Research shows that e-commerce sales amounted to more than $3.5 trillion in 2019 with a projection to reach $6.5 trillion by 2023. This only means that the influence of e-commerce will be far greater moving forward than it has ever been before.
So to answer the question, Yes, e-commerce is undoubtedly the
future of shopping.
To maximise on opportunities presented by e-commerce, business
professionals must be well-versed in the latest technologies and trends,
including the following:
Customer Data and Analytics Improve Marketing Tactics
The future of online shopping relies on capturing patterns of
shopping behavior. Hence, even though online stores do not have retail clerks
or dressing rooms like physical stores, they can still recommend products based
on customers’ interests, style choices, and preferences through the use of
data. This allows the business to create strategic pricing, personalised e-commerce online marketing plan,
and cross-promotions on both an individual basis and based on widespread
trends.
Machine Learning Creates a Personalised E-Commerce Experience
When it comes to the online shopping industry, shoppers require
a more personalised experience. According to a study conducted by Accenture,
91% of consumers are more likely to shop with brands that recognise, remember,
and provide relevant offers and product recommendations. The study also shows
that 87% of shoppers tend to buy more when online stores personalize the
experience.
Therefore, rather than manually analysing customer information,
data analysts utilize artificial intelligence (AI) and machine learning
technologies to compile data and create customer profiles that help personalize
your e-commerce online marketing.
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