Lesson #6

51問 • 1年前

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Moving From Brick-and-Mortar To E-Commerce • The COVID-19 pandemic has changed the face of shopping, increasing the demand for E-Commerce experiences. • Businesses are quickly moving to online channels, accelerating the digitization timetable.

True

Moving From Brick-and-Mortar To E-Commerce • However, moving a brick-and-mortar business online isn't simple. It requires strategic planning, analysis of customers' needs, and a long-term vision for the brand. • From optimizing website to fine-tuning your marketing goals, business owners need a holistic plan to jump into E-Commerce.

True

Moving From Brick-and-Mortar To E-Commerce • According to the PwC Global Consumer Insights Survey, safety is top of mind for 49% of urban consumers. • The same survey shows that 86% of consumers are likely to continue shopping online even after pandemic restrictions lift.

Assess What Customers Need

Moving From Brick-and-Mortar To E-Commerce : • Consumers are prioritizing both health and convenience. To remain competitive, more businesses are offering services like click and collect and curbside pickup. • In fact, by August 2020, 70% of Square sellers were offering contactless payments and 40% were accepting online payments.

Assess What Customers Need

Moving From Brick-and-Mortar To E-Commerce • A survey from Incisiv shows that: • 85% of shoppers have increased curbside pickup • 79% of shoppers say contactless pickup is important • 80% of shoppers expect to use contactless and curbside pickup more in the next six months • A smart move for business owners is to repurpose part of your premises to make it easier to facilitate these new services.

Assess What Customers Need

Moving From Brick-and-Mortar To E-Commerce • Incisiv says on-demand delivery is popular with 90% of shoppers. • Thankfully, there are solutions for expanding your delivery and pickup options, several which integrate with Square.

Assess What Customers Need

Moving From Brick-and-Mortar To E-Commerce • _________ refers to the process of making small modifications and improvements to the business strategy. • It involves adjusting business strategy and plans in-line with market conditions precisely to bring productivity and revenue to the highest level of performance and effectiveness.

Fine-Tune Business Plan

Moving From Brick-and-Mortar To E-Commerce : • Business goals and deliverables set out in an existing business plan need to make sense and help you retain brand value. • The business needs to figure out who its customers are using tools such as its website and social media analytics for demographic and interest data. • This will help the business ensure that it is focusing on the right target audience.

Fine-Tune Business Plan

Moving From Brick-and-Mortar To E-Commerce : • Customers' purchase habits may change. Customers may also be in different areas rather than just 1 city. • This might mean adding new distribution channels like an online store, shoppable social posts, pickup and return locations outside physical stores, on-demand delivery, and regional or nationwide shipping.

Fine-Tune Business Plan

Moving From Brick-and-Mortar To E-Commerce • Business that want to move to E-Commerce must ensure they know how to allocate budget. When moving from a brick-and-mortar store to an online one, they must spend more on website and platform improvements, digital marketing, and fulfillment, and less time on upkeep and staffing at store locations. • They must also think of issues particular to online businesses, such as handling data privacy, taking online payments, sales tax in different locations, protecting themselves from eCommerce fraud, and how to communicate value to customers.

Fine-Tune Business Plan

Moving From Brick-and-Mortar To E-Commerce • Businesses must evaluate their product range and see if what is offered to customers before it makes sense in the current context. • Example: Shipping and logistics issues may affect whether everything that’s available in- store is also available online.

Strategize about Product Range

Moving From Brick-and-Mortar To E-Commerce : • Businesses can use sales data to figure out what’s sold well in the past and what’s selling well now. That could provide direction on inventory. They can also think about changing their product positioning. • Example: More people are concerned about health and safety now. Emphasizing those aspects of product range may make a difference in sales.

Strategize about Product Range

Moving From Brick-and-Mortar To E-Commerce • Additionally, business can consider changing or diversifying their product range. • Example: some restaurants offered their services to customers who cook at home, selling family-size meal kits and grocery items like flour, which at the time was in high demand through delivery. Not only did it meet a market need, but also helped some restaurants stay in business. Other examples include: • A photo booth rental company started selling gift boxes from local small businesses • Skin care and beauty professionals moved to selling skincare tools online • Clothing designers used extra fabric to make outfit-matching masks

Strategize about Product Range

Moving From Brick-and-Mortar To E-Commerce • When a business is moving online, digital marketing becomes even more important, so they must identify the right channels to attract the ideal client. • People have been researching products online for a while now, but recent events have accelerated the shift to a digital-first approach.

Update Marketing Plan

Moving From Brick-and-Mortar To E-Commerce • Business may already be using social media and email marketing, but these components will become more important if people aren’t leaving home. This is because they won't have the opportunity to build rapport with potential customers in person. • Some examples of using social media for community building include: • Wineries around the country offering virtual tastings on social media and via Zoom • Beauty businesses offering makeup and hairstyling tutorials online • Yoga studios and other fitness businesses teaching classes online • Food purveyors teaching cooking classes online

Update Marketing Plan

Moving From Brick-and-Mortar To E-Commerce • Digital interactions are now twice as important as they were before the pandemic, so businesses must deliver an excellent user experience on their website, making it work seamlessly. • Customers will not bother looking at a website if it does not load on their mobile device or there’s a glitch at checkout. To ensure the business has a good website, they can: • Choose the right platform for E-Commerce services • Use best practices for SEO so people can find their online store. • Make sure navigation and search works well and help shoppers find the products they need • Optimize the store to maximize online sales

Optimize The Business Website

Moving From Brick-and-Mortar To E-Commerce • On the website, clear product descriptions are essential since people won’t be able to have in-person conversations with staff to get their questions answered. • How-to videos are also an engaging way to show the products in action. Make product information and reviews easy to find and drive more sales. • By taking a strategic look at customer needs, the business plan, the product range, and the website and E-Commerce platform, businesses can position themselves to successfully transit from brick and mortar to the click and order experiences customers now expect them to deliver.

Optimize The Business Website

1. If you’re a Brick-and-Mortar Business, what features do you think customers would like to see on your E-Commerce platform? • Easier payment methods • Product delivery tracking system • Detailed information about the product

True

2. Is there an E-Commerce platform that inspires you? Which one is is it? Wix, e commerce platform that allows sole entrepreneurs or SMEs to create their own websites for a small fee during hosting the website on the server.

True

3. Why does that platform inspire you? Allows one to create your own website according to my design and I don’t have to spend time and money learning a programming language or hiring someone to build a website for me which will save me a lot of cost since I’m small business owner

True

Commerce Trends • ________ (AR) has been a complete game changer for E-Commerce. • With this type of technology, shoppers can truly see the item they're shopping for, which helps them make a buying decision. • AR really changes the shopping experience in specific industries, such as fashion and home decor because the customer can get a better feel for the item without seeing it in- person.

Augmented Reality

E-Commerce Trends • As more homes adopt smart speakers, more consumers will utilize voice search to shop online, order food and organize their lives. • The rise of voice search creates an opportunity for ecommerce businesses in terms of keywords and content

Growing Volume Of Voice Search

E-Commerce Trends • Artificial Intelligence (AI) and machine learning make it possible for the customer to have automated, personalized shopping experiences. • AI is continuously collecting data on how a customer shops, when they buy purchases and what they're looking for in a product or a service. • It's a piece of technology that really can't be replicated in-store.

Artificial Intelligence helps Shops learn about Shoppers

E-Commerce Trends : • Buyers of all sorts, including B2C and B2B, are looking for personalized, custom shopping experiences online. • The data collected from AI is what makes it possible for a buyer to get personalized product recommendations and detailed customer service. • Implementing personalized experiences on-site or in marketing efforts has been shown to have a strong effect on revenue. • There is a high possibility of revenue lift for retailers scaling advanced personalization capabilities.

On-Site Personalization

E-Commerce Trends • Chatbots interact with online shoppers much like an in-store sales associate would do. • Today's shopper wants to be able to find and buy a product in just a few clicks, and if they can't, they get frustrated. This is where a chatbot can step in and save the sale. • Experts predict that 80% of businesses will be using chatbots in 2020. • Chatbots are all the rage today for customer support. However, they will drastically change the way people shop online. • They’ll become one of the most important marketing tools. In the retail space, self- checkout kiosks will probably become the norm and in-store marketing will increase.

Chatbots Improve Shopping Experiences

E-Commerce Trends : • _______ allows customers to make purchases from anywhere, which is vital in today's world. • However, if the E-Commerce site isn't responsive on mobile or through web apps, they'll be missing out on big opportunities. • Shoppers who are mobile users want the added convenience, plus the ability to pay digitally.

Mobile Shopping

E-Commerce Trends : • Customers have individual needs when it comes to payment methods, but they might cancel a potential sale if they can't pay how they want on an E-Commerce website. • Offering a wide variety of ways to pay is a good way to increase conversion rates on mobile devices. • Plus, if customers can save their payment information on the site, they'll be able to checkout even faster the next time they make a purchase.

More Ways To Pay

E-Commerce Trends • Headless Commerce is a solution that allows an online store’s E-Commerce platform to be completely decoupled from the frontend presentation layer. • More ecommerce businesses are adopting headless because of its flexibility on the backend, plus the added SEO, content marketing and digital experience capabilities.

Headless and API-driven E-Commerce Allow Continued Innovation

E-Commerce Trends • _____ proved to be a great way to engage customers, and it's not going away anytime soon. • Creating videos for a website is a great way to instantly grab and engage a customer and inform them about a product or service.

Video

E-Commerce Trends : • There are subscriptions of all sorts these days and their convenience is attractive for consumers. • For companies, subscription services create a way to plan for inventory and sales that are already locked in.

Subscriptions

E-Commerce Trends : • Consumers and businesses alike are becoming more aware of the environment. • Because of this, consumers are being more conscious about where they shop and the impact it has on the environment and related effects.

Sustainability

Trends in Consumer Behaviour Globally • 80% surveyed concerned about their family and friends’ health; 78% concerned with their own health. • In the US, 87% of shoppers rather shop in stores with touchless self-checkout capabilities. What does this mean for the Business / Brand? • Providing products or services which allow customers to lead healthy lives is key Example: A home fitness start-up look to maximize on the trend of safe, remote exercise at home • Using latest Touchless Touchscreen technology will help customers feel safe while shopping in physical stores or when taking part in interactive experiences. Example: Using hand tracking technology uses gesturing. hand waves and hand flicks as form of input. It does not need touching of screen rather system detects hand movements in front of it by making use of various sensors.

Health Conscious

Trends in Consumer Behaviour Globally • The COVID-19 pandemic has taken its toll on the world’s mental health. • In the US, 22% of people reported being confined to their house caused them anxiety (32.7% Gen Z); uncertainty about the future; job security; finances; worrying about family especially of the health of elderly parents and children. • Businesses can consider Customer’s Mental Health. Example: Hyatt, a hotel chain, partnered with the meditation app company Headspace to offer free meditation and sleep therapy session (30 days’ trial for free), SnapChat introduce a mental wellbeing tool to deliver relevant content, including videos by experts.

Mental Health Awareness

Trends in Consumer Behaviour Globally • While the COVID-19 pandemic has been a time of extreme isolation, it has brought communities around the globe together. • Nation-wide lockdowns have taught people to appreciate the value of those around them, leading to a more selfless way of thinking. • Online communities have sprung up offering support to neighbours, whether it be through food and medicine delivery services or through social interaction. • Support small, local businesses and make themselves part of the community. Example: Instagram launched stickers for small businesses to be shared on stories, including fundraiser stickers, gift cards and food orders.

Community Driven

Trends in Consumer Behaviour Globally • The COVID-19 pandemic has made people appreciate the ease of digital, with many finding that they no longer feel the need to be physically present for all things. • This is especially true for modern working and learning, where virtual will become the new normal in many parts of the world.

Virtual Workers and Learners

Trends in Consumer Behaviour Globally • In China, Microsoft saw a 500+% increase in calls and conferences between Jan to mid-Mar 2020, likelihood of companies permanently moving towards remote working (Work-from-home), 1.2 billion children across 186 countries saw their school close lead to a surge in language learning app downloads (Duolingo increased by 101%) and schools moving to lessons online (HBL in Singapore).

Virtual Workers and Learners

Trends in Consumer Behaviour Globally • Business-to-Business (B2B) and technology brands help companies and their workforce get the most from working remotely. • Example: Microsoft’s new global skills initiative aimed at helping workers learn new digital skills, SnapChat’s new Minis for friends to now revise together by making flashcards.

Community Driven

Trends in Consumer Behaviour Globally • The shift in the demographic of online shoppers and what people are shopping online. • In China, there’s a notable change in online shopping behaviours, especially in groceries shopping (140% more sales online). • More people intend to continue to shop online even after the COVID-19 pandemic.

Fuss-Free Online Shoppers

Trends in Consumer Behaviour Globally • Businesses can create a quick and easy-to-use apps for a positive shopping experience. Embracing shoppable features on social media to make it easy for customers to shop for products via the platforms they love. Example: Instagram shoppable posts and Pinterest Shop the Look Pins.

Fuss-Free Online Shoppers

Trends in Consumer Behaviour Globally • Enabling Visual search which is an exciting E-Commerce feature, since consumers like to browse for items online before heading to the physical stores. This makes products more visible and easily comparable on platforms. • Regular Livestreaming which allows consumers to buy products directly from a live video. • Developing apps that load fast and are easy to navigate.

Fuss-Free Online Shoppers

Trends in Consumer Behaviour Globally • As online shopping continues to boom, there’s still the issue of consumers feeling confident in their purchases. • Ever-changing and “uncertain” situation (the future and finances), the way consumers’ make purchasing decisions has changed.

Flexibility

Trends in Consumer Behaviour Globally • Business needs to provide flexibility with their purchases in order to take away the pressure of losing money in a time of recession. • Example: In the travel industry, fully refundable cancellations at the last minute; Cathay Pacific allow people to shift bookings (fly worry-free; change flights for an unlimited number of times).

Flexibility

Trends in Consumer Behaviour Globally • Those who want to travel or have a holiday but unwilling to risk losing their money on cancelled hotels or flights can enjoy domestic vacations. • Businesses can take inspiration from stories and other company’s campaigns. • Example: Stella Artois’ new campaign “Daydreaming in the Life Artois” partnering with 6 famous writers to produce audio stories, allow customers on staycation to escape through audio. Airbnb added a range of online experiences to make travellers discover local things such as learning to cook Street Tacos in Mexico.

Local Travellers

Trends in Consumer Behaviour Globally • Using Virtual Reality (VR) to allow customers to explore new places and discover new cultures. • Example: Museums around the world (British Museum, Louvre etc) now have Virtual Reality (VR) tours of their galleries.

Local Travellers

Trends in Consumer Behaviour Globally • Many people want to reconnect with nature, and the natural world has thrived as lockdowns caused less travelling and therefore allowing the natural environment to rejuvenate, in addition to increasing concern with the environment. • Businesses must show they care for the planet; help people source or shop for sustainable products.

Eco-Friendly

Payment Methods In E-Commerce • _______ are simple to use and secure. Customers only need to enter their card number, expiry date, and CVV, which has been introduced as a precautionary measure. • The CVV helps detect fraud by comparing customer details and the CVV number.

Credit/Debit Card Payments

Payment Methods In E-Commerce • Debit Cards are usually preferred by customers who shop online and stay within own financial limits. The main difference between credit and debit card is with a debit card one can only pay with the money that is already in the bank account, whereas in the case of a credit card, the spent amount is billed, and payments are made at the end of the billing period. • As an alternative for credit/debit cards, prepaid cards are introduced. They usually come in different stored values and the customer must choose from them. Prepaid cards have virtual currency stored in them.

Credit/Debit Card Payments

Payment Methods In E-Commerce • Customers enrolled in internet banking can do bank transfers for their online purchases. • _____ is the most secure method as the transactions need to be approved and authenticated by the customers. • It is a simple way of paying for online purchases and does not require the customer to have a card for payment purposes.

Bank Transfers

Payment Methods In E-Commerce • _____ require a sign up from merchants as well as customers. • After creating an _____ account and linking it to a bank account, customers can withdraw or deposit funds. • Prepaid ______ accounts store customer information and multiple credit/ debit cards and bank accounts. • It needs one-time registration and eliminates the need for re-entering information every time while making payments.

E-Wallets

Payment Methods In E-Commerce • _____ is often used for physical goods and ____ -on-delivery transactions. It does come with several risks, such as no guarantee of an actual sale during delivery, and theft. • Though nowadays, _____ on delivery does not necessarily mean customers pay with _____ (they can use cards, mobile payments as payment terminals are often available with delivery agents).

Cash

Payment Methods In E-Commerce • This digital payment solution offers a quick solution for customers. • To set up a ______ method, the customer just must download software and link it to the credit card. • As E-Commerce is becoming ______ mainstreamed, customers are finding it more convenient to use _____ options.

Mobile Payments

Lesson #2

Jay Jayel · 30問 · 1年前

Lesson #2