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Market research

How Market Research Benefits E-Commerce Companies

Rising market competition demands businesses to keep a keen watch on the changing market trends and gain a deeper understanding of their buyer personas. Over the last few years, there were several instances of e-commerce companies that shut shop due to declining profit margins. One of the key reasons why many of these players failed was primarily due to the absence of an effective market research solution that rightly defines the needs of their target consumers and gives comprehensive insights on the changing market trends. Experts at Infiniti Research posit that at least 3 out of every 5 e commerce businesses that do not undertake a market research study will fail in the long run.

We have curated some reasons why a market research study is a non-negotiable for e commerce companies.

Market research gives you a qualitative and a quantitative understanding of why your ideal customers would want to buy your products. Request a free proposal to know more about our market research solutions.

Benefits of E commerce market research

Market researchAnalyze industry trends

E commerce trends are often fast-changing, making it difficult for companies to keep up with the market transformations. A market research study about the e commerce industry will help companies determine key factors relating to the market such as current size, growth rate, and the changing trends. Moreover, this also helps e commerce companies to gain a first-mover advantage.

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Develop customer personas

Most new-age entrepreneurs attempt to break the shell without understanding the rules of the market and try to formulate their own policies and business agendas. This attitude often derails their marketing campaigns and they end up paying for heavy losses. Having a clear understanding of the demographics and demands of various customer segments is one of the key benefits that market research has to offer e commerce companies. This helps them create better buying journeys leading to customer satisfaction and long-term customer loyalty towards the business.

Understand competitor strategies

The e commerce sector is dominated by cut-throat competition and many players are trying to gain a bigger chunk of the market share. Companies that are not agile will get left behind. A market research engagement helps avoid this by analyzing the competitors and their strategies thoroughly. E commerce companies can use this data while formulating their go to market strategy and devise ways to better attract and retain customers.

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customer retention strategies

Supercharging Your E-Commerce Business with Proven Customer Retention Strategies

Customers are the lifelines of business, irrespective of whether it is a brick and mortar store or an ecommerce business. According to industry experts at Infiniti Research, more than half of a company’s future revenue will come from approximately 20% of their existing customers. Furthermore, it is always wiser to lay greater emphasis on using customer retention strategies to retain existing customers, as attracting new customers could cost a company five times more. In the absence of strong customer retention strategies, companies will struggle to establish a strong customer base, eventually causing profits to tumble. By implementing customer retention techniques for online and in-store platforms, businesses can effectively encourage customers to keep coming back for more, by creating positive, personalized, and innovative experiences.

How to retain customers: 4 proven customer retention strategies

Launch win-back campaigns

Win-back campaigns involve contacting customers from whom you haven’t heard from in a while. This is an attempt made to win back these customers using highly targeted campaigns. This is one of the most popular customer retention strategies among several old-school direct response marketers. Timing is a crucial factor in the effectiveness of such customer retention strategies. E-commerce companies must try to win back customers as early as possible by offering attractive rewards and discounts. In order to get the timing right, it is essential to understand the frequency of purchase of the buyers. If on an average, customers order every 2 months, then it would be beneficial to implement a win-back campaign around the 60-day mark.

Before formulating your customer retention strategies, it’s critical to first and foremost understand who your customers are, and which of their actions matter to your site. Request a free proposal to know how our customer intelligence solution can help you identify your target customers.

Loyalty programs

The primary idea behind a loyalty program is simple, reward your customers for frequent purchases. Customer retention strategies like giving out loyalty points is highly effective and is commonly used by several successful companies. E-commerce companies can also benefit from such customer retention strategies. Although implementing a loyalty program does not guarantee increased sales, but when combined with a competitive product and great customer service it can play a key role in increasing sales and improving customer retention. Furthermore, it may be difficult to attract new customers into the loyalty category. However, offering some surprise loyalty points with their first purchase can one of the effective customer retention strategies to ensure repeat purchases. Get more info on how our solutions help you build customer relationships and promote customer loyalty.

Subscription-based business model

Many e-commerce companies are known to resist the subscription-based business model. But before dismissing the idea completely, companies must consider the fact that if a person has been buying the same supplement every month for several years, giving them the opportunity to save time and money by subscribing to regular delivery would turn out to be favorable. If they are able to pull this off, it means that the business would gain the benefit of recurring monthly revenue. When coupled with great customer services, customer retention strategies like monthly subscription guarantees a boost in the overall sales performance.

Every company wants revenue growth. But it is more important to achieve profitable revenue growth! That means minimizing churn and maximizing customer retention. The challenge is that customer retention strategies are not long-term, sustainable strategies. The better long-term, sustainable strategy is finding ways to make customers want to stay loyal to the brand. The million dollar question is: How do you make them want to stay? Request a free brochure to know how our customer intelligence solutions can help you find the answer.

Paid memberships

Offering additional perks through a paid membership is another highly successful customer retention strategy that is not only an additional revenue generating source for companies but also promotes customer loyalty. Take the example of Amazon prime which has been highly successful in getting customers to sign up to their membership program by offering exclusive benefits and discounts to members all year round. However, not every ecommerce company can be successful in implementing this model. To start off, they must have a loyal customer base and also serious thought and planning to implement it. If successful, paid memberships will reward loyal customers and increase their level of commitment to the business. Moreover, paying the small fee will give them yet another reason to come back and purchase from the company.

Get in touch with our industry experts and uncover new market trends and solutions to drive business growth.

omnichannel strategy

Creating an Ideal Omnichannel Strategy: What Businesses Must Know

What is an omnichannel strategy?

The consumer path to purchase is no longer linear. Instead, their shopping journey has many touchpoints, both online and offline. An omnichannel strategy refers to an approach to sales that seeks to provide customers with a seamless shopping experience across various channels. Today, it has become increasingly important for businesses to operate on both online and offline channels in order to gain a better foothold in the market and to prevent themselves from losing out on important local sales leads. The bottom-line result of such a strategy is immense, as businesses that provide an omnichannel experience achieve greater annual customer retention rate, compared to companies without an omnichannel strategy.

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How to create an effective omnichannel strategy

omnichannel strategyOmni channel retailing is a great way for companies to enhance their customer experience and promote better business growth. Modern customers rarely depend on only one channel (online or offline) to make a purchase. They tend to shift between both these channels. This makes it vital for brands to ensure that they invest in an omnichannel strategy for their business. Experts at Infiniti have curated some key steps involved in creating an excellent omnichannel strategy:

Discover where the audience is

A company’s omnichannel strategy should begin with a clear idea as to where their customers are. Companies must identify which platform their customers frequent and the medium/devices that they use the most. The goal here is to have a clear idea as to where the target customers hang out, and where they normally shop.

Convert touchpoints

Converting all the touchpoints into shoppable ones is the key to omnichannel strategy. Taking care that customer has a memorable shopping experience irrespective of how they shop is the key here. Identify what other channels can be leveraged other than the offline and online stores to garner sales. For instance, several brands are now using social media channels such as Instagram and Facebook to engage with customers and even lets them shop through these channels.

Ensure smooth transition

Brands that have both online and offline presence must bridge any gaps that exist between the two channels. The ultimate goal here is to ensure a smooth transition between transactions occurring on both channels. For example, customers can be allowed to place their orders online, and then pick them up at the brick-and-mortar store of the company. This will ensure an enhanced customer experience as customers can save a lot of time.

Keeping up with the changing customer demands can prove to be challenging. Request a free proposal to know how we can help you stay updated with the market trends and build agile strategies to meet the changing demands.

Omnichannel strategy vs multichannel strategy

Multi-channel and omnichannel strategy, though quite similar, aren’t exactly the same thing. So, what is the difference, and what is its importance to retailers?

Earlier, multi-channel selling in retail took two forms:  in-store and mail-order catalogs. However, a multichannel strategy in retail now takes several forms including brick and mortar, pop-ups, catalogs, telephone, online store, social media, mobile apps, and third-party online marketplaces. Multi-channel retailing strategy involves selling to customers through both traditional offline outlets like brick-and-mortar locations as well as online outlets.

Omnichannel strategy, on the other hand, includes more than just the transactional channels, it refers to every interaction and touchpoint customers have with your brand. Omnichannel strategy in retailing is a more holistic approach to understanding how all of the various entities, interactions, and transactions work together to create a singular experience.

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Market Research

Into the Future of E-commerce: Top Trends and Innovations

The e-commerce market continues to evolve at a mind-boggling pace, which indicates that companies in this space must adapt to the latest technological advancements and innovative strategies to stay ahead of the curve. With several new additions, 2018 has definitely proven to be an impressive year for e commerce. In the years to come, we can expect a whole lineup of new trends that could kickstart the future of e commerce. To help businesses prepare themselves for what’s in store for next year, we have curated a list of innovative e commerce trends that are here to stay:Request Proposal

Trends in e commerce 

The era of emails are back

Email marketing campaigns have been faring surprisingly well off late. In recent years, several companies have admitted that emails have been driving more revenues for them than all their other social media platforms combined. Email campaigns have also been incredibly effective in driving traffic to the website. By allowing customers to make secure purchases from within their inboxes, top e commerce companies are poised to make emails their weapon of choice for driving business revenues.

Personalizing and humanizing the brand

Technology is getting better every day, and that makes personalization a must – especially for companies planning to make a mark for themselves in the future of e-commerce. With several options available to track user bAsk An Analyst_IRehavior while shopping on online platforms, online retail companies can leverage this data to personalize what is shown to the audience. This is one of the proven e commerce trends that’ll enhance shopping experience and ensure repeat sales.

 AI in e commerce

Artificial intelligence will continue to dominate the future of e commerce. This e commerce trend is expected to witness large-scale adoption by companies across the globe. AI not only helps online retailers to handle customer queries and grievances quickly but also helps provide personalized services using the behavioral data available.

Mobile checkouts

Several payment companies such as ApplePay, GooglePay, PayPal, and ShopifyPay are moving ahead to standardize payments to make the buying process simpler and quicker. This is one of the main factors that is expected to fuel the use of mobile checkouts by customers. Such e commerce trends are good news for online retailers as well as the customers because it is not only convenient and faster but will also encourage impulse purchasing.

AR will become a reality

Online retailers are increasingly investing in the incorporation of augmented reality into their sites. AR will continue to be one of the hottest e commerce trends and is expected to see mainstream adoption in the next couple of years. Using this technology, customers will be able to see how the products will look on them or even in their homes in case of home appliances and accessories. This will make customers more confident in their purchases, increase orders, reduce returns, and ultimately ensure customer loyalty for the company.


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