Malls and stores closed their doors to the public when the coronavirus hit on a global scale. Consumers turned to online shopping amid the pandemic, and even with malls opening on a minimum operational capability, shoppers now tend to lean towards online stores more.
Online transactions were already seeing a rapid increase even before the global lockdown started, and this rising trend will impact the future of retail. Almost every aspect of the way we shop and consume resources will change in the coming years. So, what are the trends that we see in 2020?
What is Retail Marketing?
SALE SALE SALE!
Who doesn’t love a good bargain? Ecommerce sites like Amazon roll out deals and promos regularly, which makes online shopping more attractive to consumers. Special deals on holidays and daily events significantly boost sales across online retail stores.
As you may have noticed, items are always at a discounted price, no matter the occasion. Seeing a less 20% tag on an item makes us want to add it to our cart even if we don’t need it. The fact that as consumers, we want the best for the least cost.
PERSONALIZED SHOPPING EXPERIENCE
X Retail Marketing Strategies That Drive Sales
Giving shoppers a personalized user experience boosts revenue by as much as 15% because it helps consumers feel a connection to stores and can simplify otherwise mundane processes. Personalization is a critical component of a store or brand’s success.
Case studies show that customers were more likely to add additional items to their carts and spend more by having a personalized shopping experience. It ranges from a simple recommendation based on your previous purchases to displaying several options in sizes and quantities.
ARTIFICIAL INTELLIGENCE (AI)
Customer Service Automation: Chatbots to the Rescue
An advantage online retail stores have over brick-and-mortar stores is the integration of helpful artificial intelligence software to aid and enhance the overall shopping experience. Chatbots and other AIs offer recommendations and guidance based on customer needs and requests.
The advancement in AI technology allows stores and brands to enhance user personalization, customer service, and overall shopping experience. We recommend the use of artificial intelligence for all online businesses. Successful integration boosts sales and customer satisfaction by over 70%.
Mobile Shopping Over Desktop
The majority of shoppers are on their phones, which is why businesses are pushing for a smoother mobile experience on their online stores. It includes a variety of mobile-supported payment options, interfaces, and website design.
You should build your store with a responsive design so that consumers can shop on their phones just as effortlessly as they can on their laptops. If you haven’t optimized your website for mobile users yet, you’re lagging behind your successful competitors.
Voice-based virtual assistant technology and artificial intelligence software are steadily advancing in our digital era. Consumers have shown an increasing preference for smart speakers and digital assistants in going through their day-to-day interactions across the web. Marketers now have to adjust to this growing trend, and understanding consumer behavior is the first step in optimizing their efforts for voice search.
Why are voice-based assistants so popular?
1. Consumers are now using digital assistants in their daily routines. Smart home functionalities such as lighting, security, and temperature control are possible with voice-based assistants. Users can now shop online or order food from their favorite restaurants without touching their devices.
2. Voice search is a more natural and faster way of searching for information. We usually ask a question in our interactions with people through voicing out our queries. This method of communication can help marketers optimize their content that lines up with how consumers interact with voice-based assistants.
3. Entertainment is one of the main functions of voice-based assistants. Most users primarily use voice search to listen to music, watch movies, and keep up with the latest trends.
THE FUTURE IS NOW
The shopping behaviors are rapidly shifting towards the internet, and businesses ought to improve their processes to keep up with the latest trends. It comes as no surprise that everything around us is moving digital, and we #doitbetter here at Future Brands by adapting to this transition. We encourage you to take the shift and optimize your business for the future of shopping— eCommerce.