“In the beginning, e-commerce was really about getting commodity products online as cheaply as possible”, says Jason Goldberg, Founder and CEO of Fab.com.
By Dannos Tsakalos, Marketing Manager, TDG
Not anymore. Now, “we’re moving into the more exciting phase of e-commerce, where it’s about emotional products – the things that people really cherish.” What was once rather simple, nowadays is becoming more and more sophisticated. Even the term itself, e-commerce, might soon become obsolete.
So, what lies ahead for e-retailers and how can they create true integrated experiences that will differentiate them from competition and enable them to build those much-coveted emotional connections with consumers?
Last week, I attended the 5th Distance Selling & e-commerce Conference, organized by Marketing Week in Athens, which brought together on stage international and local experts from companies and organizations like EMOTA, Future Candy, Naked Wines, Planet Retail, ShoppingNetwork, StylePit and ForestView.
Based on what I heard there, one good, solid, answer would be “Omnichannel”. However, this time, I will focus, instead, on 8 insights I considered thought-provoking enough to share with you. Are you ready?
Insight no 1: “E-commerce is dead. Long live Shopping”
What to do: Forget silos and keep in mind just one word: “shopping”. This is how consumers call it, no matter whether it takes place on a “traditional” website or via an interactive shopping window.
Insight no 2: “Shopping will be a personalized experience, empowered by technology.”
What to do: Be willing to try new things and remember that, soon, this kind of innovation could be the norm:
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Insight no 3: “Shoppers will interact with the retailer in whatever way is most convenient, comfortable, depending on time, location and urgency, switching between devices and interaction methods as appropriate.”
What to do: Invest in real-time promotions that motivate shoppers to purchase at key decision moments, especially when in store. For, this will surely help you increase conversion rates and boost sales.
Insight no 4: “Germany has the highest return rate in Europe, whereas Swedes dislike credit cards”
What to do: Perhaps you are not active in these markets, but still this insight is important. Because it shows you that in order to to offer high value services and succeed in new markets, you have to adjust and localize. Every market has its own idiosyncrasies that have to be taken into consideration.
Insight no 5: Regardless of device, website features deemed important and influencing decision making are:
- 52% Good product information
- 51% Quick & easy to use website and checkout process
- 49% Wide range of products
- 47% Providing flexibility and choice when it comes to payment
- 45% Good quality images
- 45% Clear product reviews
What to do: Respect the multi-screen consumer and try to get it right across all screens.
Insight no 6: One of the things on every e-retailer’s “yesterday’s to-do list” should be to add “Remarketing/Retargeting” in the mix.
What to do: Read this post and then try Retargeting. 
Insight no 7: In the markets of the United States, the United Kingdom, Germany, Australia, main land China and Brazil, cross-border online shopping was worth $105 billion in 2013, with 94 million consumers regularly buying from overseas websites.
What to do: Peruse through the following presentation to learn how your company can amplify its sales abroad by capitalizing on the booming popularity of the world’s greatest online marketplaces.
Insight no 8: “Within the next 3 years, RTB spend is expected to rise from 8% to 28% worldwide”.
What to do: Stay calm & have a look at these slides for a brief introduction on the next day of Advertising and the potential of Real-Time Bidding.
The aforementioned insights reflect the evolution of e-commerce and the need for companies to embrace the new reality. Read them again and consider how you could apply them to your business, how these could fit in your everyday mindset, and make a great difference to your success in 2014 and beyond.
P.S. Special thanks to Malcolm, Nick & Sϊmon for the inspiration.
