There are a number of reasons why transforming your e-commerce strategy to meet demand is vital for your business’s success. The first reason is the need for data. Without data, transforming your e-commerce strategy will be difficult. The second reason is that e-commerce is not a one-size-fits-all proposition. As a result, you must make sure you have a comprehensive view of your customer base in order to make appropriate decisions.
Importance of a learning mindset
When it comes to scaling up your e-commerce business, a learning mindset is critical for success. To create a learning environment within your organization, you must go beyond assessing your current learning function and start developing a strategic roadmap for true change. Using a global cross-industry benchmark of major companies, you’ll see that only a few (about 7 percent) companies are at the early adopter stage. One-third of companies are at the performing stage, and the remaining five percent are learning leaders.
Importance of zero and first-party data collection
Collecting zero and first-party data can give eCommerce retailers a competitive advantage. Zero-party data helps marketers understand anonymous users, who visit their site without logging in. On average, 57% of brand users are anonymous. You can build an anonymous user engagement strategy by asking users to fill out a brief survey, or by using engaging personality tests to encourage users to opt-in.
Using a centralized data management platform makes zero-party data more accessible to digital marketers. With a centralized data management platform, you can integrate this information with existing customer data, simplifying the process of integrating the two. Using a data management platform, you can create a more personalized experience for your customers, and make better decisions based on that information.
Zero-party data can be collected from a variety of sources, including surveys, preference centers, and forms. Forrester research defines zero-party data as “data that a brand has collected from its customers without their explicit consent.” This data can be used to create more customized products and offers for returning and new customers, or to analyze customer behavior and preferences.
The value of first-party data is obvious. It can be used to gauge a brand’s trustworthiness, which can help improve the experience. The same benefits of zero-party data can be realized through other methods, including behavioural analytics and social media. The most powerful data comes from a customer who trusts the brand and voluntarily provides it.
Those retailers wishing to implement privacy-first personalization should look for technology vendors that can create personalized shopping journeys based on visitor behavior. Look for vendors that offer machine learning capabilities that can detect intent based on visitor behavior. Machine learning can even help a retailer create tailored experiences for “cold start” shoppers. For more insights on how to improve your conversion rate, read The Ultimate Guide to Conversion Rate Optimization
In addition to zero and first-party data, third-party data is a valuable source of audience behavior. The goal of collecting and analyzing third-party data is to make informed business decisions based on the best data. The goal is to maximize the use of available resources to improve marketing results. You may even need to purchase third-party data if your zero-party data is incomplete or not relevant enough.
Importance of shipping platforms
For eCommerce brands, shipping platforms are an essential component of their strategy to meet demand. Having a centralized shipping platform enables brands to meet customer demand in a cost-efficient way. With shipping platforms, customers can choose which service they want, and each order will be shipped using the most efficient means. Businesses can also reduce costs and increase flexibility by using multiple shipping methods. Here are some of the benefits of shipping platforms.
Using advanced e-commerce shipping platforms gives retailers a competitive advantage by putting carriers at their fingertips. By leveraging data from multiple carriers, they can determine which carrier offers the best rate and service for each shipment. Advanced platforms integrate with the entire supply chain ecosystem and provide retailers with accurate, detailed shipping data. With this data, retailers can hold carriers accountable for their service levels, negotiate lower rates, and resolve shipping issues in real-time.
With the rise in e-commerce, shipping networks across the world have experienced massive disruption. With the “last mile” – the critical delivery step from a distribution center to the end user – becoming increasingly important, companies are looking for new ways to ship goods faster and more cost-efficiently. As such, all modes of transportation are being considered in an effort to compress costs and connect growing networks of facilities.
E-commerce shipping is a complex process that involves many stakeholders, including receiving orders, packing goods in warehouses, printing shipping labels, and managing returns. In order to achieve this, large shipping firms are responding to this growing pressure. Companies like CMA CGM, Evergreen Line, and A.P. Moller Maersk are collaborating with e-commerce giants Alibaba to provide direct shipping services. These partnerships will position the companies to interact with the new kings of global retail.
Importance of personalization
When applied correctly, personalization can make your e-commerce strategy more effective, engaging, and successful. It can increase customer loyalty and improve the overall buyer experience, which is a vital part of any e-commerce strategy. By offering personalized content, you can help consumers better locate the products and services they are seeking and build a more customer-centric image.
According to research from Epsilon, 80% of customers are more likely to buy from a brand that provides personalized experiences. If you fail to deliver on this promise, you may risk losing customers to a competitor who can.
Adding personalization to your e-commerce strategy is one way to attract more customers and increase profits. It is also a proven way to increase customer loyalty, as many loyal consumers become the biggest advocates for brands.
For example, a recent Accenture study found that 91% of consumers prefer businesses that remember them, and 83% of consumers are willing to share their data with companies that provide personalized experiences.
Providing a personalized experience to visitors also increases conversion rates. Personalization improves website visitor experience by showing them what they are looking for and highlighting the products that are most likely to be purchased. A study found that personalized emails received more than three times as many clicks as those without. This increases revenue and brand loyalty, resulting in increased revenue and a higher average order value.
Personalization is crucial for engaging customers. Our online marketing experts use analytics and automation techniques to identify and target the right audience. By using customer profiles, companies can better understand their audience’s needs, deliver better services, and meet audience expectations. Personalization increases revenue and enables them to better serve their customers. Whether they are online shoppers or brick-and-mortar stores, personalized experiences are the key to success.
Personalization can help you differentiate yourself from your competitors. A dissatisfied consumer can easily share their shopping experience on social media. If the consumer experience doesn’t meet their expectations, it could result in an #epicfail. Personalization also enables consumers to complete the transaction on any channel, including a mobile app or click-and-collect. This is crucial to success in eCommerce.
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Deepak Wadhwani has over 20 years experience in software/wireless technologies. He has worked with Fortune 500 companies including Intuit, ESRI, Qualcomm, Sprint, Verizon, Vodafone, Nortel, Microsoft and Oracle in over 60 countries. Deepak has worked on Internet marketing projects in San Diego, Los Angeles, Orange Country, Denver, Nashville, Kansas City, New York, San Francisco and Huntsville. Deepak has been a founder of technology Startups for one of the first Cityguides, yellow pages online and web based enterprise solutions. He is an internet marketing and technology expert & co-founder for a San Diego Internet marketing company.