- January 14, 2020
- Posted by: Inveon
- Category: Inveon Insights
The omnichannel customer experience will evolve mostly through one of the most important trends today: voice assistants. In 2022, the value of purchases made by voice assistants is estimated to increase by 1900% and reach a value of $40 billion.
We will not only place orders from the comfort of our homes via voice assistants but also receive product recommendations and stock information. Thus, voice assistants will replace today’s sales assistants. Connected devices in our homes will complete most of our groceries orders and washing machines will have their favorite detergents. All these innovations will have different marketing and bidding strategies, which will carry digital marketing we know today to a whole different level.
Today, it is an undeniable reality that customers want a personalized shopping experience. Customized pricing is going to be one of the most important developments in personalization technologies. It will completely change how retail companies operate.
Another important factor will be emotional data collection. Communication can be studied according to the facial expression of the customers entering the store. Customer needs will be determined according to eye movements and DNA analysis.
Among the numerous product options available, companies will no longer expect customers to seek out their brands. They will reach customers through push notifications and other communication methods at the right moment. Retail sector will witness a transition from pull to push at the right time.
3. Social Commerce
Social media and e-commerce provide companies a vehicle to simplify the purchase process and make use of social media advertising for their brands. 55% of the global online population is affected by social media, and the main concern is to increase brand awareness in the enormous pool of social media platforms and accounts.
After Instagram, WhatsApp followed by adding a new shopping catalogue feature. Social commerce will spread to many other applications as well. Payment systems will be added to social platforms and will change the entire e-commerce flow. Social platforms will become marketplaces in the future and we will be able to shop for anything and everything we see online.
4. Marketplaces vs Brands
Last year, consumers spent a total of $1.66 trillion on the world’s top 100 online marketplaces. Currently, Internet users are increasingly searching for products on Amazon rather than Google. In order to protect its competitive edge, Google took a counter action through Google Shopping.
While the number of new marketplaces is multiplying, some well-known brands are deciding their efforts to quit marketplaces. For example, Nike has recently quit Amazon, planning to continue its online sales through its own online stores. We expect that these kinds of break-offs between marketplaces and brands will be more common in the future.
Retail apps are one of the 4 most commonly used applications on users’ devices. Today, smartphone users mostly use mobile apps for purchases.
With the help of augmented reality, app-commerce is going to change like never before. Customers can try products, decide on their size and color within their mobile applications in the near future. We will be able to order products via smart wearables and the applications they offer. There will also be a rapid increase in app-only retailers. The growth of retail companies without brick-and-mortar stores and websites will force the others to strategically reposition themselves.