The internet has changed the way we work, the way we socialize, and the explosion of eCommerce has most definitely changed the way we shop.
Over the past decade, the evolution of both tech hardware and data networks has had a direct correlation with eCommerce.
Powered by tech giants like Amazon, who joined the space in 1995, and later Google and Paypal who launched their eCommerce initiatives in 1998, the overall journey of online shopping is far from finished, and is undoubtably accelerating.
If you’ve gone…well…anywhere, you’ve seen people’s eyeballs glued to their mobile devices. We have a mind-blowing amount of functionality, literally at our fingertips. You can stream digital content, order just about anything, navigate to places near and far, and of course, take selfies.
The point is, humans are seemingly as connected physically to their devices, as the devices themselves are connected to data. Whether that’s a good or bad thing, is certainly debatable.
In 2019, e-commerce sales are expected to account for 13.7 percent of retail sales worldwide.
Digital commerce is rich with customer data that provides valuable insight into the successes and shortcomings of your e-commerce business. Capturing and analyzing this data is key to your ability to be strategically agile. Even a minor change in your tactics can sometimes yield significant positive results.
Here are just a few of numerous key metrics that e-commerce professionals should track:
- Revenue by traffic source
- Average order value
- Shopping cart abandonment rate
- Sales conversion rate
- Percentage of mobile visits
- Social media engagement metrics
Analyzing such key data points empowers you to create buyer personas, understand where to increase/decrease marketing spend, identify which campaigns are impactful, and much more.
The number one reason people shop online is that they’re able to shop at all hours of the day. (KPMG report)
As customers, We’re more likely to spend our money on something we want, but most of us will also pay more if better service comes with it.
This isn’t a small distinction, either. You ignore it at your business’ risk.
86% of consumers will spend more if it involves a better customer experience. By 2020, customer experience is expected to become a bigger brand differentiator than price and even the products themselves.
If you want better retention and more conversions, you want to invest in engaging your customers.
- Enable Customer Feedback and Allow for Reviews
One easy way to improve your customer engagement in e-commerce is to let your customers give feedback. Provide them with a comments section or let them leave your company ratings.
- Provide Easy Access to Information
Across every industry, 81% of consumers will try to help themselves before asking a live representative to do so. 90% of them will go to your site first.
You can use these facts to improve your customer engagement in e-commerce by providing your visitors with a self-service portal that offers as many resources as possible. This could include everything from buyer’s guides to an FAQ.
- Immediately Engage Unhappy Customers
Customer churn is a serious problem. Lowering this number for your company could increase your profitability by as much as 125%.
Unfortunately, unhappy customers don’t always let you know before deciding to take their business elsewhere. For every 1 customer that complains to you, 26 don’t say a thing.
- Increase Account Creations
Most people would rather make purchases without opening accounts. So while they give you profits, they don’t help you improve your customer engagement on your e-commerce platform.
The key here is not to look for that account creation right away.
Wait until they make that initial purchase and then offer them the opportunity to start that account. At that point, you’ve earned a bit of trust, and they’ve proven they like what you have to offer.
- Leverage Technology
Ikea is using augmented reality to let customers preview how furniture looks on their smartphones before they buy.
In Ikea Place, customers can view 3-D renderings from different angles of over 2,000 products before reserving the ones they want in the app, which directs to the Ikea site to complete purchases. Currently, large furniture for living rooms such as sofas, armchairs and storage units are available to preview in the app, with more products in the pipeline.
Aside from the ‘cool factor’, empowering customers with the latest retail technology is an impactful way to engage and most importantly, retain them.
Whether data, engagement, or both, are your focus for leveraging e-commerce and mobile commerce, you need the tools to do it.