When you think of trendy retail, one tends to think of apparel and maybe even fast fashion. But that’s not what Mark Mahaney, Managing Director of RBC Capital was talking about at eTail West this morning. In fact, the retail trends he was talking about are the most fashionable to attendees of this ecommerce conference.
The most popular trend is that ecommerce continues to grow. According to ComScore’s recent report, online retail sales are expected to grow into 2013 at about 15%. While retail overall is growing, ecommerce is growing faster, suggesting that this growth is coming at the expense of in-store revenue. This is one of the four factors that Mahaney cited as keys to success: a great tail wind like retail growth, deep management expertise, new products and ineffective competitors.
More than any other success factor, the trendiest is that mobile ecommerce is the new reality. OpenTable claims that 32% of their diners are booking via a mobile device. Many would consider both smartphones and tablets to be part of this mobile trend, but Mahaney argues that the real action is in smartphones, with tablets acting as substitutes for desktop and laptop units.
So for ecommerce executives who really want to grab a larger piece of the pie in 2013, the key is to accelerate growth by capturing mobile traffic. This is great news for those of us who also feel that personalization in ecommerce is critical to engaging customers and driving higher conversion rates. Personalization can be deployed to mobile sites, email and offers as easily as on a product detail page. So if you want to accelerate growth, personalize your mobile approach to ecommerce, and drive your revenue trend up and to the right.
Also see: Maximize Your Resources