Globally, the E-Commerce Market is expected to reach USD 16,215.6 billion by 2027, growing at a CAGR of 22.9% during the forecast period of 2020 to 2027, according to Meticulous Research.
Growing penetration of the Internet and mobile devices, the increasing use of social media to promote e-commerce platforms, and the advent of new payment methods are some of the major market drivers. Further, e-commerce automation presents immense growth opportunities for players operating in the market.
Since the COVID-19 pandemic, consumers have switched from buying goods and services in bricks-and-mortar stores to buying online. As a result, marketers were forced to adapt to the new reality and revise their previous strategies.
This has forced marketers to adapt their strategies, as the old methods were no longer valid. It is anticipated that consumer behavior will continue to change over time, making CX key for any company looking to stand out amongst their competition and gain customers.
With the internet booming and customers becoming more and more impatient, e-commerce has become an increasingly competitive industry.
But, with the right strategies and ideas, CX challenges can be a great chance for businesses to improve.
If your business is an eCommerce business, you are probably already aware of the importance of CX. E-commerce is a growing industry, and every year hundreds of new businesses enter the market.
As more and more companies get into online selling, competition is increasing. How do you stand out? How do you make your business more appealing? One simple way to do this is by improving your business’s customer experience.
One of the biggest reasons why many retailers can’t increase conversion rates is because they don’t know which metrics they should optimize.
An omnichannel approach requires a strategy that ensures consistency in messaging without repetition.
For example, not all customers prefer email communication. One channel may be used for awareness, but another for purchasing decisions. Messenger apps and live chats are becoming increasingly popular. Nevertheless, you should also focus on personalization and re-targeting to make sure that your customers convert via their favorite channels.
Those brands targeting younger consumers are more experienced with omnichannel strategies. However, it is still interesting to learn how different channels can add value to a brand’s customer experience strategy.
There are dozens of challenges that the online retailers have to deal with, and the most common of these include low conversion rates, shipping delays, and a bad return policy. All of these present a huge problem for online retailers, especially when you consider that a lot of the products you get online are difficult to return.
One of the best ways to improve your customer experience is to use artificial intelligence.
In the past, AI was focused on improving the customer experience through automation. However, AI has now shifted its focus to removing the need for human error when solving customer issues.
For example, a customer service representative (CSR) can easily spend more than half of their day troubleshooting the same problem over and over again. By using AI, CSR can now direct customers to a self-service tool to solve the problem for them. This allows the CSR to spend their time on more important tasks and engage customers with higher quality support.
Customer Experience (CX) is the most important part of your e-commerce business. Customers make all the difference, and yet, many businesses fall short on their CX. For that, they lose a lot of money.
According to reports, over 69% of online shoppers have abandoned their shopping cart at least once. That’s a lot of lost sales!
Brands are increasingly interested in partnering with payment providers, as providing alternative payment methods makes the customer journey easier. They are given the option to choose the payment option that works best for them.
The fact that brands offering alternative payment methods experience a 10x sales increase is fascinating. A good experience will increase conversion rates.
Ultimately, you need a good customer service team to help answer questions and resolve issues regarding the products or services your business offers.
It is easy to see that customers like to do business with companies that show they care about staying in touch and helping them when needed. It’s important, however, to make sure you have a well-trained and talented base of individuals who can handle difficult situations professionally online through live chat or email for example.
Customer support has come a long way from old message boards and FAQ pages; nowadays there are many great tools not only for handling complex support tickets efficiently but also keeping customers engaged while also encouraging positive reviews among other positive social media interactions which will ultimately sway more potential clients in your direction as a company over others due to the quality of your service! Trust DialDesk for all your Customer Support Needs.
Brands don’t seem to all have a plan on how to improve customer loyalty.
It’s not enough to attract consumers who are keen on buying your products only once. Good CX should go further than just sales. In fact, that should merely be the beginning of creating a long-term relationship with your customers. Loyalty can be built through different types of rewards and incentives.
For instance, giving out discounts or offering free shipping to loyal customers can help build an emotional connection between you and your customers by rewarding them for their loyalty towards your brand.
CX is a known element that has the potential to make or break your company. It is not only about the customer satisfaction value, it’s mostly about nurturing situations for them to continually perceive your brand well.
In fact, having a good CX can breed hype around your product or service and get you people who would like to stick with you for a long time to come. However, having a poor CX can sway your customers to other brands and possibly negate any chance for word of mouth marketing since no one would want to be in business with such an unreliable brand.
To sum up, it’s crucial for all e-commerce businesses to launch a well-designed CX strategy that aligns with their business objectives!
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