Just like a purchase is an exchange of currency for an item that the consumer finds valuable, the shopping experience a business creates has value. As sites add more content, including videos, and increase engagement with valuable customers, they find that these customers are less price sensitive and don’t comparison shop. This is something that four-wall retailers have known for years – service and merchandising really matter to certain segments of consumers.
Increasingly, how you interact with consumers online matters as well. As consumers spend more time online, their expectations for engaging and informative experiences are only increasing.
In recent conversations with leading retail customers, I have noticed them stating that their sites are moving away from a one-and-done e-commerce mentality. Their sites are increasingly about engagement, community, and becoming a trusted resource for information. Their value then is not just in providing products, it is providing information about those products and allowing their customers to share information and experiences. Retailers like Artbeads, Aurora Fashions(UK), and Revzilla all have expressed these views.
So, what does this mean? For many retailers, how they handle relevant content delivery is going to be critical to their success. Beyond product recommendations, sites are increasingly going to need ways to manage and deliver relevant video content and more. Personally, I am excited by this transition. This is what we have been talking about for years and delivering for customers and Baynote is ready to continue to support our retail customers as they move into this new paradigm.