For centuries, retail was a pretty straightforward proposition. Merchants opened stores and customers came to those brick-and-mortar locations, browsed with the help of a knowledgeable and experienced sales associate, and went home with their purchases. While that model is still at the heart of modern merchandising, on its own, it’s not enough for your business to thrive in today’s marketplace. The most successful retailers now pair that high-quality in-store experience with a carefully crafted website designed to tantalize and excite, seamlessly blending a low-stress store visit with the thrilling online eCommerce experience shoppers crave. Shoptelligence CEO Laura Khoury puts it this way:
Ecommerce has shifted from an add-on to a retailer’s digital foundation that permeates every step of the customer journey, from discovery all the way through delivery and beyond. Shoppers don’t go from site to store, they start onsite and rely on some form of digital to enhance every interaction they have with a retailer.
Comprehending the Value of eCommerce
To understand what an upgraded eCommerce plan can do for your business, begin by checking out the current size of the online shopping industry:
- 96% of Americans have purchased something online in their lives. (George Washington University)
- In 2021, retail e-commerce sales amounted to more than five trillion dollars worldwide. Experts expect this figure to grow by 56% over the next few years, reaching over eight trillion dollars by 2026. (Statista)
- Nearly 20% of all retail spending this year will be done online. (Shopify)
To devise an effective omnichannel eComm strategy, you’ll also need to incorporate an understanding of how mobile devices come into play:
- 85% of American adults use smartphones. Combined with tablets and other mobile options, these devices account for 47% of web traffic in the U.S. (Zippia)
- 79% of Americans have already made a purchase on their smartphones. This figure increased post-pandemic and continues to rise. (Klarna)
- Over 61% of retail traffic comes from mobile devices. (drip.com)
- 29% of smartphone users will immediately switch to another site or app if it doesn’t satisfy their needs. (Think with Google)
Meeting Shopper Expectations through Personalization
As the eCommerce sector has grown, shopper expectations have grown along with it. In a February 2022 survey, the ability to shop at any time was the most mentioned benefit of e-commerce among consumers worldwide but simply creating a website and offering your customers the ability to make purchases online won’t be enough. You’re going to need to offer them a personalized experience that meets them where they want to shop and travels with them on their path to purchase, accompanying them across all channels, back and forth from online to in-store and back again.
What is Personalization?
Personalized online shopping offers consumers a tailored user experience, curating product discovery and communication to their individual tastes, preferences, and budget. Unfortunately, many efforts at personalization fall flat by failing to reflect the shopper’s priorities and preferences. Showing recently viewed or complimentary items isn’t enough. The best-received, most potent personalization is much more than simple “if you like this, you’ll love that” recommendations. Appropriately strategized and executed, top-notch personalization demonstrates that you know the customer, understand her priorities, and can help her solve her problem, often in ways she hasn’t even thought of yet. Combine that data-driven personalization with the human touch provided by personal assistance and you’ve got a winning formula.
The Value of Personalization
Numerous studies have demonstrated the potential benefits of personalization to eCommerce merchants, including increased engagement, improved conversion rates, increased average ticket size (AOV), and improved customer lifetime value (CLV). Segment’s 2022 State of Personalization Report provides valuable insight into the potential gain that personalization can offer your business:
- Nearly half (49%) of consumers say they are likely to become repeat buyers after a personalized shopping experience with a retail brand.
- One in three consumers (38%) say that a good experience will cause them to prefer a brand and lead them to shop with that company again despite the possibility of less expensive options.
- 62% of shoppers say that a depersonalized experience will cost a brand their loyalty. That figure rose nearly 40% from the previous year.
Personalization is no longer the future of data-driven marketing. It’s the most modern, contemporary approach to sales. Today’s empowered buyers expect a high degree of precision when shopping online. They want to feel as seen and understood as they used to feel when they were greeted by a friendly, trusted associate at their favorite store. Is your business doing enough to give your customers what they want and need?
Personalize to Maximize
Businesses from coast to coast are building client relationships and boosting profits with Shoptelligence. A proven AI-powered personalization platform, Shoptelligence is easily and quickly installed on your current website, seamlessly blending exciting and inspirtaining online and in-store shopping experiences, offering intuitive recommendations from your current inventory, supporting sales staff, and allowing you to continue the conversation with highly specific marketing materials including personalized emails and coupons.
Shoptelligence works. Using Shoptelligence, businesses like yours have more than doubled revenue per visitor, grown revenue per buyer 33%, lifted shopper time spent on site by a factor of 6x, increased conversion rate by 150%, and boosted AOV by 42%. Most see a return on their investment in only 60 days.
Create an Ideal eCommerce Experience
Discover the many ways that partnering with Shoptelligence is helping businesses like yours thrive in today’s competitive online marketplace. Schedule a demo today.