Will artificial intelligence replace human labor? How to improve online sales using AI? What measures are worth taking to avoid being overtaken by the competition? In recent weeks, such and similar questions have been asked with increasing frequency. This is all due, among other things, to the rapid development of AI-based tools (OpenAI has recently released the 4th improved version of ChatGPT) or the growing popularity of the metaverse world. You can read about the use of artificial intelligence in eCommerce, as well as other interesting news from the industry, in the latest issue of Advox Press Release. We invite you to read it!
Has the time of mobile apps arrived? Future Mind study
Mobile commerce is already the standard for online shopping - is it high time for the industry to move into a new era? Future Mind recently conducted a survey of 65 retail industry experts. According to the experts, mobile apps will have the greatest impact on sales growth in 2023 in digital channels (48% of mentions). This development direction is also confirmed by consumers - as many as 80% of them prefer to shop via dedicated apps.
However, having a dedicated mobile app is not the only factor that encourages shoppers to remain loyal to the brand. Participants of the survey also point out the need to develop omnichannel sales. What areas of eCommerce are also worth looking into?
- Pricing - the search for favorable deals and savings will invariably accompany the majority of shoppers (80%).
- Personalization - according to experts, personalization is the trend that is currently having the strongest impact on eCommerce development. New tools available on the market, especially those based on AI are able to provide a competitive advantage, increase revenues and customer satisfaction.
- Attractive product offer - for almost half of consumers, the most important motivating factor for online shopping is discounts for frequent buyers. The availability of multiple delivery methods and a wider range of products than in traditional stores also encourage people to place an order.
The study shows that eCommerce owners will use different strategies to deal with this year's challenges and develop different areas of their business. The common ground turns out to be solutions based on artificial intelligence.
Do you think mobile apps are likely to dominate the eCommerce market? The answer to this question may be facilitated by a detailed look at the study's results.
How close is the future of eCommerce in the metaverse? Deloitte Tech Trends 2023 report
From time to time we can see industry leaders making their debut in the metaverse - Nike, fashion house Gucci and Carrefour, among others, are already selling in the virtual space. What is such a business model based on?
Metaverse is a wide network of virtual worlds, the elements of which are connected into a seamless whole using advanced VR, AR and AI technologies. This enables integration and collaboration between multiple users in real time. Customers of virtual stores can purchase selected products using their own avatars. At the same time, the meta-world hosts promotional events and other unique actions that create unique shopping experiences. Specialists from the consulting firm Deloitte point to the main benefits of implementing the metaverse, namely:
- reducing the cost of project work,
- increasing customer engagement,
- developing new omnichannel sales channels.
According to the report, the metaverse market is projected to be worth up to $800 billion by 2024. However, this is still an area that is in the early stages of development. The technology used in this field needs to be refined (for example, in terms of improving the stability of network infrastructure). In addition, a large proportion of customers are still uncertain about "entering" virtual reality. For this reason, Deloitte experts suggest that the metaverse should not be seen as an alternative to the in-person consumer experience, but a more advanced channel for reaching potential customers.
The Deloittereport also discusses the development of other trends that are important from the industry's perspective. Which one do you think will most strongly influence the future of eCommerce?
What do consumers know about their rights?
World Consumer Day is celebrated annually on March 15. On this occasion, Polish fundation nemed Forum Konsumentów , together with Amazon, checked the level of awareness of Polish shoppers in the area of their rights. The survey "(Nie)świadomy Konsument 2023" (en. "(Un)conscious Consumer 2023") showed that only ⅕ of Poles assess the level of their consumer knowledge well or very well. The rest feel the need to supplement their information (44%) or consider their knowledge of the subject to be low (31%). What conclusions should be drawn from the above results?
- There is still a high need to educate consumers about their rights (including the right to reliable information, the right to complain or to make informed consumer choices). Conducting educational campaigns will be viewed positively by buyers.
- At the same time, the majority of respondents (72%) pointed out that they have never been cheated while shopping online.
- Consumers are increasingly attentive to the changes resulting from the Omnibus Directive and expect e-stores to comply with them. For example, 57% of respondents are aware of the need for sellers to indicate the lowest price in the 30 days prior to the current discount.
Research has shown that consumers are quite critical of their own knowledge of their rights when shopping. However, one can also observe a significant willingness to change and an openness to acquiring such knowledge. This is an important signal for retailers - it is important to create a safe shopping space for customers and to educate them about established rules.
Providing consumers with a shopping experience that is in line with their needs is one of the basic principles of selling (not just online). You can find the detailed results of the study by following this link.
