Why is Experience-driven Commerce on the Rise?
As human beings we are all about the experiences when it comes to shopping. Learn about experience-driven commerce today.
Over the last couple of years, consumer habits have changed dramatically. Consumers are making more purchases online, and many of these changes are expected to become the norm. Retail eCommerce sales are expected to reach $7.3 trillion worldwide by 2025. Participating in that growth involves more than just selling goods online, and successful purchasing experiences do not happen by accident.
The phrase “experience-driven commerce” is everywhere, but what does it really mean? Why is experience-driven commerce so popular? How does a business implement these customer experiences? The following article covers everything you need to know about experience-driven commerce.
What is experience-driven commerce?
Experience-driven commerce is the suite of data, insights, content and solutions used to provide customers with a personalized experience during every brand interaction. Analyzing customer behavior and using the insights to generate content, automate processes and inform business decisions can increase sales and customer satisfaction.
Companies need to understand their existing and prospective customers’ characteristics, behaviors, needs, desires, and aspirations. Experience-driven commerce relies upon data to anticipate the needs and desires of consumers. From discovery to purchase, the customer’s experience can be made compelling and seamless with personalized commerce.
There are many opportunities to personalize eCommerce. In experience-driven commerce, customized shopping experiences are present on every channel the brand utilizes, and the experiences are designed to match the engagement context.
Experience-driven commerce captures the attention of the shopper wherever they are. Customers no longer have to navigate to the shopping experience, because the opportunities for commerce are everywhere. Personalized eCommerce can appear in-store, on a smart billboard, in an application, on a website, or on social media.
Reasons behind the rise of experience-driven commerce
Consumer behaviors were dramatically transformed in 2020, and customer relationship management has become a necessity. In the last 4 years, the percentage of consumers who say they will become repeat customers based on a personalized shopping experience has increased from 44% to 60%. Consumers look for and engage with content that is relevant to their needs, meaning content must be presented at the right time, to the right person in the right channel. Offering commerce experiences within or alongside that content captures the consumer right when they’re looking, increasing the odds of conversion. Today’s modern consumers expect easy checkout flow, seamless transactions, fast shipping, and excellent communication.
There are over 7.1 billion smartphone users in the world today andThe world of commerce, entertainment, and community is just a swipe away. Because of this consistent connectivity, consumers can control and seek out increasingly engaging experiences. If one company fails to deliver, another one is readily available. Put simply, this is the era of the consumer. To remain competitive, enterprises must deliver unique and consistent omnichannel experiences to stand out.
How to deliver a personalized eCommerce experience
To deliver a personalized eCommerce experience, your marketing, sales, and IT departments need to collaborate to develop dynamic content and deploy it effectively. 85% of businesses believe they are providing personalized experiences, but only 60% of consumers agree. In 2021, 67% of eCommerce businesses planned to invest more in personalization, and this movement is likely to grow.
Thankfully, solutions have been built to simplify and automate the personalization process. One option is to invest in an all-in-one eCommerce suite to combine all the tools necessary to deliver personalized eCommerce experience in one system.
Dynamicweb offers powerful B2B and B2C commerce solutions. Our robust eCommerce capabilities facilitate enhanced customer experiences through multi-channel publishing and support, personalization to deliver target and relevant products, and automation based on customer behaviors. We drive your business growth by managing your digital experiences from one platform that unifies eCommerce, Product Information Management, Content Management and Digital Marketing. Additionally, all solutions are compatible with multiple languages, currencies, payments, shipping methods, and taxes. We optimize your business processes through ERP integration, self-service, and customer-specific prices and discounts.
More than 4,000+ brands worldwide trust Dynamicweb with digital solutions. Our customers include leading brands like Lego Wear, Unilever, Winnebago, L’Oréal, Flying Tiger, Toyota, Europcar, and many more. Built on Dynamicweb, these customers are empowered to gain lifelong customer relations, increase revenue and grow their brands.
To increase conversions, simplify complex business processes and increase your bottom line contact Dynamicweb today.
Get the Dynamicweb eCommerce suite brochure to learn more.