TECHNOLOGY
Another aspect is the focus on proximity. Consumers want smaller shops with dedicated products instead of hypermarkets. So, we have observed that brick and mortars shops are becoming smaller, more specialised with additional in-store marketplace and strong online presence. Client retention is key – merchants must improve knowledge of their customers via the collection of data – in accordance with regulatory compliance, assisted sales, personalisation, and strong loyalty programmes.
WHAT TO EXPECT NEXT? Innovation is thriving in the industry and there are some features still in the early stages of development, which retailers should seriously consider looking into.
Live Shopping is most definitely one of them. In fact, we are convinced it will become a permanent feature in coming years. Tis trend, which started in China and is now spreading across the globe, allows consumers to buy goods advertised by retailers or promoted by influencers ‘in real time’ through a live stream on their smart phones, laptops, or any other smart devices.
Our partners’ statistics reveal that online consumers using Live Shopping have an average conversion rate of 17 per cent, in comparison to the average e-Commerce transaction conversion rate of between just 1-2 per cent. During Live Shopping events this can be as high as 30 per cent. Social media networks may also play a role. Retailers can set up a live stream on platforms such as Instagram and TikTok, which are overwhelmingly popular among the younger generations.
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A key benefit for merchants using Live Shopping is that it shortens the decision process for the consumer. Instead of an item being left in an online shopping basket, they instantly follow through with their intended purchase, which drives sales and increases conversion rates. Also, by having a greater data-set available to them through online retail platforms, vendors can measure their most in demand products and what consumers are looking to buy.
Similarly, the Metaverse is a technology in its early stages, but we are convinced it will be part of the purchase ecosystem soon. Tis technology is often associated with the development of “web 3.0” and both are expected to be critical to the future of eCommerce. In short, the Metaverse is a sophisticated network of 3D virtual worlds, tailored towards social and commercial interaction, and can be accessed via a mobile browser, web browser or augmented reality headsets. As such, this technology will provide a platform for retailers to offer their products to consumers online. Terefore, developing a presence in the Metaverse as early as possible is considered a strategic investment.
Just as in the physical world, payments in the Metaverse can be made in various ways, but the most common is through blockchain or digital currencies which can be used to purchase retail products. With that in mind, payment providers must look to proactively explore how to build in metaverse payment products and services, to create the ultimate virtual payments experience complete with new merchant sales channels and virtual showrooms.
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