The Rise Of E-Retail Industry
When we look deep into the significant developments surrounding the E-retail industry globally, there is one heart-throbbing stance that influences our minds. It certainly reminds us of the exploitative charisma in which Alexander conquered and went on winning over the world, in its entirety. Rapidly, Fast Forwardly, And Impeccably!
That's how Digital Marketing has come over with a tooth-spritzing makeover, taking down the leftover marketing strategies and coronating itself as the “Reformer & Transformer” in the Retail Industry.
Get Yourself Checked With Few Prominent Facts
Will Omnichannel Shopping Dominate The E-Retail Industry?
- E-retail sales for 2019 accounts for a wholesome total of 14% worldwide
- While global traditional retail is expected to cement its share at 75% by 2021, global E-retail sales shall dominate with a double-digit figure of 23%, by 2023.
- With an FDI inflow of US 1.66 billion dollars, India has mettled its' place in the eCommerce domain with the Highest Retail eCommerce Compounded Annual Growth Rate (CAGR), on 2019
- India leads in total e-retail sales globally with 17.8%, leaving behind Spain, France, China, Argentina, Saudi Arabia, United States Of America, and Germany
As a revered savant in the Retail Industry, Omnichannel marketing has risen as an integrated, unified, and seamless platform in providing shopping experiences to customers both online and in-store. It is a new-age approach that integrates customer's buying through desktops, mobiles, tablets, store-fronts, and social media. In simple words, it is too, a multichannel approach in selling your services to customers. But, unlike multi-channel marketing, where channels are separated for customers, omnichannel integrate these channels into a unified one.
This is what omnichannel marketing means to customers. Some proven facts.
How Does AI & Voice Recognition Features Enhance Customer Experience For E-Retailers?
- Brands have registered 89% customer retention with the assistance of omnichannel customer engagement strategies, while customer retention rate lowers down to 33%, without omnichannel strategies.
- 71% of in-store shoppers who use smartphones for research have recognized the greater importance of smart devices for the better in-store experience.
The retail industry has been witnessing a paradigm shift in the course of its businesses. We live at the juncture where digital marketing, mobile marketing, and Machine Learning oriented natural language processing (NLP) assisted by Voice Assistants & Artificial Intelligence (AI) coerced with one another and brought a major makeover to the world of Retail. It is highly expected that by 2021, voice assistants shall be the regular choice for 1.6 billion users worldwide.
The Relentless Union Of Voice Assistants, Mobile, And AI
Instant messaging, personalized in real-time, meshed with enhanced customer service is the top priority for retailers who are ambitiously advancing with hopes of attaining a tightly fisted bottom line. By answering user's simple questions on the relevant comments section for a brand's Facebook or Twitter profile, fetching a contextual result when a user speaks up for a query, and re-analyzing the customer's journey from product viewing till he/she finishes the transaction, you certainly can be in the league comprising of 40% buyers using virtual assistants such as Apple Siri, Amazon Alexa, and Google Home.
How These Smart Speaker Assistants Are Helping Buyers With Anything And Everything?
Virtual assistants understand your voice commands and leap forward in completing tasks for a user. With 98% of smartphones operated by Google Android and Apple IOS, evolving and established retailers have made it a priority to culminate voice assistants into smartphones to surge customer engagement.
They passively listen to your voice after you “wake up” your assistant by saying their name (Hey Siri, OK Google, Alexa). Developed with natural language processing, they conduct web searches, find answers, and communicates with your smart devices.
With Google B.E.R.T update commanding the online sphere, the interests of content developers are focussed on building contextualized content that is draped in keywords desired by virtual assistants,
The Punch Comes Here:
By 2020, 50% of online searches shall be dependent on Virtual Assistants. Consumer spending in voice commerce shall account for 40 billion US dollars by 2022.