E-COMMERCE TRENDS TO WATCH OUT FOR IN 2020
Despite escalation of the coronavirus outbreak, many businesses will remain resilient due to their online presence. Stay home residents can order online deliveries of food and groceries with the internet. E-commerce is here to stay!
As per eMarketer reports, the share of e-commerce in the Asia Pacific region is projected to rise from 1/5th to 1/3rd of total retail sales by 2023. Here are 4 key trends that will shape the e-commerce industry in 2020:
Customer Analytics: Improving customer experience using data will be a strategic priority across industry segments. As per Gartner, >40% of all data analytics projects will focus on at least one aspect of customer experience by 2021.
Personalization: Companies will be tailoring their customer's experience throughout the e-commerce journey – landing/product page, product search, recommendations, promotions, banners & offers. This will help drive customer engagement, purchases, and loyalty efforts.
Data Trust & Privacy: Consumers expect privacy & security of their data. Nearly 160 jurisdictions across the world are upping privacy regulations, and organizations will be facing mounting pressure to comply.
Unified Commerce: Both offline & online channels will remain relevant due to their unique capabilities, and companies will be focusing on offering not only a consistent customer experience but also continuous experience throughout their journey.
Written by: Sagar Roongta
Sources: Econsultancy, Gartner
CHANGING BUSINESS MODELS
Innovative business models can create growth. Discover and learn more with VK Transformation!
New business models aren’t just for startups. New entrants such as Netflix, Facebook, Google and Amazon discovered new ways to generate value through innovating their business models. We at VK Transformation have been working with several incumbents from industries like manufacturing and wholesale to reinvent their business models.
With our strong business practitioners, proven track records and our client's subject matter expert, VKT has worked together with our clients to transform how they develop their products, services, processes and strategies.
By mapping out our client's customer journey and capturing customer insights, we have uncovered opportunities. This is followed by anchoring our client's products and services to address the opportunities before we design a new business model eg. B2B or direct to customer.
Written by: Vivien Koh
OUR TAKE ON INCREASING MARKETING PERFORMANCE WITH ANALYTICS
Singapore's FarEastFlora.com Blooms with an online data science application
We at VKT believe in the principle of collaboration. Together with our business partner, Alavi, we have helped Singapore’s FarEastFlora.com (FEF) increase their Return on Ad Spend by 22% and Average Order Value by 20% with Alavi’s Marketing Artificial Intelligence (AI).
Due to increasing competition, FEF were not getting the returns they wanted on their online Ad Spend. FEF had been relying on pay-per-click advertising through platforms like Google and Facebook, and the conversions and revenue have not met the company's expectations. Attempts to grow its customer base by broadening the target audience served to only exacerbate the problem. FEF urgently needed to boost its return on ads spending.
The solution Managing Director Ryan Chioh found was Alavi’s AI online application which identified which of their products that were most likely to sell and target segments who were most likely to buy. In just 3 weeks, with Alavi.ai, FEF improved its online marketing considerably. Return on ad spend (RoAS) was increased by 21.75%, while average order value (AOV) shot up by 20.33%.
“The personalization features are a game changer. We can now use history and affinity dynamically to identify products a user will most likely buy. It's already increased our campaign returns significantly.”
-Mr. Ryan Chioh, MD, FEF
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