How real-time personalization can create an engaging ecommerce experience

14.3% of all sales in the USA in the third quarter of 2020 happened through ecommerce platforms. It totaled $199.4 billion whereas the total ecommerce sales of the entire year of 2010 amounted to $144 billion. Ecommerce sales in India saw a 40% rise in between 2018 and 2020. The digital buyer penetration in India rose from 48% to 70% between 2016 and 2020 (before the pandemic hit and even more people started depending on ecommerce). These figures show great promise for the ecommerce sector in the upcoming years.

Now that a larger consumer belt is getting ready to spend money online, the market is bound to get crowded. As supplies increase, the customers will be more likely to grow preferences for ecommerce shops that speak to their needs with easily navigable interfaces, quick assistance, and the right offers at the right time. Businesses must resort to ecommerce analytics to optimize their digital stores and marketing tactics to reach, convert, and retain the prospects.

Increasing the logistic prowess

If you take Amazon for instance, they have taken supply chain analysis to the zenith to serve their customers better. Amazon uses machine learning to make accurate predictions about estimated arrival times, it develops trust among customers. Moreover, they use advanced analytics to manage inventories, optimize the delivery routes, and manage the fulfillment centers. All of these happen automatically like clockwork. The fact that they can inform the customer about the products’ whereabouts in near real-time is incredible.

While this sort of efficiency is a great challenge for any budding ecommerce site, it is never an option not to try. Customer analytics allows you to predict demand in advance and prepare inventories. You can opt for machine learning based devices to maintain and manage various steps in the supply chain.

The recommendation game

Personalized recommendations lie at the heart of the online retail industry. There is an unbelievable scope of reaching out to a customer with just the kind of offer they need in the nick of time. It is all a matter of having the right data and using that to good effect with the help of advanced customer analytics.

Making correlations between two apparently unrelated products and bundling them together or making an unbeatable offer on a product that the customer had searched for earlier, demand extensive technological and analytical prowess. A deep ecommerce analytics tool can aid businesses in this matter. Bringing in these offers in real-time is what really gets the deal sealed.

Personalized customer experience

80% of shoppers are more likely to spend money on a site that offers them a personalized experience, in fact analysts have noticed a 20% hike in sales after using customer personalization. Most importantly, 44% customers are likely to become repeat buyers if they are provided with a personalized experience. The problem shows itself when 53% of the delivery experience professionals claim that they do not have the technology required to achieve real-time personalization.

Creating a personalized customer experience really boils down to understanding the goals that they are trying to achieve at each step after entering your ecommerce store. Having a real-time predictive system onboard that can react to the customer’s moves in an intuitive way could be the way to go.

Integrating the ecommerce channel into the rest of the business

Looking at the ecommerce site as a separate endeavor is not the ideal way to go according to the experts. For you to provide the customers with the right information, at the right time, and to target the right prospect, it is important for the ecommerce channel to stay in sync with the customer relationship management, inventory management, and enterprise resource planning units.

The chatbot

Natural language processing and natural language understanding are currently at that point of evolution where it can be reliably used to great effect in an ecommerce channel. Real-time personalization gets real when you have a chat agent asking the right questions and providing the right information whenever the customer logs in. An intuitive chatbot that has some level of penetration in broken language can really change the scenario around your ecommerce site.

This is a great time to make it big in ecommerce. Consequently, the competition is increasingly fierce. This is about time businesses thought about making some serious investments in ecommerce analytics and customer analytics just to stay ahead of the curve. 

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At Algoscale, we help businesses translate their data into meaningful and actionable insights. We serve different industry verticals by creating highly customized solutions that meet our client’s needs precisely.