This is the era where instant gratification has become a necessity. E-Commerce is doing well to grab attention and fulfill the expectations of consumers with personalization.
FREMONT, CA: Every industry is seeing a shift towards becoming more customer-centric. As the E-Commerce space becomes crowded, it is experiencing a trend of personalized offerings. Personalization is fast becoming an essential tool in any e-commerce company's kitty. With personalized experiences for customers, companies are making customers feel important and welcome, leading to better conversions and retentions.
Technological developments have created tools, which are helping companies collect and analyze customer data. The analysis generates patterns and insights which help the companies to create personalized profiles of customers and study them. Subsequently, algorithms are designed to use the collected information to create customized interfaces for individual customers.
A handy personalization trick includes personalized discounts. Based on the products a customer browses and selects, but does not buy, a company can create a discount overlay instantly. Customers also approve of getting product recommendations, which are similar to what they have viewed. Personalized content pages based on a few quick questions can get customers involved. Product catalogs that narrow down the number of choices for consumers increase the chances of purchases as well.
The pricing of a product is of strategic importance for e-commerce companies. Just like how one-size-fits-all is not valid in case of garments, one-price-fits-all is also not true in case of any product. Apart from pricing, the order of listing of products should be such that it aligns with the buying capacity of the concerned customer. This reduces the effort a customer has to put in which sorting through products.
In a survey conducted by Invespcro, 81 percent of online shoppers accepted that they receive more customized marketing messages than what they received five years ago. This is a direct result of customer expectations and the fact that customers are ready to pay more for customized products and smooth services. Previously, personalization was the aspect which separated brick and mortar stores from the E-Commerce platforms, and now, E-Commerce has adopted personalization to an extent which exceeds that of physical stores.
One of the things that e-commerce websites struggle with very often is retaining customers. Personalized attention can assist companies to retain customers better. With the right approach, companies can utilize the concept of context and enhance contextual content for better gains and highest levels of personalization.