While the pandemic took a hit on most brick-and-mortar stores in the past year or so, retail brands evolved to embrace eCommerce strategies to turn things around. The United States alone saw a substantial rise in eCommerce sales to an extent that for every 5 USD that a buyer spent in the second financial quarter of 2020, 1 USD was spent online. The success of the holiday shopping season was the epitome of this growth as the retail world embraced a new normal.
The ever-growing demand for eCommerce across sectors is well placed to make these numbers look even better in the upcoming years. Whether it’s food and medicine or fashion, nearly all commodities have found an online market. And businesses are looking to consolidate their technological capabilities to make the most of online sales channels.
Create great product experience with Amaze PXM and grow your eCommerce business!
If your business is on a similar path, here’s what you can do to make the most of the global eCommerce sales surge:
With the surge in eCommerce sales, businesses need to look through data noise and ensure they’re targeting the right customers to ensure faster conversion. For this, they need to deploy marketing automation platforms to enable personalized campaigns and also have visibility of ROI on marketing spends. They must collate behavioral data of potential customers and design strategies that hit the right channel for target customers. Even after the potential customer is on the site, businesses must weave seamless customer experiences, giving customers all the required product information and engaging online experience for a fulfilling buying journey.
Consistent and updated omnichannel experience also plays an important role in ensuring that there isn’t any disparate data between various channels and marketplaces. Leveraging product information management (PIM) platforms like Amaze PXM enables a seamless, end-to-end product catalog & content creation, management and data syndication. Amaze PXM is the industry’s first intelligence-powered native cloud software that gives businesses end-to-end control of their product data, experience design and digital assets. Amaze is a comprehensive software product that converges digital technologies such as product content creation, merchandising design, product attribution design, digital asset management, syndication and advanced intelligence into one product experience platform.
Close to 80% of customers veer towards making a purchase if they are presented with a personalized experience each time they visit a website. Companies need to appreciate the value of customer data they garner through sales channels and leverage this data as an asset. Whether it’s feedback on the shopping experience, or more granular feedback relating to touchpoints of the buying journey, the data gathered must be analyzed and leveraged to create tailor-made experiences for customers based on their habits and preferences.
Doing so ensures that businesses can offer more personalized recommendations with improved search-and-browse journeys. Another potential avenue from the personalization perspective is establishing the scope to cross-sell and up-sell products. This, along with the other mentioned factors establishes personalization as one of the leading ways for businesses to monetize customer data by opening doors to updated sales techniques.
Leveraging Machine Learning & Artificial Intelligence
AI and ML are no longer exclusive technologies available to large, ultra-futuristic companies. An increasing number of future-thinking companies have already started integrating AI and ML into business-as-usual processes and seeing great benefits across the board. Whether it’s AI-powered chatbots and recommendation engines or pricing and CRM systems, these technologies play a vital role in bolstering trust, performance and customer experience. AI can help reduce cart abandonment rates, improve process efficiency, bring down operational costs, positively impact data quality and have loads of other benefits for businesses. Today even product catalogs can be created accurately and with speed with AI assistance. Amaze PXM software comes with an in-built Smart AI-bot ‘Astro’. With a data repository of over 90 million products across industry verticals, Amaze Data Intelligence lets you build new categories faster than ever before. IBM researchers state businesses can leverage intelligent automation to boost eCommerce revenue by as much as 10%.
Supply Chain Digitization
On-time fulfillment is perhaps, one of the most significant success factors in eCommerce sales. To enable this, businesses must have visibility of end-to-end operations, covering everything from inventory management at warehouses to sourcing and logistics. In this scenario, product content plays a central role in ensuring alignment across locations, business units and functions. In other words, businesses need clarity on their supply chain to ensure seamless handling of customer expectations. To ensure this, businesses must unify different aspects of the supply chain with digital tools backed by a robust product information management system. This helps identify and report game-changing data about raw material, inventory, logistics and delivery timelines.
Drive Improved Loyalty Programs
Repeat customers are a valuable source of revenue for companies across sectors. This holds even more relevance in the B2B space. Tailored loyalty programs offering faster shipping, discounts and more personalized support among other benefits helping elevate the customer experience and enabling retention.
The eCommerce surge is here to stay, there are no two ways about it. The mandate ‘Digital Transformation or bust’ holds true for most businesses including B2B companies. With all the technology on offer, it becomes easier for businesses to set up online stores with high success rates, and significantly lower cost and time implications.
Blue Meteor Inc. headquartered in Chicago, US. is a SaaS company pioneering in creating eCommerce software and technology solutions. Blue Meteor’s primary focus is on transforming B2B and B2C companies by establishing an efficient and effective eCommerce strategy built on the bedrock of product experience.
Developed by Blue Meteor, Amaze PXM is industry’s first intelligence powered native cloud software that gives businesses end-to-end control of their product data, catalog creation, experience design, digital asset management and data syndication. Amaze PXM is a culmination of Blue Meteor’s two decades of experience in the product content industry gained by working with world’s leading Fortune 500 companies to create best-in-class product content and customer experiences.
With 3 global offices in US, UK and India, Blue Meteor’s mission is to enable merchants and brands to sell more by delivering best-in-class online Product Experience.