried out online.
The current form of e-commerce is expected to change completely by 2020, by then, the alliance of the Internet of Things and artificial intelligence will finally make smarter homes and smarter cars a reality. Smart refrigerators will automate the shopping process as they would be able to anticipate and provide alerts about the stock of food items. Voice assisted devices will serve information to help complete purchases via seamless payment methods.
Shopping would then be fully integrated into current life moments, allowing us to spend our time however we want it without being bogged down with chores.
To up your game and catch up with the needs of today’s as well as tomorrow’s consumers, companies need to build their digital commerce and marketing strategy, and evaluate their level of technology with current online strategy. Technology enablers such as data analytics, product and web content management systems, payments, order management and logistics planning can be leveraged and optimized to achieve and deliver a best-in-class customer experience.