Tag: mobile commerce

mCommerce Solution Webinar

Live Webinar: Boost Conversions By 3x With Next-Gen Magento Mobile Commerce Solution

According to Statista, 52.2% of all website traffic worldwide was generated through mobile phones in 2018. It hardly surprises the number will continue to rise this year.

The way online commerce is rapidly growing, expectations of consumers-on-the-go have also increased and to fulfill the demand, entrepreneurs have to come up with fast and easy-to-navigate mobile experiences to generate more revenues.

Thankfully, next-gen mobile commerce enterprise-level solutions like Native Apps and Progressive Web Apps (PWAs) are built with multifold features to grow m-commerce businesses.

If you are in a similar spot:

1. Would you like to grow your e-retail store sales by 3X?
2. Afraid of venturing into lengthy app development processes?
3. Has mobile been a particularly tricky platform for you to tap?

If your answer is YES, register for our webinar and become just one step behind to breathe life into your eCommerce business.

Key-points covered in the webinar include:

  • Why Mobile Commerce?
  • Mobile Commerce Trends & Analysis
  • Ecommerce Mobile Site or Mobile Application?
  • Native Magento eCommerce App Solution
  • Redefining Technology – Progressive Web Apps
  • Tour Of MobiCommerce’s Mobile Commerce Solutions

 

Speaker:
Saurabh Baheti
VP – Ecommerce Sales

Saurabh Baheti is Vice President Sales at Mobicommerce. He holds 14+ years of experience in E-commerce, M-commerce software and applications, Travel Technology solutions, Telecom, mobile wallet and VoIP Technology solutions. Over these many years he possesses hands-on knowledge of the industry and business needs which shall enable you to understand the core and related areas of e-commerce business and technical needs in this era.

Date: 14th May, 2019
11:30 AM to 12:30 PM GMT

View Recording!

See you at our Live Webinar Session!

Artificial intelligence transforming face of eCommerce

How Artificial Intelligence (AI)Implications Transforming the Face of Ecommerce

I know you all have must heard about Artificial Intelligence somewhere or the other as it is the most discussed topic now-a-days. It is the rising technology helping almost all the industry to one or the other way to improve productivity and the ease of work.

Artificial Intelligence – Transforming Industries

Defining it according to the father of Artificial Intelligence, John McCarthy, it is “The science and engineering of making intelligent machines, especially intelligent computer programs”.

It is the technological advancement that simulates human intelligence in machines especially in computers. In general terms, it is all about making machines to understand human language, behaviour and sentiments and work intelligently without interference of human. It is evolving at a rapid pace and has the capability to work alongside the humans. Sound interesting right!

When the machines will

  • start adapting human behaviour based on the experiences
  • not be dependent on instructions from humans and
  • start thinking, learning and acting like humans and
  • come up with unanticipated results

Then, we will experience advantages of strong AI.

AI – Intelligent Analysis, Intelligent Interaction and Intelligent Automation!

Artificial Intelligent has already enabled various industries like automobile, healthcare, Data security, Finance and accountancy and many more including Ecommerce. If you took a glance around the technology you’re using, you’ll get to know that AI has already entered in your daily lifestyle. Think of the facilities provided by your smart phone.

UBER, by providing cab booking application using AI technology has made the life very easier and it is now embedded in your routines.

Amzon has designed its store called “AmazonGo” where you can go, shop whatever you want and just walk away without standing in queue to pay the bills! It automatically identifies the products you bought, charge you from your account and send you invoice on your mobile. No human interaction, enabled by AI technology.

In Australia, few innovators have developed software based on AI which can predict localized ride demand in next 30 minutes within a 500 square meter area. It enhances the business and also saves wastage of time in waiting for customers.

Implication of Artificial Intelligence in Ecommerce

AI has also not left ecommerce or mobile commerce industry by transforming it the way people experience online shopping. Find out the ways AI has and will transform Ecommerce business.

Natural Language Processing (NLP) Capability of AI

AI comprises of Robotics, Machine Learning, Expert systems, General Intelligence and Natural Language Processing (NLP). NLP helps ecommerce industry to very great extent.

NLP includes text translation, sentiment analysis and speech recognition that enables machine for contextual understanding of human language. Chatbots, product searches, Customer relationship management etc. is based on NLP enhancing successful conversions.

It helps to improve in store purchase behaviour result into high probability of business growth.
CHATBOT enables “Chat Now” for prompt assistance

You must have seen “Chat Now” or “Online Chat Assistant” while browsing through websites and I am sure you must have used that as well. There are high chances that there won’t be any human talent in the backend and machines via “bots’ technology was assisting you to solve your queries and questions!

AI based Bots technology with IT service management system has developed ‘Chatbots’ to reduce human efforts, prompt reply and 24*7 service. It enables conversational and natural language user interfaces by understanding the human language and expressions and replying accordingly. Data base is the most important factor while developing such technology. It’s all made possible with the Natural Language Processing capabilities of AI.

As per Juniper’s new research, it is forecasted that Chatbots will be responsible for cost savings of over $8 billion p.a. by 2022, up from $20 million in 2017 in retail, ecommerce, healthcare and banking industries.

According to TechEmergence, chatbots are expected to be the number one consumer application of AI over the next five years.

Enabling “Search” to be more powerful

Current search algorithm works based on keyword matches, search queries, keywords in product title or description. Thus, it shows multiple different products in search results and reduces the relevancy. It increases visitor’s burden to identify the product they want from search results! So, if customer won’t find the required products within certain time, customer goes away without making purchase and ecommerce sites have to bear the cost of losing customer.

Improving this results with the help of AI will enhance the search performance and of course the sales ratio. AI will enhance contextual understanding, practical intelligence and ability to understand natural language and expression powered with NLP. This will result into increased transaction, consumer satisfaction, retention and ultimately more conversions.

As per the forecast made by Gartner, “more than 85% of customer interactions will be managed without a human by 2020.”

“Image Search” Classification

Many of the time it happens that you wanted to buy certain products but you don’t know the name of it. AI allows image search option to you to resolve this problem.

You can experience this in Pinterest, where you can pin the product you want and then it will pull visually similar such results.

Voice Recognition

Virtual Personal Assistant is increasing day by day with NLP and voice interaction has increased at a compound annual growth rate of 43% from 2015 to 2020 according to Gartner. Voice commands has enabled consumer to do voice search, accepted widely for ease of work and faster process.

Inventory Management

Smart technology is helping you to manage your products and stocks by keeping the track of your inventory, providing analytics report and ordering it when stock gets low. AI also analyse your business, does the predictive analyse and identify the future demands based on current business trends, consumer patterns and factors that are driving the business and industry. It’s not an easy but will yield more results for you.

Samsung’s Family Hub fridge actually monitors the products kept in your fridge with the help of camera and ask you to order groceries when the stock gets low. AI can also recommend you about recipes for upcoming meals based on inventory!

Such technology will reduce human labour involved in managing inventory and is very helpful for ecommerce and marketplace sites to arrange the stocks.

Personalised Product Recommendation

You searched for particular product on ecommerce site e.g. on Amazon and left without making purchase. When next time you will browse any other site, you will see the ads for that product or such relevant products over there.

AI recommends you personalised products based on choice and likelihood based on your search history. This gives easy platform for customer to buy the product quickly without much hustle of searching it, also enabling more business of ecommerce owners.

Predictive Analysis and CRM

AI has the ability to do all the predictive analysis of your customer’s data and will tell you who has the potential to buy the products along with bifurcating customers based on that buying requirements and patterns, who is likely to buy products, what will they buy and many more. You just need to have AI enabled program installed and machine will do everything for you.

Artificial Intelligence will not be limited to this, it is growing at a very fast pace and 2018 is dramatically becoming transforming phase for ecommerce. It would be highly accepted by the benefits it provides to consumers over ecommerce mobile apps or websites. Gartner predicts that by 2020, “AI will be the top most investment priority for more than 20% of CIOs.”

Stay tuned with the latest AI updates and Start implementing it to yield better improved results and gains.

Mobile app push notifications

Maximize Sales from your App Users with Push Notification

Push Notification is a message that pops-up on your mobile screen sent from an app publishers. Users who downloaded the application get such pops-up as and when an app publisher decides to send it. Here, users need not to be in app to receive such notification.

It is a way to communicate with App users directly without any spam

The purpose of sending such notification is to communicate with users about latest products or offers and bring them back to app store and inspire them to order and buy the products.

Advantages of Push Notification:

  • High Visibility
  • High Attention rate
  • More User Interaction
  • Easy Communication

As per the study, Push Notifications boosts app engagement by 88%.

Tips to send Push Notification like a Pro,

  • Avoid being pushy
  • Consider it as a privilege to communicate and not a right
  • Hit the right target
  • Strategize the time and message to get best result

subscription commerce

Why Subscription Commerce is Popular?

With passing years, there is a noticeable change observed in the trends and patterns of the ecommerce industries. Ecommerce is no more confined to developing an ecommerce app and website. It has grown more. Convenience and demands of the consumers are the main factors which have led to the emergence of new concept called Subscription Commerce.

Basic Concept of Subscription Commerce

Well “Subscription” is new for ecommerce industry but it has a strong presence in the traditional format such as subscription of newspaper, magazines, TV channel subscription and many more. With the benefits experienced in it, it has now been introduced on consumer demands for online retail too which may incur many advantages through it.

Advantages of Subscription Commerce for Customers

1) Ease of ordering: Subscription commerce gives convenience to order the products or services instantly. Once you subscribe, you can enjoy the perks of receiving orders every month without ordering or reordering it again and again.

For e.g. Vegetables and groceries is something which need to be ordered on daily basis. Customers can easily subscribe for repeat orders and get them delivered daily without placing the order every day.

2) Timely Delivery: Get your products delivered timely every day, every month or every week without fail.

For e.g. Aged people can get their medicines delivered every month on time without any reminders or calls to the chemists.

Not only from the customer’s perspective, it is advantageous from retailer’s perspective too.

Advantages of Subscription Commerce for Retailers

1) Engage the customers: Post installing your app, its quiet difficult to keep your user engaged. Subscription Ecommerce can be one of the ways to remind them about you every month, week or quarter.

2) Long term relationship with the customer: Subscription business gives retailers the ability to communicate with their customers very often and a strong and long term relationship with them.

3) Affordable retention rate: When your customer subscribe for your products/services, the effort to bring them back is almost null. You do not have to spend on display retargeting, social, email, etc. to bring them back because they will automatically buy from you either every week, month or quarter which means you have lower or almost no retention cost.

4) High margins: You earn higher margins as the cost on the subscribed customer is almost zero and the revenue earned via them is fixed at regular intervals.

5) Stock forecasting: With knowing the orders well in advance, you get a better idea of how much to stock for future orders and there won’t be any wastage. You get the full- fledged order predictability.

6) Brand building: If a customer receives order on recurring basis, your brand becomes the part of their routine life, and further it can help in spreading a word about your brand. They can also promote your products and services indirectly via social media.

7) Consistent monthly revenue: Get a stable revenue graph with fixed monthly, weekly or quarterly revenue.

Apart from the above advantages, one of the biggest advantages is that acquiring a new customer in Subscription ecommerce means you hold a customer for a longer duration, rather than just a one-time purchase.

Recommended Blog: 8 Must Try Marketing Strategies While Launching Your eCommerce Store

Subscription commerce works well with only few industries. It doesn’t fit well for the industries like fashion, accessories, restaurants and electronics. But there are few industries that can earn maximum out of it.

Industry Verticals Where Subscription Commerce is Beneficial

Grocery: This is the best and the most suitable industry where the subscription ecommerce model can work well as groceries are something which needs to be ordered on weekly or monthly basis and that too in fixed quantity depending on the number of people residing in a family. Maximum chunk have a fixed set of grocery order list that they buy irrespective of any factors through your grocery app.

Pharmacy: Pharma industry is the one who can use the subscription model partially for their ecommerce app. For e.g. diabetes requires a monthly refill that is fixed so for such health issues, subscription ecommerce perfectly fits which provides convenience to the customers with timely delivery of medicines via their online pharmacy app.

Laundry & Dry Cleaning: This is one of the potential industry where the subscription commerce plays an important role as laundries are something which need to be done either daily or weekly and if you generate a certain amount of subscriptions through your laundry app, you can earn sufficient just through recurring orders that if you do not grab new customers then too you will never incur a loss.

Spa & Salon: Even spa and salon industry can follow subscription model partially for the services like quarterly haircuts, threading, waxing and so on which need to be done within specific time period.

Viewing the above we can conclude that the subscription commerce is the future of ecommerce industry and recurring subscriptions are the biggest win for any ecommerce sites.

With recurring revenue, perfect inventory forecasting, and fixed customers, Subscription Ecommerce has a great potential in near future.