Tech Guest Viewpoint: Three e-commerce trends to follow in 2015
By Marcel Munoz, CTO, Thanx Media
2014 was an interesting year in e-commerce. Who would have predicted that mobile commerce would explode the way it did? Advances in technology continue to influence consumer behavior and in turn their preferences are driving innovation in software and hardware.
We’re seeing the e-commerce landscape shift significantly in 2015. The importance of mobile and social commerce is becoming an even more important part of an omnichannel strategy. There is movement toward same day shipping and in-store pickup and an increased focus on data security.
In addition to the trends mentioned above, there are a few others that I’m keeping my eye on.
Monetization of Site Search results is inevitable:
It’s already starting to happen. Online retailers are beginning to realize that they’re not just selling “stuff,” they’re also selling eyeballs, audiences, and traffic. Finding ways to increase conversion rates to generate more revenue has become increasingly difficult as consumers have become more sophisticated and are only too aware that a better option may be just one click away.
Online retailers are looking for additional ways to make money in their online store. Believe it or not, that may mean sending the visitor to a competitor. More retailers are turning to the model that online media businesses use to monetize their audience; they’re turning into advertisers. Major retailers are monetizing their audiences by selling ads to the brands they carry online and in the store. The beauty of the model is that it’s almost pure profit. Businesses have already spent the money to attract the audience so any revenue coming from media sales is all profit.
Voice recognition driven site search
Voice recognition isn’t new; apps like Dragon Naturally Speaking have been around since 1997. It’s no surprise that Google is the first company to incorporate voice search into a browser. If you use Chrome and have a microphone, just say “Go Google,” ask your question and forget about the keyboard. It’s amazingly accurate.
Voice search is prevalent among many smartphone users. The next logical step will be to take it to on-site search platforms so people can search hands free from their smartphones and tablets. The great news is that advanced on-site search platforms have already incorporated natural language processing, so launching this feature should be relatively easy.
Predictive personalization
As companies collect more and more data about consumers from multiple sources, we’re going to see some really sophisticated technology emerge for both on-site merchandising and online marketing. The ability to predict a customer’s behavior based on their past history and individual preference is a huge opportunity for online retailers to increase the relevancy of the content delivered to shoppers and increase conversions.
Beyond 2015
What’s beyond 2015? The list of possibilities is endless and includes further testing of concepts like human online shopping concierges who can assist people in real time, augmented reality involving virtual dressing rooms or custom sizing for clothing, a, placing orders through social networks, and even the ability to get our online order delivered faster than the local pizza place.
Mix in emerging technology such as Google Glass and the Apple iWatch and one thing is for sure – the future will be anything but dull!
Marcel Munoz is CTO for Thanx Media.