E-commerce Trends 2015 – Connected Consumers Driving The Growth
2015 is going to be a milestone year for E-commerce globally. The unprecedented growth of E-commerce continues with projected global revenue of US$1506Bn. Among the different regions Asia Pacific region is showing highest growth and is poised to take over USA in E-commerce market share. On analyzing the key drivers we find that connected consumers are fueling this growth. As we can see from the Infographic, 71% of the consumers are connected today and 55% of the consumers want to shop online. We also see mobile as a major growth channel, with 40% of the overall E-commerce transactions taking place through mobile apps and 28% of the overall retail transactions being influenced by smartphones.
These connected consumers and the growth that they are driving brings a huge opportunity to the Traditional & digital retailers. To tap this growth opportunity the retailers need to take following actions in coming days:
Understand Customers Better: This connected trend provides enterprises an opportunity to understand its customers better. Using today’s connected technologies an enterprise can perform an in-depth analysis of the behavior of its customers. Retailers can also do a better customer segmentation which can help then in more effective targeting & re-targeting that result in higher sales.
Create uniform customer experience: Today experience is the key thing that a customer looks for. By experience we do not only mean the experience of only the core product or service experience, but the experience of complete shopping process that includes discovering, understanding, evaluating, procuring and consuming. Modern day customers expect a seamless and consistent experience through this journey. So it is imperative for the retailers to create this uniform & consistent experience to attract & retain customers.
Increase customer engagement: Retail enterprises today need to increase customer engagements. This can be done by building a digital customer experience & engagement platform that leverages the new age technologies like mobility, cloud, analytics, social media and superior user experience design principles.
Connected consumers will be the key drivers of the digital retail growth in coming days and to differentiate and successful in this market, retailers need to relook at how they compete. Competing on pricing or operational efficiencies will not be enough for a retail business to be competitive, but it needs to use digital technology as a strategy to provide superior & uniform customer experience and higher & meaningful engagement to its customers anywhere, anytime.