We have seen this trend evolving throughout 2016 and in particular over the holidays we saw a massive increase in customers opting to shop online instead of on the High Street. In the final week before Christmas, online retail sales surged to 51.1 percent%. Since our devices conveniently ‘store’ the passwords to our payment platforms and credit cards, buying anything in the world (except for yachts or apartments) is literally a click or two away. Without a doubt, banking has become customer-centric, according to sites like The Wall Street Journal. Therefore, it would make sense for the financial sector to mirror some of the headway the online shopping checkout innovators are making in other fields like retail and food services. Price comparison tools scan multiple e-commerce platforms to fetch the prices of a particular product. They then present a list of various sellers offering that product, along with their prices, allowing consumers to choose the best deal.
One way to bridge the gap between offline and online shopping is through Augmented Reality (AR) technology (Baek et al., 2018). Because this technology offers a ‘try before you buy’ experience, AR shows great potential for marketers and retailers to improve online conversion rates and reduce return rates (Dacko, 2016, Morgan, 2017). People don’t just use the internet to research products and services—they also use it to buy the products and services that interest them.
Improve online shopping experience with quizzes
One trend has been an increase in chatbot usage as a means for brands to offer 24/7 customer support. However, consumer willingness to use chatbots remains uncertain — unless there is an option for live support. In today’s hyper-competitive ecommerce space, a poor site experience translates into lost revenue and potentially a brand reputation crisis. With high expectations for site performance and ease of use, shoppers will leave a site if they can’t easily and quickly find the products they’re looking for. This usually involves cybercriminals hacking into e-commerce websites and stealing users’ login or credit card details.
Can shopping at, for example, Target online cause lower sales for a Target in your town?
What happens when a site forces a shopper to input tons of characters or jump between screens? The more information needed to make a purchase — the slower the overall journey.
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It could also be a way of building a strong channel for communication with your customers. Based on the relevant points we have thoroughly discussed in this post, we strongly suggest introducing gender-based adjustments to product categories in your e-commerce store.