Some famous habits of E-commerce leaders
In 2020, the e-commerce business exploded, with 75 percent of customers shifting their purchases to digital platforms, resulting in a 10-year increase in just three months. How do small and large businesses survive the e-commerce tidal wave? Gurbaksh Chahal says by adopting effective behaviours such as:
- Automate the retailing process.
The art and science of merchandising is the art and science of presenting items and offers to increase sales. Not every business can afford a dedicated human merchandising team. When done correctly, less expertise combined with automated, AI-powered merchandising allows merchants to provide the optimal consumer experience while keeping strategic control over which goods are pushed and sold. Today, merchants of all sizes may use AI to optimize e-commerce and provide the most relevant items depending on their business objectives. Based on region, time, and signals, they may develop individualized, targeted experiences.
- Provide highly customized experiences
Personalized shopping experiences expedite and simplify the process. Reducing the amount of time and energy people spend shopping results in a 20% boost in customer satisfaction and a 10% to 15% increase in conversions. Despite these advantages, only 15% of merchants have completely implemented tailored tactics. This sluggish adoption is increasingly changing due to technological advancements. Personalization has never been easier or more accurate than it is now, thanks to AI. According to Gurbaksh Chahal Merchants may use AI to examine browser history, access prior interactions with items or brands on social media, check past transactions, and drastically cut the amount of time a consumer spends on a website to identify and purchase what they want.
- Customer intent should be understood (and influenced).
A consumer shopping with intent – a specific need — is a pivotal moment with immediate and long-term earnings possibilities. Merchants frequently fail to identify actual action, and older analytics software is just too sluggish to act at the critical time. Even during casual surfing, emerging AI technology significantly speeds and sophistication in detecting and anticipating intent. The greatest significant increases in sales and loyalty get seen by merchants who use AI technology to capture moments.
- Upsell and cross-sell opportunities should get maximized.
Upselling and cross-selling allow businesses to work smarter, not harder, to increase sales and profits. “Complete the look” and “similar styles” strategies not only show customers that merchants care about their demands. But also raise the size of their shopping carts. Recognizing and mapping intent, then using personalization to provide fast, correct suggestions for subsequent purchases at the point of sale, is very successful.
- Collaborate to increase awareness and update your offers.
An e-commerce business can only innovate, scale, and develop its consumer base so far and so quickly on its own. Collaborations, for example, are a multiplier that may provide significant results. Look for ways to integrate complementary products and services, then package them for marketing and sales to a consumer base. It’s a win-win situation that drastically increases a retailer’s consumer base. After merchants have put in the effort to operationalize these activities, they frequently have systems (and habits) that lower the necessary for each new partnership.