The Internet Retailer Conference and Exposition (IRCE) is an annual tradeshow hosted by Internet Retailer. With over 500 vendors and more than 8,000 in attendance, there is sure to be some buzz of what’s to come in the commerce space. We listened to some of the top retailers and thought leaders views of what’s to come in the next generation of ecommerce.
Lauren Freedman, President of the etailing group, spoke on the topic “ What Consumers Want: Listening in on the Consumer Voice.” Through survey and in person interviews, her research investigated what consumers actually think of in-store and online experiences.
The Deal Seeker
Typically found to be a consumer that is shopping for a big ticket item, the deal seeker will search in-store for the same product to find a cheaper price. Not surprisingly, Lauren’s research found that the #1 thing consumers care about is price. After price, comes the quality of the product itself. “The only time they are likely to pay full price is when it is a must-have or hard to find product” she says. When talking price, be transparent. The consumer wants to know what it will cost with shipping, taxes and any additional costs before they get through to the final “buy” button. If you’re honest up-front, the in-cart bounce rate is likely to be lower.
Tablets and Their Growth
As Forrester predicts, 112.5 million users in the United States are expected to own tablets by 2016. In one video interview response to the question “what device do you use most?” one user said “whatever is nearest my fingertips”. Hence the reason it is critical to have consistency of an experience across touch points. A tablet experience is typically better than mobile due to the size of the products on screen. However, most users will use their smartphone or mobile device to do in-store to browsing online. As Lauren says, “embrace m-commerce.”
Unfortunately for smaller retailers, Amazon offers a wide-range of products, typically for a very reasonable price. However, there is room to compete in an Amazon world. As long as you “understand your brand, your customer and provide a relative assortment”, you can compete in an Amazon world.