05 Jun, 2020

[Column] E-commerce is growing. So should your business!

The year is 1979. English inventor and entrepreneur Michael Aldrich has just invented the world’s first online shopping system, by connecting a domestic television by telephone line to a real-time transaction processing computer, and changing forever the way we shop. This system will later be known as e-commerce.

Fast forward to May, 2020, the e-commerce market is booming with technological advancement and rise in mobile penetration, growing at a CAGR of 19.9% and is expected to reach $18.89 trillion by 2027.

But there is another reason why we see such growth - and that is the corona pandemic.
The e-commerce market was already booming, but with movement restrictions around the world, millions of people are being forced to self-isolate at home, which contributed to a spike in traffic at online shopping sites. According to Statista, from January to March this year, retail websites generated a jump in visits from 12.81 billion to 14.34 billion visits globally.

While e-commerce is growing in these challenging times, a lot of businesses are strengthening their online channels and adapting to doing business online. And online store owners are doing the best of their abilities to keep up with the sudden increase in demand and website visits. In case you haven’t incorporated a digital experience platform (DXP), this is the time to do it. Below are 4 things that I-ON DXP can do to support your e-commerce business.

1. Strong presence at each touchpoint
How present are you on your website? You can ensure that all of your website visitors are being taken care of by providing chatbots and voice assistants, so they can get answers to their questions fast, without waiting on the telephone line or waiting for the email. Also, the interaction with your customers doesn’t have to end when they close the web browser tab. With I-ON DXP, reach your customers through mobile, customer portals, email and SNS.

2. Personalized content
Times have changed and customers’ expectations are higher than ever. In order to capture their interest, you have to keep them in the center by offering customized website experiences and highly personalized content. And in order to do that you need the data. I-ON DXP can collect and analyze the valuable data, figure out customer’s behaviour on the internet, and really get to know their interests. When you deliver to your customers exactly what they want and need, you’re creating a compelling digital experience that will be hard to leave.

3. Scalability & Flexibility
The pandemic has a huge impact on the e-commerce business. Some online business owners are simply not ready to expand if they don’t have the solution that will grow with them. Such worries are eliminated with I-ON DXP - you can optimize your business with a Microservice Architecture based solution and handle high demand at any time.

4. Digital marketing
Go all in with digital marketing. With millions of people staying at home, total internet hits have raised by between 50% and 70%. Now is the time to focus on marketing, building a high-quality strategy, and using all resources to reach as many people as possible. The data that I-ON DXP can collect and analyze for you will transform your digital campaigns. By knowing who your customers are, what they are interested in, and being able to stay present in their internet journey, you will be able to create digital campaigns that will extend your reach and drive more business growth. Customers’ expectations have also changed, and it’s those expectations that are shaping the DXP market. Nowadays, attention-grabbing experiences and interesting marketing campaigns are crucial for your online store business. You can enhance your marketing strategy with V-commerce! Create video-based advertisements or do live-streaming your products - creating entertaining content will make visitors spend more time on your website or interact with your brand on a deeper level, which will increase the chances of buying the product, and in turn - increase your revenue! 

I-ON DXP offers you the key tools of a successful e-commerce business: ability to stay on top of your customer’s journey at each touchpoint, deliver targeted content that is interesting and compelling, create effective digital marketing campaigns, and scale up your business together with the rise in demand. All of this will in turn increase the chance of your customers sticking to you and your brand by building trust and loyalty with your customers, and creating a strong bond.