The effect of COVID-19 on electronic commerce
The recent stay-at-home lifestyle has drawn people’s attention towards online buying and selling and virtual shopping. The fear of getting sick is the main reason behind the change. Online shopping has become a leading and expanding trend in the COVID-19 pandemic, adding more importance and success to the e-commerce business industry.
The influence of COVID-19 it is very positive and more than satisfactory for those who are directly or indirectly involved in the business of electronic commerce. The pandemic has done a kind of great favor and service to this community by offering them great business opportunities.
Going out and risking health is not an option to consider and no one is willing to do it happily, which is why everyone prefers to go digital and take advantage of the useful services offered by the e-commerce business. The income of daily consumers of groceries and food is very noticeable because they are the needs that are linked to every human being. All sectors such as food, healthcare, apparel, jewelry and even entertainment have developed online websites and facilitation applications to help consumers purchase the required products and avail the desired services in a faster and more efficient manner. simple.
The rise of e-commerce in India
In India, it has led to an increase in the number of FTUs or First Time Indian E-Commerce Users, who have been inhibited from buying online so far.
- The coronavirus accelerates the shift to e-commerce in 5 years
- Ecommerce up 18%, physical stores down 14%
– Return on investment revolution
Early in the pandemic, shoppers focused on buying masks, toys to entertain the little ones at home and stocking up on groceries. Currently, buyers are focused on home and garden improvements. Business & Industrial and Toys & Games continue to experience growth, but not as significant as it was during the pandemic.
Why the customer journey is important in ecommerce
• 73% of all people point to the customer experience as an important factor in their purchasing decisions.
• The experience and expectation gap in the retail industry is around 21%
In short, a better customer experience leads to better business:
- 86% of new users unsubscribe after 30 days of downloading the app.
- 69% is the average shopping cart abandonment rate.
- Users take 8 days to transact and move to the commit phase.
Challenges in eCommerce
Online shoppers often encounter issues related to product delivery times and customer support services. Customers’ risk perception towards online websites is exacerbated due to inferior IT configuration used by various companies, resulting in hacking or unintentional leakage of personal information.
Nearly 70% of online shoppers will abandon their carts without buying anything. This is an average figure, as calculated by the Baymard Institute from 34 studies on eCommerce cart abandonment, but quite alarming. Some of the problems noted in Baymard’s studies include
- Require an account.
- Unclear prices.
- Errors and site crashes.
- Lack of trust when handing over credit card information.
- Insufficient payment methods.
The Need for AI-Enabled Anomaly Detection in Ecommerce
To provide a seamless customer experience, eCommerce brands need to monitor the customer journey and eliminate any friction that arises due to platform or operational issues. Businesses can take advantage of artificial intelligence and machine learning algorithms to monitor complex, rapidly changing e-commerce variables in real time to detect incidents, find the root cause and quickly resolve problems affecting end users.
With autonomous anomaly detectione-retailers can monitor multiple KPIs such as click-through rates, number of uninstalls, bugs and application problems such as slow-loading pages to improve the customer experience. With real-time behavioral insights, companies can also execute 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 a great brand experience to every user every time.
Using CrunchMetrics to improve customer experience and drive revenue
CrunchMetrics is an AI-powered real-time automated customer journey analytics platform. It enables you to understand how users navigate your app and how they behave over time to quickly respond to any underlying user experience issues and improve customer satisfaction. Here it is how CrunchMetrics helps ecommerce brands offer an intelligent customer experience.
- Comprehensive behavior analysis: Analytics that help you better understand your customers.
- Find patterns with funnels, cohorts, and trends: Understand how users navigate your app and how they behave over time.
- View uninstall trends: Track uninstalls to understand churn and create effective recovery campaigns.
- Rich user profiles: Get a centralized, real-time view of any user including data from all sources and an activity log.
- Smart information: With this plugin, uncover patterns with customizable analytics to better understand your users.
- actual impact: Link marketing dollars spent to dollars earned and align marketing efforts with larger business goals.
- Improve campaign effectiveness with powerful tools: Increase engagement through various campaigns, A/B tests, and engagement tactics.
- Campaign Accuracy: Adjust your messages and send times to increase conversion.
- Data Driven Marketing: Take the guesswork out of creating data-driven campaigns.
- Onboarding campaigns: Automate welcome campaigns to educate new users on key features and help them quickly.
- Retention cohorts: Spot friction points and create targeted campaigns to increase retention.
- Reactivation campaigns: Using real-time uninstall data, schedule email and SMS campaigns for users who uninstalled your app to understand why and entice them to come back.
- Customer Engagement Overview: Understand the participation levels of all Customers/users.
- Commitment throughout the customer life cycle: Strategically move users through defined lifecycle/funnel stages.
- Increase retention and conversion: Improve key performance metrics by coordination of campaigns with life cycle / funnel stages
As communities and economies emerge from the pandemic, the new consumer mindset sends a clear signal to merchants of all shapes and sizes that online shopping and contactless transactions are essential to building business and ensuring customer loyalty now and in the future. CrunchMetrics can help you uncover business opportunities, identify anomalies, and give you the insight and speed you need to scale your eCommerce business. Contact our experts today to take your ecommerce business to the next level.
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