Digital e-commerce is that genie in the bottle which has been let loose to create wonders. The industry attained some promising breakthroughs in advanced analytics, AI, IOT and an estimated compounded growth of 15% year-over-year in 2016. The inflection point that the e-commerce industry is going through today can be accounted to the technological shifts that revolutionised web-based apps and services. Such breathtaking innovations in 2016 has levelled up the game for 2017. So, what can we expect in the road ahead? Let’s take a look.
- The AI ascent: In 2017, many customers will know chatbots as their first POC to a brand. A fully automated chat agent will answer their questions and assist them throughout their buying journey. The buyer conversion rates are expected to rise above 10% following a chat conversion. We’ve already told you how 2016 was a year of chatbots, imagine what 2017 would be.
- Cyber Monday and Black Friday phase-outs: Research shows that 40% of Canadian consumers start their holiday shopping before Halloween. 88% of retailers in the US start advertising in the first week of November. Hence retailers would want to benefit from the entire month by making adjustments to their offerings rather than betting on only one weekend. Hence the rise of Cyber November!
- E-Wallets: The nation has been taken by a Modi wave and a digital and cashless India is in making. And we are advancing better towards a digital world much earlier than the nations of our league. Various e-wallets like Paytm, Mobikwik, FreeCharge and more, have taken charge already. The impact is so strong that even daily chores like grocery shopping can be done using digital payments. All that and more coming up in 2017 mitron!
- Retail Analytics: From analyzing spend patterns of the customers to building recommendation engines, Retail Analytics has come a long way. Today you can map your consumers in a 360-degree angle and base your selling strategy accordingly. 2017 will see advanced sales pipelines, hypersegmentation of consumers, advanced recommendation systems and personalized selling at a much higher scale.
- Unified Stores: When commerce and e-commerce merge together they become a superstore. It’s the next step in omnichannel strategy. The consumers feel and see no difference in the online and physical brick and mortar stores. A highly personalized experience just for you!
- Same day delivery, drones and more!: In 2017, consumers will receive their same-day delivery, at home, at work, or at a drop-off point close by. With the click of a dash, you can place your order and do not be surprised if a drone delivers your package in your lawn. Amazon has already started the prime air delivery with their fully automatic delivery drones. The sky is not the limit for sure!
- Futuristic stores: Retailers are seeking digital excellence in both customer frontend and technical backend. The urge is to create new interactions while expanding on product details and assortment with real-time availability. The perfect marriage of technology and innovation is what is required. And yet again, companies like Nike and Amazon have changed the game. Do you know about the Nike Digital Retail Experience stores? I was in awe when I saw this video. I am sure you will be too. And if this is not enough probably you should check out Amazon Go!