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June 6, 2018
Tactics to Increase Ecommerce Sales and Growth Using New Technologies
As ecommerce technology continues to evolve, creating the best consumer experience is becoming increasingly essential to the conversion of sales. Companies are currently planning to design and sustain consumer value by providing advanced digital experiences. Businesses that are devoting time to build a presence online have a much greater chance of exceling than businesses that stick to traditional marketing. In 2017 there was a 13% increase in ecommerce sales over the year prior and it’s predicted that it will increase to 17% by 2022.
While ecommerce was on the rise in 2017 several retail shops closed, and at least nine dominant companies declared bankruptcy. Businesses that assumed the shift wouldn’t affect them are now feeling the pressure from online competition. If you want to be on top of your ecommerce game, we have some tactics for boosting sales utilizing new technologies.
Use Blockchain to Redesign Supply-Chain Economics
Technology and unique value offerings should be a part of your overall strategy. SHOP is a business that provides a great example of how you should be taking advantage of new technologies.
This blockchain-based retail platform has a system designed to act as an information marketplace where users collect brand tokens in exchange for sharing preferences, purchase histories, profiles on their preferred styles and other data. The data is saved on the SHOP platform and used to enhance interactions and experiences between consumers and brands. The redesign of supply-chain economics provides a brand-new style of alignment that the system has never seen before. Making data available empowers SHOP members and allows them to create new kinds of value exchanges and fair approaches to margin and price. It also creates an opportunity to drive innovation in unpredictable ways.
Blockchain will create endless innovative ways to improve development and users’ experience, as well as marketplace and ecommerce experiences.
Incorporate Augmented Reality for Use by Influencers and Brands
With the launch of augmented reality developer kits by both Apple and Google in 2017, and the advancement of hardware devices, this technology will sky rocket in the upcoming years. Fluffr is already using blockchain technology to shake up the augmented reality space. The platform rewards users with tokens so they’ll interact with and promote augmented reality experiences by influencers and brands.
On Fluffr there are two types of tokens that are collected, which are Fluffs and Carats. These tokens can be exchanged for real currency or special prizes through the Fluffr marketplace. The goal is to encourage people to use augmented reality apps and engage in augmented reality experiences and get paid for it. The result is an entirely new and immersive commerce experience for brands and consumers using tech. Additionally, with the launch of Fluffr and other augmented reality focused platforms, the obstacles for companies to create these experiences for their consumers has become extremely low.
Utilize Blockchain to Obtain Accurate Consumer Data
Access to accurate consumer data is key to more effective ad-targeting and ultimately a growth in sales. Many brands don’t even know if their target audience consists of real people. Around 20% of the $200 billion spent on digital advertising goes down the drain on bots.
Therefore, brands must ensure their databases include real people who have given their consent to receive promotions. An example is company YouGov Direct. It works to help brands gain more value from their advertising campaigns through its blockchain-based platform and ad network. Essentially, if brands know that consumers are interested in their products, they can provide those people with real solutions, instead of wasting ad dollars on the wrong people.
With the growing popularity of technological advances, the ecommerce industry will adjust to leverage new capabilities. In the future, companies can utilize new technologies now and, in the future, to align forward-thinking business strategies and have an advantage over their competition. Whether your business is stagnant or growing it’s important to continue to evolve. Experimenting with technology can improve the process in which you do things and enhance the experience for the user.