View all blog posts under Articles View all blog posts under Master's in Business Administration The ubiquity of internet access has leveled the retail playing field, making it easy for individuals and businesses to sell products without geographic limitation.
Analysts Are Key to Executing E-commerce Trends
The growth of e-commerce has not only changed the way customers shop, but also their expectations of how brands approach customer service, personalize communications, and give customers choices. The future of e-commerce depends on savvy professionals who are able to create a personalized, engaging online shopping experience for consumers.
As retailers adjust to this digital sales boom, online marketplaces are changing the way customers shop. The future of online shopping relies on capturing patterns of shopping behavior. This then allows the brand to create strategic pricing, advertising, and cross-promotions on both an individual basis and based on widespread trends.
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For example, a brand may run social media ads during peak shopping hours, promote items that are often bought together, or show an ad for a specific item a consumer has viewed before. Business professionals trained in market research analysis process customer data and uncover insights through a variety of tools.
Analysts also use data to conduct product research, identifying which items are selling and how much customers are willing to pay. Product development, including what new products to sell and how to position them, is also increasingly data driven.
Analysts need strategic thinking, computer proficiency, and decision-making skills to succeed in the future of e-commerce.
The recent explosion in online shopping provides an exciting opportunity for business professionals to step into a digital marketing role.
Bureau of Labor Statistics. Machine Learning Creates a Personalized E-Commerce Experience In the world of e-commerce, shoppers require a more personalized experience.
Omnichannel selling will be the norm Lauren Davis of Just After Midnight put it this way: "Omnichannel selling will become the new normal. We're really seeing this with the public cloud platforms moving into this space with tools like Amazon Personalize and Pinpoint. This could potentially be disruptive in an interesting way, but the bottom line is omnichannel selling, and those kinds of capabilities will be cheaper and more accessible. Tablets, mobile phones and desktops are just the beginning.
Rather than manually analyzing customer information, data analysts utilize artificial intelligence AI and machine learning technologies to compile data and create customer profiles. Analysts use these profiles and insights with the help of AI to deliver personalized recommendations and relevant content, based on an intelligent algorithm.
- Their top priority is usually customer experience.
Although AI handles much of the analytical processes, market research analysts apply their own insights and understanding of consumer behavior to make recommendations and spearhead the continued optimization of e-commerce. Online Shopping Is Going Mobile The retail industry has been significantly impacted by the increasing use of mobile devices. With mobile e-commerce, shopping happens everywhere, no brick and mortar storefront or laptop required.
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So what does mobile mean for the future of online shopping? The website and online store should not only be accessible on mobile devices, but also optimized with a design or application that makes it easy to browse and buy from a smartphone or tablet.
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The mobile e-commerce experience provides customers with customized products, more competitive pricing, and increased accessibility. Analysts and business professionals must consider the user journey across multiple devices including mobile, desktop, and in-store and integrate a multi-channel strategy to optimize conversions.
For example, if a customer places items in a cart on mobile, and then moves to desktop, the information should update in real-time to create a seamless shopping experience across platforms. Analysts Are Key to Executing E-commerce Trends The e-commerce shopping experience is more personal, accessible and data-driven than ever before. As the industry evolves, there is opportunity for business professionals to make trend in internet commerce profound impact on the future of online shopping.
An online degree in business offers students extensive knowledge of advanced business practices and the latest in trends, tools, and technologies. Business professionals can apply their knowledge and insights to make an impact on the future of e-commerce. With options at both the undergraduate and graduate level, these programs provide opportunities for you to learn valuable skills that can help you succeed in trend in internet commerce variety of fields, including e-commerce.