Commerce Trends Expected In 2018 Essay
There is no doubt that retailers are required to provide outstanding customer service, in order to remain a viable business. It is essential to ensure repeat business that comes from customer loyalty. This is certainly the case equally online as well as offline.
Contrary to popular belief, brick and mortar stores are not necessarily flapping in the wind, in terms of their sales. Digital media would have us believe that we are on the verge of a retail apocalypse and that is definitely not the case. Nonetheless, we should take note of some of the weaknesses which were realized, in the areas of brand marketing and advertising, in 2017. This effort is being pursued by many marketers, who are incessantly trying multiple ways to understand and keep in touch with through the diverse shopping channel used by today’s omni-channel buyer. One of the main ways in doing so is by studying the mammoth amount of data collected, which is of great value.
Because of the ever-changing dynamics on the retail landscape, to help businesses appropriately adjust, we have taken the opportunity to provide several trends expected in 2018
Video is King
Online video content is consumed far more than any other online content. It is king. Therefore, with the proliferation of wireless technologies, leading the charge, retailers will continue to see this trend exploding in the future. Advertisers, publishers and media companies must start taking notice of this phenomenon and use it to boost the performance of their own businesses. Keeping in mind that in-feed, post-rolls, and bumper advertisements are of great benefit as well.
Voice Shopping is on the Increase
Google Home and Amazon’s Echo are dominating according to Global Market Insights. They are also expecting that by 2024, sales will increase of over 100 million units. This is because more people will opt to make their purchases through these voice-activated devices. Research conducted and included in the Trade Marketing in Transition Report indicates that it is the belief of brand managers that these devices will be a key asset for them in the future. As such, it is expected that more voice adverts will be developed and contain personalized content for listeners.
As time progresses, the boundaries between the commerce and social worlds will become more blurred. This is clearly expected and facilitated by major social media sites like Facebook who have developed and launched their own social e-commerce platforms. Amazon Spark is following suit as well. They are taking strategic positions in the business and enhancing the realm of commerce activities.
Seamless Offline to Online Experience
As the market transitions and develops, there will be a need to further collect and analyze larger-scale robust data assets taken from both the physical stores and the digital buying spaces. It is necessary to provide a clearer understanding of how to match campaigns to the correct audience. It is also expected for more retailers to get involved in facilitating and creating relationships with other businesses that will allow them to capture and leverage in-store CRM data. Thereby they will issue the most fitting content that matches a specific consumer.
General Data Protection Regulation & Management
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Across the Atlantic, in Europe, they have launched innovatively in General Data Protection Regulation (GDPR). This is expected to come to fruition by March 2018. It is expected to influence greatly marketers and other companies across the world. In order to meet the regulations provided by the GDPR, marketers will have to be that much more responsible for their consumer information.
With greater emphasis being placed on customizing consumer shopping experience, the guidelines and strategies have changed. Companies and governments across the world are marching ahead to try to regulate the practices and protect users in the process. Technology is expected to continue its forward trend, but users can certainly expect to able to make purchases in more innovative ways. That being said, marketers and advertisers must proceed at a more accelerated pace.