In order to meet the expectations of its customers, the e-commerce platform must first and foremost meet the needs of the company. Deciphering the codes in five major factors.
Does your organization see the technology stack as having a competitive advantage? It should be – and this is even more true for e-commerce. According to a recent study by Harris Interactive, “89% of consumers have switched to a competitor because of a poor customer experience.” In short, if your customers experience friction on your site, they will look elsewhere.
According to a Salesforce report, “Online personalization drives 24% more orders, and 26% more e-commerce revenue.” Thus, investing in technology to better reach their customers can lead to additional sales, and potentially have a significant impact on your results.
Here are five ways e-commerce technology can become a real competitive advantage:
Before anything else, ask yourself if the platform you are investing in will be able to adapt to the growth of your business. This includes taking into account the number of transactions or product catalog references, but also taking into account security and reliability, including logistics, products and order complexity.
Conversely, platforms stuck in fixed-cost data centers tend to be inefficient, silently eroding your business margins. As the HUB Institute points out, cloud-based e-commerce platforms with MACH (Microservices, API First, Cloud and Headless) architecture scale easily to meet the needs of demanding customers, while aggressively competing for lower prices and offering increased value.
2) Refine your search
Without a platform that can provide real-time insights into customer behavior, your e-commerce business is operating in the dark. Instead of guessing, take advantage of the data your customers give you, especially through the queries they make in the search bar.
Often, this data is stored and ignored. In France, only 23% of companies use data to better understand consumers and improve customer experience, and 20% to better understand consumer habits. For your business to grow, you need real-time dashboards that make customer information readable and actionable.
3) Customize your search
Studies show that conversion rates for customers who use the search box through the site are about twice as high as those who do not use the search box, and 30% of customers use the search box when it is available. So it makes sense to consider whether you can improve search relevance, using machine learning (ML) and artificial intelligence (AI) or with your own backend.
The optimization can be summed up as follows: “If the customer is looking for product X, also show him product Y”. Based on research, this is one of the ways companies increase the value of their shopping carts and maximize the value of each customer. Plus, it’s a way to show clients that there is logic behind the results.
4) Think about the relationship with the client
It is all about convincing customers that your business knows their needs and can meet them. Personalizing customer relationships is an incredibly effective way to get your customers to notice your business and influence them when they shop online – 48% of consumers spend more when they receive a personalized experience, generating up to 40% more revenue.
Like a store manager, a good personalization strategy requires your employees to get to know repeat customers, learn their tastes and preferences, and make them feel welcome and valued. After the purchase, the customer should be invited to stay if they wish, because one does not kick the customer out of the store after their transaction has been carried out. The customization on the platform is identical, but on a larger scale.
5) Shopping cart conversion rate
It’s time to close the sale. The e-commerce platform should provide seamless and transparent transactions that allow your customers to have peace of mind and conduct online transactions with complete security. In fact, 74% of consumers are concerned about the security of their information when paying online, and half of them hope for more liquidity in this area.
With the proliferation of digital wallets, storage of billing and shipping information, split payments, and efforts to make the Internet a conducive environment for commerce and transactions, you need to avoid abandoning your cart before the end of a transaction.
In conclusion, a good online shopping experience turns visitors into repeat customers, which increases their value and impact of your marketing spend. Then regular customers become loyal customers, and loyal customers become allies. It all starts with your technology stack’s ability to support and deliver these five key factors, in order to properly engage with your customers – your company’s most valuable asset.