Retail CIO Outlook Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Retail CIO Outlook
FREMONT, CA – The rapid rise of e-commerce in the last decade made it seem like the end of traditional stores. However, the efforts of retail stores have aided them in retaining a portion of the retail market. Even though the rapid growth of organizations such as Amazon tipped the scales toward the e-commerce business, consumers still seem to prefer a hybrid model, investing their time and money on traditional retail stores as well as online retail markets.
Modern customers utilize several platforms to shop, including online retail markets such as Amazon, eBay, and Walmart, social media outlets such as Facebook and Instagram, and traditional brick stores. The abundance of shopping options has turned people in omnichannel consumers who do their research and buying on multiple platforms and devices. The seemingly infinite choices have enabled consumers to be selective about their purchases. Consequently, retailers and brands are vying to draw their attention and loyalty.
As per an Internet Retailer report, the online spending between 2017 and 2018 witnessed a growth of 15 percent. Amazon had the most sales, comprising of almost 40 percent. Since 60 percent of the purchases were made on parallel platforms, it has given hope for new e-commerce businesses to invest in the online marketplace.
However, the biggest challenge lies in attracting omnichannel customers toward their brand. The businesses will have to facilitate a memorable and pleasant experience while competing with e-commerce giants such as Amazon. Even though competing with the top tier business organizations is difficult, it is possible to offer unique customer experience and secure a loyal consumer pool.
When starting a new e-commerce business, the most leveraged strategies include researching successful business systems and their relationship with the consumers and gathering feedback from customers by utilizing online platforms. Implementing on-demand sales tactics will enable the brands to engage the consumers, providing them with innovative browsing and purchasing options.
The adoption of artificial intelligence (AI) can equip businesses with the necessary tools to collect and analyze relevant data to personalize their shopping experience. The AI tools will also help the companies to study the browsing and shopping behavior of the customers and personalize the websites to convert browsing into sales effectively.
See More:
Top Omnichannel Solution Companies
Top Retail Technology Consulting/Services Companies in APAC
Read Also
