Ecommerce trends are extremely dynamic in nature and the industries associated with ecommerce are growing exponentially. Recent statistics show that the ecommerce industry is definitively moving on a positive path of growth. Today, more than 11% of online buyers shop via their smartphone or tablets on a regular basis and around 40% of online buyers are inspired by social media posts or platforms. With the ecommerce market growing exponentially, here are five new ecommerce trends for 2018 that you must check out to boost your ecommerce business:
New ecommerce trends
Rule of social media
Social media will rule 2018 with the increasing influence of Pinterest and Instagram. Such ecommerce trends of introducing customers to new products every day without even letting them know are exciting. This medium will provide a perfect landscape to the retailers to demonstrate their products to the targeted customers in the ecommerce industry. So, you must optimize your social media post in case you haven’t because this is going to pull a good amount of traffic for your business in the upcoming days.
Lots of voice search
Today, technology has, in a way, made people very lethargic when it comes to typing their preferences on the Internet. They just want their job done by searching through their voice. Additionally, voice assistants like Alexa Echo and Google Assistant have made the job easy for the customers. So, optimizing your online ecommerce store for voice search is going to be one of the new ecommerce trends for 2018.
Automation and chatbots
Today, Facebook Messenger has more than 1.3 billion users and this makes it completely valid to use chatbots to market your products, services, and promote your sales. There are several companies which have already started using chatbots for taking an order. If it makes sense for your business, it would be a good idea to use similar chatbots while it’s still an open field. In a few years, this could become a mainstream way of ordering, and lose some of its current novelty power. Such ecommerce trends are certainly going to bring about a revolution in the business.
Payment options provided by several FinTech companies and others have become a boon for ecommerce businesses. Such ecommerce trends will have a profound effect on businesses in the days to come. Short checkout form in place of traditional lengthy checkout form is going to get invisible in 2018. One click purchasing will make shopping efficient and convenient.
ROPO on its way
It can be tricky as well as interesting to track how your digital efforts have performed offline. Fortunately, ROPO (research online, purchase offline) a tool that is going to become highly relevant in 2018 in the ecommerce industry and the years ahead can help retailers accurately measure how well their digital ads are contributing to in-store sales.
ROPO, one of the popular ecommerce trends, is a fusion of information from social media, mobile tracking/geolocation, mobile payments, in-store inventory, analytics tools, CRM systems, and more that helps to figure out which ads and site pages led consumers to in-store purchases. By knowing which digital ads are most efficiently contributing to sales, you can create more targeted campaigns.
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LONDON: Quantzig, a global analytics services provider, has announced the completion of their latest marketing mix optimization for an online retail client. The increasing usage of mobile devices for shopping and alternative payment methods by shoppers are fueling the growth of online retail space. Amid the recent economic uncertainty, leading organizations are planning to develop competitive strategies to reduce operational costs and further improve their product offerings. Moreover, leading organizations are linking financial and operational plans to track performance and improve their overall business efficiency.
“Marketing mix helps businesses quantify their marketing activity to understand the impact of their marketing campaigns on the business performance. The primary objective of the engagement was to quantify the impact of marketing decisions on the past and the future sales.” says an expert at Quantzig.
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The solution offered helped the online retail client assess the marketing effectiveness and allocate the future spend to improve business efficiency. Furthermore, the solution also helped the client determine the effectiveness of advertising and targeting campaigns across various channels. The online retail client was able to optimize their cost and adjust new initiatives to deliver the business goals better with the help of the solution.
Additional Benefits of the Marketing Mix Solution
- Identify the actual drivers of performance and segregate it into internal and external factors
- Gain actionable insights to increase sales, market share, and marketing ROI
- To know more, request a proposal
To know more about how our marketing mix solution helped the online retail client
The client: Online electrical goods retailer, Size: >$100 million in revenue, Area of engagement: A B Testing Engagement
The electrical goods market is emerging rapidly, but the retail landscape has changed dramatically due to digitalization. This has significantly affected the online retail industry, bringing about drastic transformations and increase in sales of electrical goods. The main reason for the increased demand for electronic goods can be attributed to rapid technological innovations that have made production more effective and less expensive. Moreover, the implementation of smart homes and connected devices are opening up new growth opportunities for the players in the electrical goods sector.
The Business Challenge
The client, a well-known player in the online retail industry, specializing in the sales of electrical goods, approached our team of experts to help them reduce bounce rates. The client also wanted to gain detailed insights into ways to improve content engagement. Additionally, with several competitors in the online retail industry, the client was looking at implementing A B testing to enhance multi-functional objectives and gain a competitive edge. Also, the client wanted to reduce customer bounce rates by offering the appropriate content to suit the audience’s behavior.
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The Solution and the Business Impact
The solution provided by the experts at Quantzig helped the online electrical goods retailer to improve their customer retention strategies. Implementing A B testing enabled the client to adopt a successful conversion rate optimization strategy. This ramped up the online sales of electrical goods, bringing about positive responses from their customers. Moreover, performing A B also helped them better understand their customers.
A B Testing Solution Predictive Insights
Today’s online retail scenario is complicated, and the retail industry is experiencing accelerating growth owing to various innovations and advancements in technology. Major players in the electrical goods sector have ventured into the world of online retail to maximize sales and profit margins. This has necessitated the implementation of A B testing to gain detailed insights into customers preferences. Moreover, A B testing plays a significant role in driving conversion rates and is increasingly being adopted by major retail industry firms.
Online retail industry trends
Personalization and CX: The primary focus of the retail industry is on improving customer experiencing and customization of services. Online retail businesses are improving their customer experience by offering exceptional customer service, low prices, fast shipping, and easy-to-navigate web page. Also, by using a variety of unknown customer data points, organizations aim to offer personalized site experiences.
Omni-channel management: The need for omnichannel management at the level of growing brands cannot be ignored. Developing an omnichannel management strategy requires businesses to rethink how goods and services will reach consumers or at least attract consumer attention.
Technological advancements: Technological advancements have brought about major transformations in the retail industry, especially the online retail segment. The emergence of digital wallets has been a significant trendsetter, which makes buying on the go less annoying.
In the long run, the impact of online retail will not be limited to the conventional retail industry that it is increasingly replacing. It will also bring major transformations in the industrial landscape, consumers buying patterns, and reshape government’s view of corporate power. Moreover, as leading players in the electronic goods market space look to enhance their agendas to attain success now and into the future, it will be interesting to see how these online retail trends continue to evolve, and how consumer preferences and related technology adjust accordingly.
Want to know more about our approach to A B testing and how we helped a leading online electrical goods retailer identify and adjust to the latest industry trends?
The Business Challenge
The client, a leading online food retail client with a strong online presence, was facing challenges in measuring the value of their marketing and advertising campaigns. Additionally, the client wanted to create better value for its customers by comparing two types or variations of their online and offline campaigns such as landing pages, ad texts, headlines, and call-to-actions through A B testing. The online food retail firm wanted to gain more insights on A B testing to eliminate guesswork and find a perfect combination.
The Solution Benefit
Quantzig’s A B testing solution helped the online food retail client to identify the version (A or B) that their visitors and customers would find most engaging. A B testing engagement also helped the client to avoid unnecessary risks by allowing them to target their resources for maximum effect and efficiency. This, in turn, helped them increase ROI in terms of both short and long-term conversions. Furthermore, with the help of A B testing solutions, the client identified a suitable combination that helped them reduce cart abandonment and encouraged more visitors to complete the checkout process.
A B Testing Predictive Insights
With the help of A B testing solutions from Quantzig, companies can improve content engagement as it forces them to evaluate every aspect of the content that is created. A B testing also helps companies identify a winning combination of elements that keeps visitors on the site long enough to provide them with the value of the content which may ultimately lead to a sale.
Online Food Retail Market
Online food retail refers to the purchase of fresh and packaged food through online portals which covers a wide range of products such as bakery and dairy products, cereals, vegetables, and fruits. Retailers in this market space offer services such as click and collect option and subscription option to ease the consumers’ online grocery shopping experience.
Over the past few years, ways of buying food have evolved owing to the easy availability of products through stores and online retail options. The growth of the online food retail space is anticipated to witness robust growth in the coming years as people today opt for online food shopping as it is convenient and offers an extensive range variety of products, which can be delivered to the consumer’s doorstep within a stipulated time. Additionally, customers can keep track of their spending as well. The growth of the online food retail space is also marked by hectic schedules, increasing working population, and tedious commuting, which provides opportunities to businesses and entrepreneurs to set up online food retail platforms.
However, our analysis of the online retail space shows that the food retail players are facing challenges in terms of:
- Storage and delivery costs: Typically, perishable items require more investment in storage and delivery infrastructure (refrigeration). Special delivery containers, warehouses, and specialized delivery vans must be there to ensure perishables are delivered fresh which requires lots of capital.
- Inefficient delivery: Today, online food retail players are finding it increasingly difficult to break the threshold called hyper-local segments with one delivery system, especially when the customers expect same-hour delivery. Moreover, product quality, time, and delivery cost also pose a massive challenge for efficient deliveries.
Many such factors are compelling online food retail players to leverage the use of A B testing solutions. A B testing solutions help companies examine visitor and customer behavior on the site before committing to major decisions and helps them to increase the chances of success. Not only does A B testing help convert more site visitors into buyers, but it also helps companies achieve higher values for their products and services.
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The client- A renowned e retailer, Revenue– $3.2billion, Area of Engagement- Digital Analytics
The global e retail sector is witnessing expansion and consolidation due to the rising shift of the consumers toward e commerce platforms. Prominent players in the e retail space are planning to invest extensively in research and development to meet the rising demands of the consumers. Moreover, the relentless growth in competition is compelling organizations to offer products that attract the customers and improve engagements. The convenience and agility offered by the e retail platforms are driving the growth of such platforms. Although the e retail space is witnessing the entry of numerous players, several additional factors may curtail the growth of the industry. They include:
- Retaining customers: With the presence of numerous offshore competitors, companies in the e retail space have started offering a considerable number of choices to the customers. The customers of today are more demanding and fussy and are looking for products that meet their quality and cost expectations. Therefore, it becomes essential for the organizations to maintain consistency in their product offerings.
- The relentless growth of technology: Today, technology is growing at a rapid pace, and consumers, on the other hand, are becoming more informed about the advent of newer technologies. Therefore, to stay relevant in the market space, it becomes essential for businesses to invest heavily in research and development to restructure their technical capabilities.
To address such challenges and analyze the buying behavior of the consumers, businesses are focusing on adopting digital analytics solutions. Digital analytics helps businesses collect, measure, analyze, and interpret digital data based on the user’s behavior. Digital analytics also helps businesses optimize their customer experience and improve the overall business performance.
The Business Challenge
According to a recent study, e commerce sales are expected to account for one-tenth of total retail sales worldwide.
The client, a renowned player in the e retail industry, wanted to understand customers’ behavior and anticipate their response during purchases to improve conversions. With the help of Infiniti’s digital analytics solution, the client wanted to understand how well the business is performing and improve their overall ROI. Moreover, the e retail client wanted to efficiently measure the business metrics in terms of traffic, leads, and sales and its influence on the customer conversion. The e retail client also wanted to understand the effectiveness of their marketing on the website performance.
The Solution Benefit and the Business Impact
Strategies we recommend to enhance the effectiveness of the marketing campaigns on the overall business performance.
The digital analytics solution offered by Quantzig helped the client understand how their marketing initiatives, such as social media, blogging, and email marketing, are performing. By assessing the true ROI, the e retail client was able to diagnose deficiencies in specific channels and their marketing mix and adequately make adjustments to improve their overall marketing performance. In addition, the engagement also helped the client develop improvement opportunities and create actionable recommendations.
Digital Analytics Solutions Predictive Insights
The digital analytics solution offered by Quantzig helped the e retail firm measure the effectiveness of their marketing activities and implement effective ways to meet their business objectives. The engagement also helped the client restructure their marketing campaigns and improve the performance of the website. The e retail client further gained insights into the impact of marketing campaigns on the sales performance.
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The client – A renowned client in the online retail space, Revenue- $2.1 billion, Area of engagement- Marketing mix
The online retail space is witnessing considerable growth due to the increasing usage of mobile devices for shopping and alternative payment methods by shoppers. Amid the recent economic uncertainty, leading organizations are planning to develop competitive strategies to reduce operational costs and further improve their product offerings. Moreover, leading organizations are linking financial and operational plans to track performance and improve their overall business efficiency. In the midst of stiff competition and increasing budget concerns, prominent businesses are planning to redesign their strategies to streamline supply chain operations and gain better visibility into their product offerings.
Some of the factors curtailing the growth of online retail client include:
- Stiff competition: The online retail space is witnessing robust competition, with a considerable number of retailers offering products at discounted prices. The rigid competition among the retailers is compelling businesses to offer products at lower rates. With consumers demanding authenticity and reliability in the products, businesses are facing the need to provide seasonal offers and Black Friday sales to promote their product offerings.
- Maintaining customer loyalty: Today, the customers are more demanding and are looking to purchase products at affordable prices. In the case of any negative experience or any hindrance, there is a probability of the customers to churn. With the online space offering huge discounts, it becomes difficult for the small online retailers to offer discounts and benefits to the customers. Also, the presence of false or spam orders can create a logistical hindrance for e-commerce companies.
To address such challenges and devise effective marketing campaigns to improve the overall performance, leading organizations are leveraging marketing mix solutions. Marketing mix helps businesses quantify their marketing activity to understand the impact of their marketing campaigns on the business performance.
The Business Challenge
The online retail space is expected to account for one-tenth of the total retail sales worldwide.
The client, a renowned online retailer, wanted to assess the marketing effectiveness and allocate the future spend to improve business efficiency. With the help of Quantzig’s marketing mix solution, the online retailer wanted to determine the effectiveness of advertising and targeting campaigns across various channels. The client also wanted to optimize their cost and adjust new initiatives to deliver the business goals better. The primary objective of the engagement was to quantify the impact of marketing decisions on the past and the future sales.
Want to learn more about our analytics solutions?
The Solution Benefits and the Business Impact
Strategies we recommend to improve the performance of marketing campaigns
The marketing mix solution offered by Quantzig helped the client in the online retail space to understand the impact of marketing activities on the revenues, volume, and price perception. The engagement also helped the client identify the actual drivers of performance and segregate it into internal and external factors. The solution further assisted the online retail client gain actionable insights to increase sales, market share, and marketing ROI.
Marketing Mix Solution Predictive Insights
Quantzig’s market mix solution helped the client in the online retail space understand the external influences such as competitive actions, seasonality, and economic conditions on the sales performance. The engagement also helped the online retail client reallocate their spending to assess progress and improve top-line revenue.
To know more about how our marketing mix optimization solution helped the online retail client
LONDON: Quantzig, a global analytics services provider, has recently completed their latest supply chain analytics solution for a retail firm. The global retail industry is witnessing an unprecedented growth with the rise in the global GDP, growing population, and increased consumer spending. With the recent economic recovery, retail stores are finding ways to offer convenience and authenticity to cater to the growing demands of the customer segments.
“The supply chain analytics solution offered by Quantzig helped the retail firm improve the forecasting capability to anticipate customer needs and build a reliable supply chain.” says an industry expert from Quantzig.
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The supply chain analytics solution offered by Quantzig helped the client to assess and identify the top performing suppliers based on the key performance indicators. Furthermore, they were also able to make on-time deliveries, accurate shipments, and process payments on time. Also, the client was able to understand the current state of their supply chain and recognize the risks associated with the supply in terms of purchasing overlaps and prices.
Additional Benefits of the Supply Chain Analytics Solution
- Help retail stores to fine-tune their existing supply chain
- Leverage predictive analytics and machine learning to maintain optimal inventory level
- Identify and anticipate changing customer needs to optimize the supply chain accordingly
- To know more, request a free proposal
To know more about how our supply chain analytics solution helped the retail client
Retailers are more reliant than ever on business intelligence and data analytics tools to remain profitable in this highly competitive era. The battle for survival is fierce in the retail industry with the looming economic uncertainty and the growing consumer power. Amidst such challenges, the retail industry is still flourishing with a little bit of aid from data analytics. The retail trends in data analytics seem to be constantly evolving as traditional tools and techniques prove to be inadequate. The influx of mobility, artificial intelligence, IoT, and machine learning tools is transforming the retail trends. The analytics systems are getting more efficient and accurate; thereby, boosting the numbers in the company’s balance sheet. As a result, a majority of the retailers are using data analytics in every aspect of their retail business to improve operational efficiency and profitability. So, how will data analytics impact the retail trends in 2018?
Advancement from predictive to prescriptive analytics
The retail industry thrives on its ability to accurately predict everything, right from retail footfalls and demand to personalizing the customer experience. However, recently, traditional retailers have started feeling the heat from online retailers such as Amazon, who have mastered dynamic pricing. By being able to price differently to different customers at different times, Amazon has been able to generate the maximum amount of profit from each customer. As a result, there is a growing trend for the adoption of prescriptive analytics, which suggests the best course of action for a given situation. Prescriptive analytics can do so by gathering a vast set of data including product availability, customer trends, geolocation, and time.
Omni-channel data consolidation
With rising big data processing capabilities, retailers have been able to capture data from various sources and multiple channels. Previously, retailers faced the challenge to consolidate such data from multiple channels and perform an accurate analysis. This year, retailers seem to be focused on retail automation, which is why they are hiring data scientists to deploy cutting-edge retail analytics software to consolidate information from multiple channels together to get a holistic overview of their brand’s performance.
Importance of location and location analytics
In a traditional retail setting, knowing where customers spend most of their time and what sections they usually browse through is vital. Although, a host of technology such as beacons, thermal imaging, 3D sensors, and video cameras are available to a retailer, it doesn’t provide a detailed information to perform analysis. It becomes difficult to identify if the customer is a first time customer, repeat visitor, or loyalty member. The ability to precisely know the customers in detail is driving the need to perform in-store WiFi analytics. Such a platform can give detailed information on a customer to track their behavior. Also, the upcoming retail trends are being affected by location analytics, as retailers can send customized promotions and offers by sending geo-targeted push notifications to mobiles.
Product assortment analytics
Product assortment is imperative to the success of in-store conversions and sales. In the past, retailers were highly inefficient as they put in minimum effort on product planning and assortment. As a result, retailers weren’t maintaining optimal levels of inventory due to which their profits took a hit. Consequently, the current retail trends are being dominated by product assortment analytics as retailers focus on understanding the shopping patterns of customers to find correlated products and place it in close proximity. This year, retailers will look forward towards being more proactive in their product assortment by implementing big data and retail analytics solutions.
Data analytics in loyalty programs
Companies have realized that customer loyalty matters to them more than profits. It may seem absurd and philosophical, but in the long run, loyal customers are the most profitable ones. With 94% of the retail sales happening at stores, it clearly suggests that a large number of shoppers are still loyal towards traditional stores. In-store data analytics assists the retailers in providing customized preferential treatment to customers to increase their loyalty. Data analytics is amongst the hottest retail trends to drive loyalty marketing campaigns this year.
To know more about how data analytics impacts retail trends, retail analytics, in-store analytics, merchandise analytics, and prescriptive analytics: