Over the past couple of years, the world of commerce has drastically changed; thus, businesses were required to adapt accordingly. They witnessed a shift in their consumers’ online purchasing behavior with record sales increasing by over 40% from 2019 due to the closure of physical stores. Now more than ever, more money is being spent on digital platforms and expectations are getting higher by the day. With more money being poured come new opportunities to get to wider audiences, grow faster, and increase the number of prospects acquired. As a result, brands must recognize and conquer their challenges to reach this success that satisfies their people’s desires.
3D Product Digitization and Commerce
Over the past couple of years, companies have been hurling to create immersive experiences for customers to improve their online shopping journey. The 3D product digitization is now becoming more and more popular among big brands who are taking commerce to a whole other level with it. Customers do not have to guess anymore about what their desired pair of jeans would look like on them or if the new fridge has the right size and fit well in their kitchen. Using augmented reality technology as such has proven to strengthen trust between organizations and customers and give the formers enough confidence to purchase whatever item they want to get.
Personalized Commerce Experience
A new trend we see companies making use of nowadays is personalizing not only content but an entire customer journey. Collecting data to target certain niches has been a tactic adopted by marketers for a while now; however, brands are looking to go even further and tailor one-to-one commerce journey personalization. Fortunately, they can now provide each consumer with a highly tailored and unique experience using machine learning, smart website features, and online monitoring technology. Therefore, from now on, companies are shifting their focus on conversion optimization to boost their sales and increase revenues.
Renewable energy, sustainable environmental practices, and long-term sustainable thinking are becoming increasingly popular among consumers and governments. Therefore, to build a more credible reputation and a stronger bond with their audience, companies have no other choice but to meet their needs and adopt green approaches in their commerce strategies. This method ascertains people prefer them over their competition; thus, they are guaranteed to witness instant increased profits.
Supply Chain Adaptation in Commerce
Instead of waiting for existing issues to be resolved, many brands are looking for solutions to enhance their supply chains, as supply chain disruption becomes the new norm. With major changes occurring in the past two years, Wassel expects to witness more development in marketplaces, usage of dark shops to assist solve last-mile difficulties, and expansion of drop shipping capabilities to help customers acquire the items they desire.
The Rising of Live Commerce
While live commerce is still not very common among brands and consumers, it is expected to make $35 billion of revenue by 2024 in the United States. Live commerce is the act of having products sold online via live video as customers engage with the company in real-time. This way, people can watch, chat, and purchase all from wherever they are in the world. This new type of commerce is set to create a sense of community that companies create and is provided through influencer and peer-to-peer engagement. This sales strategy allows high-value information to be spread to a large audience. It is also recognized for its capacity to build a long-term trust relationship with customers and prospects. There are three simple stages of live commerce:
- Online viewers may watch a product presentation and observe how it works in real-time, as well as learn about its benefits and key features.
- They examine the product documents to learn more about the pricing or technical performance, or they contact merchants directly via a chat solution to ask their questions.
- They place a purchase through an integrated link after being persuaded by the demonstration.