At the close of 2018, experts put together information on current retail trends. As we move into the first month of 2019, these insights will prove to be very useful for e-commerce and brick-and-mortar, startups and established businesses. According to research, the line between pure-play e-commerce and brick-and-mortar retail is not as easy to distinguish as it once was.
Why? The way consumers are choosing to browse for goods and services online is changing fast and often. Although, it’s hard to tell whether the surge in mobile traffic or new developments on consumers’ omnichannel preference is responsible. What is clear is that AI-drive analytics are helping both types of retailers meet the needs of their customers, whether they are in-store, in the comfort of their home or on the go.
Thus far, pure-play brands are leading the way. Pure-play brands, a company that focuses only on a particular product or activity, have an unmatched understanding of their audience. They have developed their entire business strategy around digital consumer behavior, offering the uniqueness and seamless experience consumers today have come to expect.
There’s Room for Improvement
Pure-play brands are ahead of the game when it comes to building digital experiences, and they certainly reap the rewards of a digital-first mindset. They also enjoy higher conversion rates across all devices – a good thing, since anything but a mobile-first approach to customer engagement simply does not work today.
On the other hand, brick-and-mortar brands with digital platforms are lagging behind in this area. While there’s certainly room for improvement, brick-and-mortar retailers do have some advantages of pure-play brands. Most importantly, they are shedding some light on consumer reliance on physical stores.
As far as purchasing journeys, they vary greatly between the two. For the most part, people still choose to do their research online, whether they complete the purchase digitally or in store. Knowing this is incredibly important for brick-and-mortar businesses short- and long-term success.
All in all, AI-driven analytics can help pure-play and brick-and-mortar brands understand the preferences and needs of their users at an elemental level (which buttons remain unclicked, which customer paths are dead ends, etc.). Another great option to ensure your customers have all the options they want in 2019 is to checkout square merchant account. Make sure your customers have the best payment processing options.
Author Bio:As the FAM account executive, Michael Hollis has funded millions by using square merchant account solutions. His experience and extensive knowledge of the industry has made him financeexpert at First American Merchant.