The impact of COVID-19 on e-commerce
The recent stay-at-home lifestyle has turned people’s attention to online shopping and virtual shopping. Fear of getting sick is the reason behind the switch. Online shopping has become a leading and expanding trend amid the COVID-19 pandemic, thereby adding more importance and success to the e-commerce business sector.
Impact of COVID-19 not very positive and satisfactory for those who are directly or indirectly involved in e-commerce business. The pandemic has done this community a great favor and service of sorts, offering them great business opportunities.
Going out and risking one’s health is not an option to think about and no one is willing to do it happily, that’s why everyone prefers to go digital and use the useful services offered by E-Commerce business. The penetration of food and food products into everyday consumers is highly noticeable because these are the needs that are associated with every human being. All industries such as food, healthcare, apparel, jewelry, even entertainment have developed online websites and facilitating applications to help consumers buy the required products and access their desired services in a faster and easier way.
Growth of e-commerce in India
In India, this has led to an increase in the number of FTUs, or first-time e-commerce users in India, who were hitherto barred from shopping online.
- The coronavirus accelerates the transition to e-commerce by 5 years
- E-commerce is up 18%, down 14%
– RoI revolution
At the start of the pandemic, shoppers were focused on buying masks, buying toys to entertain little ones at home and stocking up on groceries. Currently, buyers are focused on home and garden improvements. Business and industry, toys and games are still growing, but not as significantly as during the pandemic.
Why is the customer journey important in e-commerce?
• 73% of all people cite customer experience as an important factor in their purchasing decisions
• Retail industry experience and expectation gap is around 21%
– PWC
In short, a better customer experience leads to a better business.
- 86% of new users flow within 30 days of app download.
- 69% is the average shopping cart abandonment rate.
- It takes 8 days for users to transact and move into the engagement phase.
The challenges of e-commerce
Online shoppers often face issues with product delivery times and customer support services. Customers’ perception of risk to online websites is exacerbated by the low level of IT used by several companies, leading to breaches/unintended leaks of personal information.
Almost 70% of online shoppers will abandon their carts without purchasing anything. That’s an average, according to the Baymard Institute’s calculations of 34 studies of e-commerce cart abandonment, but pretty alarming. Some of the problems noted in Bayard’s studies include:
- An account is required.
- Unclear pricing.
- Site Errors and Outages.
- Lack of trust when transferring credit card information.
- Insufficient payment methods.
The need for AI-enabled anomaly detection in e-commerce
To ensure a seamless customer experience, e-commerce brands need to monitor the customer journey and remove any friction caused by platform or operational issues. Companies can use artificial intelligence and machine learning algorithms control the complex rapidly changing variables of e-commerce in real-time to detect incidents, find the root cause, and quickly resolve issues affecting end users.
Back autonomous anomaly detectione-tailers can monitor many KPIs such as click-through rate, number of downloads, errors and application problems such as slow loading pages to improve customer experience. Companies with real-time behavioral insights can also work highly targeted and engaging marketing campaigns to drive conversions.
By improving the efficiency and speed of incident detection and resolution, automatic anomaly detection enables retailers to deliver an excellent brand experience to every user every time.
Using CrunchMetrics to improve customer experience and drive revenue
CrunchMetrics: It’s a real-time, automated customer journey analytics platform powered by AI. It allows you to understand how users navigate your app and behave over time to quickly respond to any user experience issues and improve customer satisfaction. Here How CrunchMetrics Helps Ecommerce Brands deliver a smart customer experience.
- Comprehensive Behavioral Analysis. Analytics that help you better understand your customers.
- Find patterns with funnels, groups and trends. Understand how users navigate your app and how they behave over time.
- Watch the displacement trends. Track the migrations to understand how to return effective campaigns.
- Rich user profiles. Get a centralized, real-time view of any user that includes data from all sources and an activity log.
- Clever insights. Discover patterns with customized analytics to better understand your users with this plugin.
- Real impact. Link marketing dollars spent with dollars earned and align marketing efforts with larger business goals.
- Improve campaign performance with powerful tools. Increase engagement with different campaigns, A/B testing and engagement tactics.
- Accuracy of the campaign. Adjust your messages and send times to increase conversion.
- Data-driven marketing. Take the guesswork out of creating a data-driven campaign.
- Engagement campaigns. Automate welcome campaigns to educate new users about key features and help them quickly.
- Conservation groups. Find touchpoints and create targeted campaigns to drive retention.
- Reactivation campaigns. Using real-time deployment data, schedule SMS and email.
- The big picture of customer engagement. Understand engagement levels across all Customers/users.
- Involvement throughout the customer life cycle. Strategically move users through defined lifecycle/funnel stages.
- Increase retention and conversion. Improve key performance indicators by: aligning campaigns with lifecycle/funnel stages
As communities and economies recover from the pandemic, new consumer mindsets are sending a clear signal to merchants of all shapes and sizes that online shopping and contactless transactions are critical to building business and securing customer loyalty now and in the future. CrunchMetrics can help you identify business opportunities, identify anomalies, and give you the insights and speed you need to grow your eCommerce business. Contact our experts today to take your eCommerce business to the next level.
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