Online Shopping players have always played with price points to their advantage, but guess what, with the evolving online consumer, the priority has moved from low prices to:
Brands offering a broad product selection which brings together merchandise encompassing a Wide Range of prices and style, would gain loyalty.
Brands offering wide range of value added services like click and collect, installation and repair, DIY, and financing often find them more acceptable in today’s world. As the internet has grown, so has its selection of goods and services. In parts of the world, where internet retailing is more sophisticated, Shoppers have moved from money saving mentality. Now the needs are many, and at different prices.
The internet has continuously enabled the concept of “Endless Aisle”. The forces of Demand and Supply Side have been synergistic, giving the internet the ability to become the future destination for more products than previously thought. On the demand side, the appetites of the consumers have been expanding, resulting from the increased reliability the products on the e-commerce have been offering. To meet the increasing appetite on the supply side of the consumer, more merchants and a creation of new marketplace has transformed the way business was done online. The creation of market places has also made “cross border commerce” easier, with goods and services transcending the domestic boundaries.
PERSONALISING THE PATH TO PURCAHSE
With the vast ocean that internet is, sometimes it becomes difficult for the customer to get what he wants. Hence making the lives of shoppers easier, would create a differentiating factor among reatilers. Hence Curations/Suggestions using Analytical tools, that would track the users preferences during search, can prove really helpful.Once the retailers figure out this part,they would have to provide a range of payment and delivery options which suit customers with varying preferences. Providing an experience, tailor made for the user would be the differentiating factor.
- Product Curation + Expert Suggestion = Personalisation.
- Making personal data valuable to the customer, by analysing the past and present purchase habits and provide real time suggestions to the customer.
- Have influencers as brand embassadors to create a sense of belongingness.
ACCESSIBILITY FACILITATES FAVOURABLE EXPERIENCES
With the increasing touchpoints available to the customer, he/she is likely be more connected. Hence the reatilers need to create an omni-channel strategy for the same.Retailers need to keep an eye on the consumer’s path to purchase. Th idea is for the brand to know what the consumers want out of the shopping experience. The best way to achieve this is to avoid restricting shoppers into one set of behaviours, and instead give them options, allow them to access the brand from which ever touch point suits them.
In today’s world of ever changing technology, the biggest winners would be:
- Retailers with scale that are willing to continue product and service development
- Online businesses that communicate with their customer on a personal level
The businesses which would be reluctant to embrace the widespread consumer demand for more options, and would be stuck in the past on pricing would be the biggest losers in the long race.
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