E-Commerce in the Future: But first, what really is at risk?
Why it matters:
E-commerce adoption is increasing as a direct result of the pandemic and is even continuing to grow. The situation’s not ideal though. Customers are now spending more time in person. However, there’s still enough competition for their attention with the presence of smartphones, social media, and the internet. The average consumer uses it for 13 hours a day according to Activate Consulting. In our hyperconnected world, people have less free time to spend in the real world. This trend is set to continue as virtual spaces become more popular and consumers spend more time in them. Retailers have to be constantly evolving their customer experience and offerings if they don’t want to get left behind. We’re already seeing these changes happening for the better with more immersive, personal, & relevant experiences. With evolving technology changing our lives so much, retailers must keep up with these changes as well. In order to stay ahead in an increasingly competitive market, marketers must make changes that utilize new and emerging channels for communication.
Why now:
E-commerce has been around for a while and thanks to merchants, it has gone from being a niche activity to an everyday occurrence. As more and more people are exposed to the benefits of online shopping, they are also finding it easier and faster. However, as e-commerce becomes a larger portion of retail sales, merchants and brands will require innovative strategies to grow and improve the online buying experience. More engaging online content, more tailored recommendations, and messages, and more points of entry will lead to larger baskets in the short term, generating ongoing sales growth and higher profitability for sellers. Retailers & brands who invest in more nimble infrastructure will be better prepared for the way that consumers want to shop in the future, where seamless and immersive experiences are becoming increasingly popular.
Players aiming for an advantage:
Amazon, Walmart, and Nike, among others, are pressing ahead with innovative digital experiences across new platforms, technology, and content. Brands ranging from L’Oreal to Nestle are also at the forefront of e-commerce experimentation, particularly with regard to interactive features such as virtual try-on and customer care avatars.
Big tech companies such as Meta and Snap offer shopping experiences that can make you feel like you’re right there in the store. Finally, payment giants like PayPal and Visa are allowing businesses to vary how customers pay for and get incentives on their purchases.
