Using behavior analytics in retail can help businesses keep ahead of 2020 trends
Online retail is bigger than ever, and this fast-growing sector will be critical to watch as we enter the next decade in 2020. As the purchasing power of Millennials and Generation Z grows and Generation Z becomes the largest consumer demographic worldwide, these digital natives will push the retail market to increasingly shift toward favoring web commerce sales over brick-and-mortar storefronts. The top retail brands have already invested heavily in their online presence, and providing a seamless internet shopping experience has become the hallmark of a strong business. Using behavior analytics in retail has helped these brands stay ahead of the curve.
Anticipating new trends in online retail
Rather than waiting for customers to search for a product, the new online retail model brings customized recommendations – artfully curating a shopping experience that is based around helping customers discover new brands and products. From subscription boxes tailored to a specific demographic to apparel websites that showcase styles based on personal taste surveys, leading with something fresh gives retailers the opportunity to capture both interest and imagination. By utilizing behavior analytics in retail, businesses can identify just what is going to be trending with their target audience, before the trend has caught on with their competitors.
At the same time, value and convenience will be more important than ever, as consumers place priority on scoring bargains that can be delivered within an ultra-expedited time frame of 24-48 hours. The ultimate convenience score? Offering discounts to incentivize placing items on automatic reorder, a win-win for both businesses and shoppers. Better, faster check-out experiences will also increase in demand, with customers expecting their favorite mobile payment platform to integrate seamlessly with the online retailers they frequent. While Paypal was the pioneer of checking out without having to input payment information each time, the next generation of solutions will experience performance improvements focused on even speedier payment through innovations such as fingerprint verification, while staying friendly to developing cryptocurrencies like bitcoin.
Finally, influencer marketing will transition from macro to micro – with more niche social influencers with 100k followers or fewer gaining specialized advertising dollars through brand partnerships. Peer-to-peer endorsements will also play a larger role in online retail, as companies seek to capitalize on organic recommendations and reviews.
Optimizing your site to experience performance growth
The right customer journey analytics platform can support your business into strengthening the growth of online retail sales using technology to provide critical insights and conversion data. With the use of experience performance analytics combined with behavior analytics in retail, you can see a complete view of your customers’ experiences on your retail site, so your team can solve technical problems and improve sales effectively. Session replay tools allow IT professionals to conduct a detailed crash analysis whenever needed without having to bend over backwards creating error reproductions.
Take your customer support to the next level with an open API that allows representatives to immediately view a recording of the session in question, so they can identify and resolve issues quickly – creating better, faster interactions and satisfied customers. No complicated screen sharing or remote access required! Using software that integrates with Salesforce makes follow-up and managing customer relations even simpler.
Customer experience analytics and behavior analytics in retail solutions put your efforts behind your customers’ actual needs, with deeper insights and powerful capabilities for improving your business. The latest tools are completely customizable, allowing you to configure your company’s dashboard to show you the metrics you need to see to make decisions. Automatic visual insights can help identify customer issues, IT problems, track trends, and provide systematic alerts when anomalies occur – they can even track the impact of lost conversions!
Experience performance that is enhanced and supported by the latest software tools, and get ready for 2020 now!
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