Fueled by consumer behavior and technological innovation, eCommerce sales are forecast to reach $1.6 trillion in revenue by 2027. For retailers to capitalize on this situation and maximize their revenue, they will need to leverage technology to deliver superior customer experiences at a time when customer
expectations are high and loyalty is low.
According to a Groupbyinc.com report on the future of eCommerce based on consumer behavior, there are various innovations and areas where retailers will need to redouble their efforts to maintain market share, increase revenue, and continue to grow.
Changing Consumer Behaviour
The way consumers look at and choose products is changing, and expectations are incredibly high when it comes to the ease and convenience of making a purchase. Customers today:
● prioritize low prices and flexible payment programs over brand loyalty
● actively seek out marketplaces to have constant access to low-cost products
● expect a personalized shopping experience that responds to their tastes and preferences
● look for attractive online and offline options that combine physical and digital products to create the perfect shopping experience
● demand faster and more convenient delivery options
● expect hyper-personalized Google-quality search capabilities when shopping to find the product they want quickly and efficiently
Introducing an AI-based product search engine will help you satisfy your customers
While it is very difficult to meet customer expectations, always remember that there are cutting-edge technologies that can help you a lot!
An artificial intelligence-based eCommerce product search will be the best helper to create the kind of personalized shopping experience your customers expect by quickly finding the desired product. The new generation artificial intelligence system uses user data and contextual words, so it understands the user's wishes and interests well, presenting search results that match the user’s needs.
In addition, when the AI-based search engine is synchronized with recommendations, extensive control over the trading process, and built-in analytics and reporting features, an online retailer's team can easily create impactful campaigns that optimize the customer's shopping experience and thereby increase sales and revenue.
By improving the customer shopping experience, you will be able to respond to rapidly growing and ever-changing consumer activity, behavior, high expectations, and demands, which, if ignored, can negatively impact your business growth, sales, and revenue.