eCommerce trends in 2017
Some of the latest trends in eCommerce we'll be covering during the full day of speakers at eCommerce Live UK 2017.
Fast Impressions Count
Speed is vital to online success. Back in 1996 when the technology goliath that Google would become was no more than a twinkle in Sergey Brin and Larry Page's eyes, the founders were already obsessed with the need for site-speed. The pair hypothesised that the faster results load, the more the search engine will be used.
Their theory has long since been proven. A single second delay in your website loading time can result in a 7% loss in conversion, and 40% of web users will abandon a website if it takes longer than three seconds to load, while 53% of mobile site visits are abandoned if page load time exceeds three seconds.
From Black Friday to One Long Cyber Month
In 2016 Britons spent a whopping £2.8bn online between Black Friday and Cyber Monday. That's an enormous 20% increase on the amount spent in 2015.
However, the likes of Currys PC World, Boots and House of Fraser bucked tradition in November 2016 and started dishing out the deals in the weeks leading up to Black Friday. Could this trend be something we see more brands embrace in 2017, as retailers seize the opportunity to react to buying behaviour and adjust offers accordingly?
Personalising the Purchasing Experience
We use technology to make even the simplest of tasks more efficient. When it comes to shopping, we've been eagerly supplying retailers with our likes, dislikes, habits and even the size of our budgets for some time, ready to be plucked out and fed back to us as recommendations for products that we might actually want to buy; improving the user's experience and the site's conversion rate in one fell swoop.
The personalised shopping experience is evolving further this year as the gap between browsing online and in-store begins to close, and apps such as L'Oreal Paris's Makeup Genius allow you to try before you buy while learning all about you.
Goodbye Humans, Hello AI
Artificial intelligence may mark the end of the automated phone systems we consumers have become accustomed to hearing chirrup away when we try and contact our favourite retailers. Instead, chatbots are being introduced to provide a more interactive and effective form of communication between brands and customers, answering questions like a real-life human.
Live chat users spend an average of 5%-30% more and buyer conversion is 5 to 10 times higher following a chat session. But has 2017 been the breakthrough year of the chatbot? Or is it still too soon to tell?
How Would You Like to Pay?
From Amazon's plans for cashier-free stores and the normalisation of P2P payments to making payments with your wearable tech, the way we are purchasing goods is evolving. Purchasing power is no longer hindered by a forgotten bank card, we can pay with smart phones, watches and more.
But what's next? We’re already on the verge of a cash free society, might we also be bidding farewell to the traditional wallet full of cards? And what does this mean for the way we shop online?
Uberisation of shipping
What was life like before the convenience of next day delivery? Even missing the arrival of your eagerly awaited cargo and trudging to the post office is becoming a thing of the past now that retailers have recognised the need to provide a hyper-convenient service in order to remain competitive.
Larger couriers now offer same day delivery slots, while some retailers such as online Czech retailer Zoot, have begun delivering items purchased online to a physical location within a few hours, so you can try the clothes on there and then, only keeping the pieces you like. Is this a delivery trend we can expect to see more of in the UK in 2017?
The Rise of Social Media and Omnichannel
According to research carried out in the latter half of 2016, mobile is our “decision device”. Despite mobile taking a 42% share of eCommerce traffic, it accounts for just 21% of total revenue and provides the lowest conversion rate of all devices. Yet there is a direct correlation between mobile browsers and the number of overall purchases made across platforms and devices.
This year social media has thrown its hat into the omnichannel ring. Snapchat has integrated video advertising with a built-in buying option while the app Yeay has used the proclivity of the Snapchat story as a springboard for its own concept, a video-based marketplace.