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The global market size for eCommerce is expected to reach a value of $6,388 trillion by 2024. The demand for flexible, convenient, and simple online shopping experiences has been growing for some time. However, it’s fair to say the market has skyrocketed as a result of the pandemic.
With fewer opportunities for in-person transactions available, customers from all backgrounds have rapidly shifted into the eCommerce environment. Now, more people than ever before are comfortable making all kinds of purchases online. While this fact means eCommerce opportunities have a lot of scope for growth in 2022 and beyond, there are some challenges to overcome first.
For instance, though consumers are open to new eCommerce experiences, they expect all businesses (large and small) to be able to provide the same convenient interactions they get from their favorite retailers. The only way to compete in this world is with the right customer insights.
The Demand for Data in Customer Experience
While all businesses may not be able to offer the same-day delivery and expansive product collections of companies like Amazon, they can capture customer attention in another way. Approximately 71% of customers say they feel frustrated when a shopping experience is impersonal, and 36% of consumers say companies need to do more to offer personalized experiences.
By getting to know your customers, you can provide a more relevant, specific purchasing journey for each member of your target audience. The more information you collect, the more you can adjust your sales and marketing strategy to suit different segments of your audience, improving your chances of not just initial sales, but long-term brand advocacy.
Some 91% of customers say they’re more likely to shop with brands that provide unique offers and recommendations relevant to them. Additionally, 72% of customers say they will only engage with personalized messaging.
Getting to know your target audience also means you can develop an end-to-end view of their customer journey. This ensures you can connect with your customers through a number of targeted interactions through every stage of the sales cycle, gradually nurturing prospects, into leads, then into return and repeat consumers.
To understand your target audience, though, you need to develop a strategy for collecting deep, meaningful insights into your consumer’s behavior. Fortunately, there are a number of tools to help you do this. Everything from your Google Ads account to your social media marketing tools can provide a closer look at your current target audience.
Answering Crucial Questions with Data
As demand for amazing, personalized customer experiences has increased, the number of tools available for collecting and using customer data has evolved. Today, it’s possible to collect consumer behavior insights from every stage of the sales funnel.
For eCommerce business owners in an increasingly competitive landscape, each piece of data is an opportunity to answer crucial questions about how to grow the company.
For instance, you can learn:
- Which channels drive the most conversions? Data from across the digital landscape can show you which of your marketing channels, from blogs on your website, to social media or email marketing, are driving the most conversions. You can even determine which keywords on your blogs capture the most attention, or which specific offers in your social media campaigns are creating the most clicks.
- Which leads are the most valuable? Reference the information you collect about your potential customers, from whether they found you through an organic search strategy or a paid ad, to where they’re located can help you to qualify each opportunity. This makes it easier to focus your attention on converting customers from the right target group.
- Where do we lose customers and why? Your customer behavior insights don’t just show you how you gain customers, they can demonstrate why you’re losing opportunities too. You might see that the bounce rate on certain pages is higher than others because the content there is not as relevant as you thought. Or maybe people are leaving your checkout page because it’s too complex for them to use?
- What creates repeat customers? Examining customer behavior is a fantastic way to determine what kind of experiences and interaction convert your one-time customers into repeat clients. You can collect information about a customer’s willingness to pay over time, and implement strategies to improve the loyalty loop (like inviting qualified leads to join a reward program).
- Where are there new opportunities to grow? Data can even help with finding new opportunities for growth. For instance, comparing the behavior of your customers to the behavior of competitor consumers could help you discover points in the purchasing funnel you’re missing out on.
Don’t Underestimate Data
Today’s customers expect relevant, personalized and meaningful interactions with every company – even the ones they only interact with online. As more eCommerce companies emerge in today’s cluttered market, you’ll need to ensure you’re connecting with your consumers on an emotional level to ensure success.
Data and behavioral insights will be the key to ensuring long-term sales.
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