Customer insight has been the buzzword during the last decade. In the present world, consumer insight means everything from needs, wants, habits, trends, consumer response to marketing campaigns. It has changed the rule of the game as far as e-commerce is concerned. While it is common to outsource web development, sales, and other departments, you should think twice before outsourcing your analytics.
E-commerce has continued its path of marvelous growth. The huge market acts as a magnet to all kinds of brand, competition is ramping up faster than the total growth of the segment and market. This means customers will be harder to tap, easier to lose and definitely fussier on price and user experience.
When you are a player of an online world, whether you are selling products or services, digital downloads, getting to grips with your customer experience (CX) can bring your online business fruitful results in the form of greater consumer base and profits. The dynamics of online sale are quite crystal clear, where everything is measurable. The wealth of data relating to customer’s insights is helping the e-commerce business in a remarkable manner.
The Latest Trends in E-Commerce Marketing
The trends in the e-commerce sector have always been quite vibrant. The companies who haven’t changed or adopted the emerging trends, have found themselves in deep waters, while the adaptive companies have scored big in their sales and revenues.
The megatrends in e-commerce are global, have enormous implications, and are not going away in near future. According to a research 77% of marketing professionals think a planned and strategized approach focusing on analytics is indeed an effective way of managing digital marketing world. A minority of 14% thought an unplanned and reactive approach is the need of the hour.
Customer’s Trust Development
In the world of online digital world, trust of your precious customers has a big weightage. This is a long term game which required loads of patience. It is not supposed to build overnight. It increases with the passage of time, but decrease a lot faster.
Information related to customer is significant but extremely sensitive as well. The mindset of the customers is quite delicate. The usage of consumer insights can help the business boom, but at the same time mishandling of this crucial data can lead to distrust between the customers and the businesses, the result of which can be harmful to the firms.
How Convenience Is Created Via Consumer Insights?
Convenience is the chief motivation for online shoppers and price takes the secondary position in this context. It is estimated that around 97% of online consumers like to save time and simplify their shopping. Only 36% of those 97% are looking for big discounts.
The above mentioned statistic demonstrates the importance of convenience. An online marketplace is easily accessible round the clock and from anywhere in the world, it perfectly fits the bill as far as convenience is concerned.
How Companies Are Using Consumer Insights?
The renowned companies all over the globe are investing heavily in their R&D departments. One expected outcome of these heavy investments is to gain key insights regarding customers. The major companies have perfected the art of collecting and implementing customer feedback.
Netflix, Amazon, Careem, and Uber, for example, recognize the importance of gaining insights, gathering and using customer knowledge is significant for the overall wellbeing of the businesses. These companies are reaching the stage of perfection of customization. The acceptances of their recommendations are gaining popularity in the masses, which is creating a win-win situation between the consumers and the organizations.
These aren’t the only e-commerce companies to identify the value of customer insights. A research report by Esteban Kolsky, founder of thinkJar, a customer strategy consulting firm, depicts that 70% of companies which succeed in delivering best in class customer experience do, mainly credit it to the feedback they obtain from the customers via using different methods of gaining insights.
In case of organizations, gathering customer insights is the key in providing a wow experience for their customers. The firms value it a great deal, as it helps them in propagating a good word of mouth about their experience. A happy customer can bring hundreds of customers, so the businesses are going out of their routine ways in coming up with a plan to fulfill customer’s need and not only meet but exceed their expectations.
The field of e-commerce is moving on fast track. The rapidly growing segment has to respond swiftly to the latest trends. The barriers to entry in this section of commerce are quite low. These low barriers coupled with the fact consumers can switch providers effortlessly means those who are not meeting the desired and expected mark, will be losing out fast. It is never too early to integrate key consumer data into your business. You don’t necessarily need to be tech-savvy online digital company to benefit from customer information. Relevant consumer insight is the friend of any ambitious e-commerce company who wants to grow the base of their satisfied customers along with the profits of their company.