Excellence in any field is hard to achieve, but learning from the best is a time-honored strategy for getting better. That’s why aspiring athletes pay for the privilege of training with Olympic medalists or all-star professionals, and top salespeople constantly attend seminars given by high-performing peers.
Social commerce is on the rise, enabling shoppers to discover products and make more purchases from the palm of their hand. As BigCommerce reports, 30% of online shoppers rate themselves likely to purchase from a social media network like Instagram, Twitter, Facebook, Pinterest or Snapchat.
News that U.S. retail e-commerce sales were up 44.5% in Q2 of 2020 compared to the previous year signaled the extent to which new customers have flocked online since the pandemic. While that’s great news in otherwise challenging times, attracting new customers is only the first step to a successful return to “the new normal.”
Personalization in the retail experience was traditionally driven by sales associates, who — if they were good — could make educated guesses about a customer’s preferences and make memorable connections that resulted in return shoppers. E-commerce retailers (and tech companies in general) address personalization by attaching purchase history and other metrics and demographics to every user account, which over time yields rich sets of individualized data.
Consider two shoppers. The first goes to your website and types "shirt" into the search bar, the second types "sequin party shirt". Can you deliver an intuitive digital experience to both of those shoppers? For many retailers, the answer is no.
E-commerce has seen huge shifts in how shoppers discover products, especially with the rise of trends like social shopping. This has led many e-commerce brands to ask if site search still matters. However, the data has proved again and again that site search is important — especially in 2021. Many brands that were predominantly focused on their brick-and-mortar stores pre-pandemic have been forced to move online. DataFeed Watch reports that shoppers spent $211.5 billion on e-commerce in the second quarter, up 31.8% from the previous quarter.
The relentless rise of omnichannel retail continues to reshape consumer behavior in fashion and e-commerce as a whole. Currently, 33% of retail sales in the United States are through e-commerce, with even more customers lured online since the pandemic. Not all companies are equipped to handle the influx, however. Retailers need to invest in new skills, new technology and new processes to compete. This also requires a bolder approach to personalization and product data. With the incumbent strategy falling short of consumer needs, here’s what retailers must do to respond to online consumer behavior in 2021.
Granular product data is a priceless resource for helping online fashion retailers improve their demand forecasting and inventory planning. Find out how detailed product attributes can boost sales and optimize inventory planning.
