Brands must seriously consider adapting to new e-commerce platforms to drive growth and leverage opportunities to meet ‘sell-through’ targets. Online shopping has shown a promising increase in sales for the past year, hence retailers must keep up with technology to remain competitive in the industry.
The e-commerce landscape is continuously changing. Retailers must keep an eye on what to expect for the coming year ahead.
1. The rise of marketplaces will continue
Loyal consumers of Amazon and Ebay can expect rise of new innovations, world-class service, and low prices of products that they take advantage on these marketplaces.
2. Automation won't just save time
The demand keeps on increasing, therefore retailers must keep up and look towards automation in order to meet the needs, fulfill a satisfying customer service, and survive in the competition. Manual operations is foreseen to cease.
3. AI, AR and Chat Bots will secure their place in retail
Technological advancement in e-commerce will not only provide fast and efficient transaction, but it will save workers from stressful and repetitive customer service process like order status and tracking shipping to name a few. A win-win for all.
4. Voice commerce – we're all ears
According to eMarketer, people using voice assistants will grow to 76.5 million in 2019 and retailers will need to optimise their product catalogues to tap into this growing market.
5. Unique, personalised experiences will win over discounting
Personalised shopping experiences will become the norm for e-commerce stores. With the integration of machine learning and AI, a growing list of low-cost solutions are now readily available for small retailers to adopt, empowering them to compete with the likes of Amazon and eBay on this front.
These are the five key areas of focus retailers must take note of in order to maximise their ROI. Digital transformation is here to help close the gap between sales and marketing and to further enhance customer experience to move them along the path of purchase.
Source: by Ryan Murtagh for Financial Review
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