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5 minute read
You can’t have ecommerce predictions without ecommerce statistics.
This blog covers both!
While it is hard to really make an accurate prediction, the best way is to look at the ecommerce statistics and make a prediction accordingly.
We have laid everything out in the table below.
Topics covered range from % of ecommerce growth to voice commands to shipping. Enjoy!
Ecommerce Profit
Ecommerce profit is simply the amount of gross profit margin your ecommerce business makes.
Due to the steady increase of ecommerce businesses entering the industry daily, creating a steady revenue stream and constantly finding ways to increase your profit is key.
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Voice Assistants
A voice assistant is a digital assistant (much like a bot) that uses voice recognition, natural language processing, and speech synthesis to help users and consumers through their phones and voice recognition applications (like Siri, for example.)
Voice assistants are most commonly used smartphones, in help and service phone lines, and other places to assist users with tasks.
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Voice assistants are already being used to make purchases by 40% of millennials |
That number is expected to exceed 50% by 2020. |
| Amazon reports that Echo sales increased by 700% in 2017 over 2016. |
Voice command shopping could tighten the hold that Amazon has on the online marketplace as we continue into 2018. |
Artificial Intelligence
Chatbots and voice assistance are a form of AI. AI makes it possible for machines to learn and maintain information from experience and previous interactions.
AI can adjust to new inputs and perform human-like tasks. Some AI examples that you may have heard of are self-driving cars, computers that play chess, or computers that retain consumer information and habits so well that they have made personalized marketing a very real concept.
AI relies heavily on deep learning and natural language processing to have their human-like functionality. Using these technologies, computers can be trained to accomplish specific tasks by processing large amounts of data and then identifying patterns in that data.
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Social Media Commerce
Social Media Commerce. What a time to be alive. This new form of commerce is one that allows consumers to purchase items directly from their social media platforms.
For example, if a consumer is scrolling through their feed and see a dress or household item that they like, they can click on the little shopping bag or ‘buy now’ button to see the price and ultimately purchase that item. Note, this is only possible if the company has this feature set up on their social media page.
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Visual Content
Long and intriguing texts are a thing of the past for businesses.
Introducing visuals.
Visuals are now a crucial and essential element for any businesses’ social media marketing strategy.
As time passes, paired with the development of technology, we have seen the shift move away from text and towards visual based content. Even now, we are seeing a movement away from images and towards video.
As the ecommerce realm is so saturated, having well designed and crafted visuals are very important.
Make sure to put effort into quality over quantity and your customer base will grow as users start recognizing your company as authentic, valuable and relevant.
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Chat Bots
Chatbots save time and efforts by automating customer support.
A chatbot is a virtual robot that imitates human conversations by solving various tasks. They are becoming increasingly in demand as more and more people switch to mobile messenger apps like Whatsapp, Facebook Messenger, etc. Chinese WeChat bots can already set medical appointments, send money to friends, call a taxi, check in for a flight and many many other tasks.
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A LivePerson survey of 5,000 consumers showed that 67% had used a chatbot for customer support in the last 12 months. |
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Another study forecasts that by 2020, over 85% of customer interactions will be handled without a human. |
Brick & Mortar Stores
As we see the steady rise of ecommerce businesses, one must wonder what will happen to the beloved brick and mortar storefronts.
There has been a dramatic decrease in brick and mortar operations, but some are managing to adapt to the digital age and have incorporated digital aspects to their physical location.
As storefronts are making an effort to stay in the ecommerce game, some are taking a step further by providing in-store digital customization options.
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We will see more social media and mobile apps act as research venues as ecommerce and customer-centric efforts rise. |
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Shipping
Shipping is a very important part of ecommerce because the more seamless your buying experience is, the happier your customers are, and the more profit you make.
The speed of delivery is as important as the product quality for a customer. We would not be incorrect in saying that logistics could be the deciding factor for the success of e-commerce companies when it comes to retaining their customers.
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More than ¾ of online shoppers would like their orders shipped the same day. |
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Beacons
Beacons are a relatively simple piece of technology that allows companies to wirelessly communicate with mobile devices.
Beacons use low-energy Bluetooth connections to send or collect information from these devices.
This is one of the reasons why marketers are excited about the prospects of this technology.
They present an excellent opportunity for retailers to connect and engage with consumers whenever they’re within range of a beacon.
Marketers can then track the movements of consumers within a retail location and measure how long they stay in a store. From this, they can send targeted messages to the consumer based on location.
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Again, it is difficult to make predictions in such an unknown and ever-changing industry, but when you hone in on the ecommerce statistics and focus on the trends, educated guesses can be made.
As an online company, it is important to know the ecommerce statistics, pay attention to the trends, and equip your ecommerce accordingly in order to survive.
Unless, of course, you’re Amazon… then you’ll be just fine.
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