Monthly Ecommerce #23

Welcome to our electrifying monthly ecommerce news roundup for August! Buckle up and hold on tight as we dive into a whirlwind of exciting updates, jaw-dropping stats, and surprising upgrades from the online shopping universe. So, let's get started.

Conversational AI: meeting buyer expectations and beyond

Last summer, the entire world witnessed a rise in AI capabilities, with ChatGPT and generative AI models that got widely available. These sophisticated language models are tearing down obstacles in natural language creation, increasing efficiency, and improving client relationships while lowering costs.

In these difficult economic times, generative AI is bringing up tremendous development potential for enterprises. It's revolutionary in changing the way businesses function and treat their clients.

According to the report, 73% of buyers sense that Conversational AI may improve their shopping encounters. Get this: 53% of US citizens will abandon their purchase if they can't get rapid answers to their questions. They anticipate immediate replies, between two minutes for calls and under one minute for texting (source: BVA 2022). Moreover, 80% of buyers would go to another brand following only one negative encounter.

But now comes the thrilling part. Generative AI is more than a mere trendy catchphrase; it is a competitive edge for organizations. Companies may gain an advantage, enhance productivity, and increase revenues by putting dialogues at the core of the customer journey and embracing AI technology.

According to a previous Gartner Inc. report, AI was used for automating only 1.6% of global customer contacts. But wait, by 2026, that proportion will have risen to 10% and will continue to rise rapidly!

Generative AI will transform ecommerce by enabling firms to assist clients in new and imaginative ways. Prepare for a year filled with completely automated, excellent interactive ecommerce encounters.

Threads and trends: The Gen Z and millennial impact on ecommerce

We all know that in order to make good decisions for your business it has to be backed up with strong data. So, let’s step into the realm of Digital Commerce 360's latest study, where insights from 1,003 online shoppers unveil intriguing trends. Fashion purchasing is a nuanced landscape, urging businesses to align with shifting consumer preferences. Let's explore these captivating patterns that underscore the dynamics of modern shopping behavior:

1. Hold on to your shopping carts, since 34% of those polled are planning additional online clothes adventures. But who is spearheading the charge? The wild youth! 40% of the 18-29 age group and 39% of the 30-39 age group are eager to walk the digital runway.

2. Now, let's return to the good old-fashioned brick-and-mortar establishments. Those who reply "no thanks" to in-store purchases are in the limelight. And, there's more: shoppers aged 65 and over (41%), 55-64 (39%), and 40-54 (36%), are all joining the "less in-store" queue. Is this a pattern we're noticing?

3. Age is only a number in the world of fashion, and being an innovator is the name of the game. It seems that maintaining one's apparel runway-ready is top of mind for the younger generation. Take a look: 31% of the total group enjoys the excitement of trying something new, but females (38%), the style-savvy 18-29 group (32%), and the stylish 30-39 group (34%), all outperform this average. Besides, when the seasons change, the 18-29 team increases the volume by 6%, while the 30-39 team decreases the volume by 2%.

So there you have it: a digital fashion scoop directly from the polls. Now, let's move promptly and make crucial choices to ensure your business's future triumph.

Amazon's safety alert upgrade: know before you shop!

Consider this: you're enjoying your morning brew and perusing Amazon for delights when you encounter a colorful banner. Clickety-click, and voilà! You're swept away to a page which outlines the possible security risks of the items you've noticed. You'll learn about your alternatives, such as refunds, returns, and repairs.

Amazon has launched a new service that will keep customers up to date on possible safety warnings and refunds. Instead of searching for product recall details on third-party websites, customers will be able to find them on a new "Your Recalls and Product Safety Alerts" page.

Sellers in the United States may join by using Amazon's Recalls Logistics Service (RLS). This strategy allows retailers to thank their consumers who purchased the recalled items. Apart from that, Amazon is the backstage manager, taking care of the refunds and administrative questions for vendors. 

Unleashing summer commerce magic: Shopify's hot new edition

Keep your hats on, because Shopify is bringing you a fiery load of summer joy. We're getting business-specific AI, a slick credit card developed for Shopify's merchants, a new method to exhibit and sell fab things from other businesses, and a streamlined integrated marketplace that makes purchasing easier than ever. That's only the top of the glacier! Here's an inside glimpse at some of the spectacular highlights:

  1. Say goodbye to credit card insanity! Shopify Credit is the ideal business card for Shopify's most loved businesses. With up to 3% cash back on qualifying payments, it's like an enchanted instrument for your spending. There are no extra costs, no unnecessary programs, and it scales with your business.
  2. Need to boost your product lineup? Discover Shopify Collective, your hidden tool for B2B growth. Consider introducing wonderful new goods to your business without the headache of inventory. It's basically cross-selling made simple, and you receive a nice profit on every sale. Cha-ching! 
  3. Selling on several marketplaces? No problem! Shopify Marketplace Connect — powerful software that allows you to fight behemoths like Amazon and Walmart from the comfort of your Shopify account. It's like having all of your marketplace stuff in one lovely bundle. 
  4. Shopify Checkout has received a fantastic improvement. We're speaking about 17 brand-new APIs and enhancements that will allow to create distinct checkout journeys. Consider this: personalized shipping choices, pickup locations, and more, all from within the checkout page. It's a checkout experience like no other!

Shopify's Summer '23 Edition is your ticket to retail enchantment. Are you ready to do some commercial magic?

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Salesforce introduces new features within Slack

Brace yourselves for a game-changing alliance: Slack is about to supercharge the sales game through Slack Sales Elevate - an add-on that interacts tightly with Salesforce Sales Cloud, allowing teams to centralize information and procedures directly in Slack.

Why is this a big deal? Well, let's spill the beans. Sales teams are juggling a ton—think productivity, revenue targets, and keeping customers thrilled. Sales champs are sinking in admin quicksand and clunky tools, gobbling up a whopping 70% of their time! 

It's your secret weapon for sales glory, tailored for everyone from reps to top dogs and the wizards behind the scenes. Here are some of the benefits:

  • First an foremost, all your customer data and insider insights hanging out in one sweet spot on Slack. You can sprinkle in reminders, track your milestones like a boss, and keep your opportunities on a swanky auto-sync with Salesforce.
  • Set your notifications to auto-ping you on all the thrilling wins, fresh opportunities, and pipeline action. Imagine your sales manager getting the lowdown when things shift—perfect for smart forecasting and epic coaching.
  • Soon, you'll be crafting AI-powered magic with no fancy tech skills needed. Imagine creating workflows that get triggered by Salesforce updates, like deal approvals or support needs. Picture this: a shiny new opportunity pops up on Slack and bam! You're nudged to seal the deal.
  • Unleash the power of pre-made templates and Slack canvases that'll have you sprinting through processes like a pro. Think executive briefings and fancy mutual close plans—all decked out with your Salesforce data.

So, there you have it, the lowdown on Slack Sales Elevate. Get ready to boost your sales game, streamline teamwork, and say goodbye to admin chaos. It's time to unleash the sales magic!

Get ready for 3D awesomeness on Amazon: a new era of visual shopping

Hold on to your devices, because Amazon is launching an online wonderland of beautiful pleasures! Amazon's flashy new interactive features are propelling sellers straight into the 3D revolution.

The secret is that Amazon is collaborating with the magicians at Hexa to provide merchants with a spectacular toolbox that transforms their product pages into a 3D fantasy. We're referring to 3D photos, breathtaking 360-degree views, virtual try-ons and a dash of augmented reality magic.

And guess what? You do not require a 3D PhD to get involved in the game! You only have to provide your Amazon Standard Identification Number (ASIN) and witness how your ordinary photograph is transformed into a slick 3D model that works well with augmented reality. 

So, prepare for the future of visual purchasing. It's time to enter a world where things pop off the screen, try-ons are as simple as a tap, and augmented reality provides that additional punch. Let the 3D fun begin!