3 Ways Retailers Must Adapt Their eCommerce Retail Strategy Post-Pandemic
The pandemic has changed how retailers operate, causing many to re-elevate their eCommerce retail strategy. But what happens to those eCommerce operations once the pandemic is finally over? According to a recent survey, 63 percent of consumers stated that they start their search on Amazon.com, 25 percent on other marketplaces, and only 21 percent on brands’ websites; with such a high volume of online shoppers, is it feasible to look back?
After many retailers quickly invested in eCommerce capabilities, such as digital ordering, delivery tracking, and stock management, to stay afloat, many will be forced to reevaluate their business. Now, companies may need to consider a permanent plan to support themselves moving forward as we move further away from previous challenges. This blog will look into viable options for keeping eCommerce retail alive and competitive in 2021, and the future as the world of retail continues to evolve.
Implement AI For Operations and Personalization
AI is the new face of retail, and it’s being incorporated into every aspect of business management. There are several different ways AI technology can help boost your eCommerce retail operations. It can help cut operation costs by evaluating ordering, picking, and delivery to enhance operations with fewer trips and less wasted time.
AI also helps predict inventory and consumer behavior with its vast algorithms. It does so by providing customers with items they’re looking for and expecting what purchases will go together or require more inventory. If your company has been running forecasts in aggregate, it’s time to make the switch to a more advanced and dynamic forecast solution.
These AI algorithms can improve personalization and reduce customer churn. Although personalization isn’t a new concept, retailers can significantly enhance effectiveness with richer data from online transactions. Advanced AI systems instantaneously analyze customer and behavioral data to understand what factors lead to retention and identify when or why customers churn. For example, this data can recognize who’s likely to buy a specific item when they’re shopping and more. In addition, you can utilize its information to target promotional advertising and encourage more significant purchases.
Also, with the ability to identify what people will buy, AI models generate helpful tips and purchase companions for consumers to make more intelligent and confident purchase decisions. For example, if a customer buys a large beach towel, AI can suggest water toys, sunscreen, pool maintenance, or accessories.
Implement a Multi-Marketing Strategy for Higher Sales
A recent Shopify study found that merchants who sell in three or more channels can see a 200 percent boost in sales. With such a higher margin in potential sales, it’s no wonder that many online retailers pursue a multi-marketplace strategy.
It’s crucial for you to partner with a POS provider that offers a multi-marketplace solution. For starters, managing multiple store locations can be challenging. With every store having its ebb and flow for operations, consistent management requires a POS and back-office management system designed to streamline processes and link remote locations under one system. Plus, you can run your entire chain of stores with a multi-store software component that can operate up to 99 stores all at once. Meanwhile, you can better provide the following:
- Customer and loyalty management
- Intuitive inventory management
- Employee maintenance
- Time clock management
- Productivity reporting
Selecting the right marketplaces can be tricky, which is why extensive research is necessary to pick the correct locations for a business’s audience. Unfortunately, many brands and retailers spread out listings of all their products on as many marketplaces as possible, leading to poor sales results and wasted time. Instead, look for marketplaces where your product categories sell well, your prices are competitive, and your margins are acceptable. There are tools available for competitive pricing research, market share analysis, and listing automation and optimization. They can maximize your success for your eCommerce retail strategy.
Additionally, you must ensure that your inventory management aligns with your sales and fulfillment of eCommerce retail. More than just handling new lines or revenues and fulfillments, your products should be on the right marketplaces for a successful strategy. Carefully evaluate the various fulfillment options and select the one that best meets your needs. Furthermore, sellers must keep sufficient inventory at each marketplace and manage the inventory level and inbounds independently. This approach adds up to much higher carrying costs and endless order and management complexity.
Focus on the Customer Experience
Convenience is essential, and you want to ensure that your eCommerce retail site is easy to navigate and user-friendly. After all, you made the site for your customers, so why not guarantee they’ll have an enjoyable experience online just like they would in your shop? Also, stay up on the latest trends to keep your online store current.
The easiest thing retailers can do to keep their eCommerce site prevalent moving forward is to focus on the user experience and ensure their retail location hits all the significant markers, such as:
- Big holidays and big shopping moments
- Target those budget shoppers
- Warm weather specials
Privacy and security needs are a critical focus as well. Verify that your site is equipped with the latest software updates and ensure your security efforts are apparent online as well. If consumers don’t feel safe on your website or that it’s not secure, they’ll abandon their cart in fear of their credit card data safety.
For better or worse, eCommerce retail must prepare and adapt for whatever the future holds. Your retail design will endure any challenge you may face by implementing AI and multi-marketing strategies and focusing on online customer experience.
At The General Store, we have all the items you need for your eCommerce retail strategy to thrive throughout 2021. So if you’re ready to secure your eCommerce store’s future and success, contact us today!
Use your back-end data correctly to identify the most popular categories and products offered by your platform. Prioritize your products according to their likability among users. Allow customers to add and remove multiple filters in their search options. As a business website you will naturally try to give your customers options, but too much of anything is usually bad. Think from a customer’s point of view and shape your website accordingly. Have checkout buttons and related links on every product page. Never try to push-sell products, if you want to do well in the long run.
I agree with your statements. Artificial intelligence is offering the eCommerce business huge benefits. It highly offers an interactive and personalized buying experience and helps to provide a specialized and reliable shopping experience.
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𝟓 𝐓𝐢𝐩𝐬 𝐭𝐨 𝐆𝐞𝐧𝐞𝐫𝐚𝐭𝐞 𝐌𝐨𝐫𝐞 𝐆𝐨𝐨𝐝 𝐑𝐞𝐯𝐢𝐞𝐰𝐬 𝐟𝐨𝐫 𝐲𝐨𝐮𝐫 𝐄𝐜𝐨𝐦𝐦𝐞𝐫𝐜𝐞 𝐒𝐭𝐨𝐫𝐞𝐬
One of the success factors of Ecommerce website development is in online reviews. What is an online review? Well, when you make a purchase of a product, you would like to share a little bit about the product you purchased and how it works for you. Some of the interesting areas that you would like to share include – how satisfied are you? How is the product? Is it meeting your requirements and do you recommend it for purchase etc.
𝟱 𝘄𝗮𝘆𝘀 𝘁𝗼 𝗴𝗲𝘁 𝘁𝗵𝗲 𝗯𝗲𝘀𝘁 𝗽𝗿𝗼𝗱𝘂𝗰𝘁 𝗽𝗮𝗴𝗲 𝗰𝗼𝗻𝘁𝗲𝗻𝘁 𝗳𝗼𝗿 𝗲𝗖𝗼𝗺𝗺𝗲𝗿𝗰𝗲 𝘄𝗲𝗯𝘀𝗶𝘁𝗲
𝟏. 𝐎𝐧𝐥𝐢𝐧𝐞 𝐑𝐞𝐯𝐢𝐞𝐰𝐬 𝐚𝐫𝐞 𝐚 𝐦𝐚𝐫𝐤𝐮𝐩
𝟐. 𝐒𝐨𝐥𝐯𝐞 𝐏𝐫𝐨𝐛𝐥𝐞𝐦𝐬
𝟑. 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐛𝐫𝐚𝐧𝐝 𝐚𝐰𝐚𝐫𝐞𝐧𝐞𝐬𝐬
𝟒. 𝐑𝐞𝐯𝐢𝐞𝐰𝐬 𝐚𝐫𝐞 𝐜𝐚𝐦𝐩𝐚𝐢𝐠𝐧𝐬
𝟓. 𝐈𝐝𝐞𝐚𝐬 𝐭𝐨 𝐫𝐞𝐪𝐮𝐞𝐬𝐭 𝐫𝐞𝐯𝐢𝐞𝐰𝐬
I agree with your statements. Artificial intelligence is really a big deal – especially when it comes to eCommerce businesses. AI offers consumers an interactive and personalized shopping experience, which not only makes them more likely to buy, but will also improve the buying experience for everyone in general! It helps provide shoppers with reliable, personalized deals and products (as well as all other kinds), and really helps take the guesswork out of online shopping.
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