Big Personalization Push for Ecommerce

It’s no secret that ecommerce is transforming the way people shop - a recent report by eMarketer estimates that U.S. retail ecommerce sales increased nearly 16% in 2017, making up 9% of total retail sales. This is a win for customers who can shop an almost endless marketplace conveniently, and for retailers who can compete for global customers efficiently.

But what about the experience? Physical stores traditionally had an advantage in personalization of the experience and connecting with customers one-on-one. But with modern technology, ecommerce retailers are looking to close the gap.

How a personalized experience pays off for ecommerce retailers

Personalization isn’t done just to make shoppers feel welcome. Brands offering personalized experiences are seeing revenues increase by 6% to 10%, two to three times faster than those that don’t, according to a Boston Consulting Group survey published in 2017.

As the spending shift continues to accelerate with consumers increasing their online purchases rather than heading to the store, retailers are trying to keep pace with transforming the way they reach, connect and sell to their customers. But many are falling short.

A recent study from RIS News and International Data Corporation, which surveyed 65 retail executives in North America, found almost four in 10 respondents said that they are currently working on personalization, recognizing the importance of responding to customer demands on their terms, in real time.

Interestingly, though, less than half of respondents who were working on personalization said their companies currently have up-to-date tech in place to achieve such a goal.

Building personalization into an ecommerce solution

The good news is that the technology to enable personalized shopping experiences is available. Sitecore, for example, recently launched an all-new ecommerce platform, which includes:

• • Built-in personalization: Natively integrated platform that delivers an end-to-end shopping experience – before, during and after the transaction.
  • Turnkey customization: Easily modified storefronts with drag-and-drop features for marketers; ability to manage product information and inventory management; customizable cart, checkout, and account creation; and integration with ERP and other back-office systems.
  • Actionable customer insights: The ability for retailers to use everything they know about their customers to deliver contextual shopping experiences.
  • Cross-platform sharing: Profiles and cross-channel history is stored for each customer. The resulting experience reflects interactions across every channel—online, mobile, stores, mail, kiosks, and more.

The impact of personalized shopping experiences is massive. If you are a retailer, technology now enables you to achieve ecommerce’s holy grail of personalized ecommerce experiences. The bottom line: Retailers who focus on delivering personalized, high-caliber customer experiences will win more customers and keep them longer.

Helpful resources:

eMarketer Roundup: Key Trends in Ecommerce 2017: https://on.emarketer.com/Roundup-20171205-Key-Trends-Ecommerce-Download.html

Online commerce: Plotting a course to personalization white paper by Sitecore:  https://www.sitecore.com/resources/index/white-papers/online-commerce-and-plotting-a-course-to-personalization

Sneak peek at Sitecore Experience Commerce™ Platform: https://www.sitecore.com/resources/index/video-assets/sitecore-experience-commerce-the-power-of-personalized-shopping-experiences