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Increasing use of smartphones along with rapid access to the internet is making market consumers a global force across e-commerce platforms. It is allowing them to interact with businesses easily through the e-commerce platform. This has led businesses to compete with each other to stand out in order to attract maximum customers online. Therefore, it can be said that companies embracing e-commerce marketing strategies are emerging as market leaders.
In order to rule the e-commerce market, it is important to implement or follow the below-discussed e-commerce trends of 2019. So, hire a Magento development company that has expertise in all the below-stated areas and see your business grow a scale higher.
1. Personalization and Customer Engagement
We know that unlike traditional retail shopping, earlier e-commerce businesses did not offer face-to-face personal interaction. There were no retail clerks to offer product recommendations as per the interests, tastes, and preferences. After studying consumer behavior, businesses are focusing on consumer engagement and personalized shopping experience.
It is observed that consumers spend 48% more time when their experience is personalized.
Realizing the importance and need of personalization, companies started using personal online data such as search history, page visits, and purchase history to improve customer experience. With this, businesses have started focusing on sending personalized emails to generate 6 times higher transaction rates and bring better conversion.
2. Chatbots and AI
AI, also known as Artificial Intelligence, has already started influencing e-commerce by helping to create a customer-centric search and helping in retargeting potential customers. Robots such as chatbots and AI assistants are said to invade the e-commerce market to enhance customers’ overall shopping experience. Designed to replace human labor, they are capable of handling multiple tasks such as managing inventory, handling queries, and more at one time.
If you want to outperform the competition, then it is imperative to let chatbots say hello to your customers 24*7. It is also expected that by next year, over 85% of customer service interactions will be handled solely by chatbots.
3. Using Videos Increases Customer Engagement
It is a well-known fact that people like engaging more with video content rather than normal text. That is one of the biggest reasons why e-commerce businesses are gravitating towards the incorporation of videos on their websites. It helps them in increasing conversion rates, click-through rates, and website traffic. A study by Forbes also showed that over 65% of customers are more likely to buy a product after watching its videos. Shoppers get attracted to this form of advertising as they find it authentic and relatable. Plus presenting product or service information in video format gives them a clear idea about the same.
There is no doubt as to why this format is becoming so popular among businesses today! It draws out an emotional reaction from the viewers. To get better engagement rate businesses are utilizing this product visualization technology to offer a 360-degree view of the product highlights the main features, and answers the common questions of the customers.
4. Drop Shipping
It is another profitable business model which small e-commerce businesses with less capital utilize for offering their customers unhindered shopping experience. This business model enables companies top function without having to maintain inventory, owe a warehouse for product storage, and ship the products to their customers themselves.
How does it work?
Retailers partner with dropshipping suppliers who manufacture or warehouse the products, pack them and ship them directly to the retailer’s customers. Drop Shipper does so on behalf of the retailer. The advantages are-
- You only buy a product when a customer places an order.
- You do not have to spend money on inventory
- Bear lower overhead costs.
- Beneficial for selling bulky items which takes up a lot of space in the warehouse.
Therefore, the risk of adopting drop shipping as a business model is comparatively less as if the business is unable to sell, then you do not have to lose anything. This eliminates the pressure of selling your inventory.
5. Smarter Payment Processing
This is not only the final but the most essential step of a customer’s purchasing journey. This step can make or break your relationship with a customer. Before reaching the final decision of buying a product, a customer undertakes multiple thought-processes and considerations. And in the end, if the checkout process is not smooth, all the efforts made by him goes in vain. Thus, as a business, you can end up losing a potential customer who could have been loyal to your brand.
Therefore, to stay ahead of the competition, hire an experienced E-commerce development company and design a flawless check out process that includes easy payment options.
It is evident that the e-commerce industry is evolving at a faster pace with every passing year. This is resulting in higher consumer expectations, a more convenient process and less waiting time. Consumers prefer buying from businesses that can offer instant customized solutions satisfying their requirements. These rising consumer demands have geared up the competition. And as it is said, “If you are not moving forward, you are falling behind.” So, if you have not yet joined the e-commerce revolution, it’s high time that your business seeks services from a renowned Magento development company to create a strong online presence.