E-commerce is fast on its way to be the primary shopping platform for consumers across ages, demographics, and generations. This reflects how quickly the market is inching towards a staggering $4 trillion market size by 2020. In Asia specifically, broadband penetration is expected to touch 55 per cent by 2022. More and more consumers are now discovering the conveniences of online shopping. What was once the playground of middle income to affluent demographics in large cities now sees a diverse range of consumer personas. It is not just the urban shopper in a big city who loves the convenience of home delivery and competitive pricing in online marketplaces, their parents back in their hometown too are buying more and more from online marketplaces or stores of their choice.
This rapid expansion of e-commerce, online stores, and marketplaces have brought fresh opportunities for e-commerce companies. At a time like this, mobile intelligence is fast becoming a goldmine for visionary e-commerce brands and marketers. Let us see how.
Acquiring and retaining new customers means discovering new subtleties in their audience personas
One of the most crucial needs of e-commerce brands in such times is fresh, real-world insights about their new audiences that now access their platforms. At a time when personalization is the holy grail of marketing, these insights have the power to make or break brands and businesses.
Brick and mortar stores have always had an edge here because they have on their side generations of personal relationships with their customers. They understand customers’ needs simply because they know them well, and in turn, they are awarded years of loyalty. Due to the lack of real-world touch points, e-commerce brands need fresh tools to discover subtle nuances about the physical world behavior, needs, affinities, and personas of their customers.
Where people go defines who they are, what their lifestyles are like, where they shop, what their shopping needs might be in the near to mid-term future and much more. This is where mobile intelligence – specifically human mobility data – is a major boon for e-commerce brands. E-commerce brands no longer need to rely on just online behavior and site navigation patterns to understand their customers. Using mobile-led data solutions, e-commerce brands now enrich their customer data with insights about their audiences’ real-world behavior. Using these insights, e-commerce brands are finding meaningful connections between how their customers navigate their platforms and how their real-world behavior impacts this online behavior.
Mobile intelligence powers personalized experiences that are similar to physical stores
Traditionally, households around Asia have that one trusted store they rely on for their appliance shopping, another for their grocery needs, and so on. These relationships are based on years of understanding family values and purchase needs. For example, during Diwali in India, when a family in a small town walks into an appliance store, the owner already knows not only their purchase history but also where they live, what they do, and what their average spend in the festive season amounts to. With this information, these offline stores are able to predict what the family might need this festive season and how much they would be willing to spend on it.
E-commerce must have a similar hold on their consumer personas and needs, especially with newer audience segments joining their customer base. By enriching their customer data with mobile intelligence, e-commerce brands now have a 360-degree view of their audience segments.
When e-commerce brands better understand the real world behavior and needs of their customers, their recommendation engines also get more refined, becoming more contextual in the process. It also powers personalized customer experiences – the holy grail of doing business in the 21st century! E-commerce brands must be armed with sharp insights that help them become contextual, timely, relevant, and personalized across all of their touchpoints – from advertising to POS. This is exactly where mobile intelligence is making waves. It is little surprise then that forward-thinking e-commerce decision-makers are using mobile intelligence as a decision support tool across marketing as well as other business functions. When a business, online or offline, understands its customers and is contextual and relevant in their life moments, it earns their loyalty and trust.
New customer acquisition gets more refined with Mobile Intelligence
For an up and coming industry like e-commerce, new customer acquisition remains one of the most crucial business objectives. But where and how do these brands meet these new customers? E-commerce brands are now grappling to identify which specific customers are most likely to buy from them and consequently, become loyalists.
This uncertainty is not good at a time when business objectives and targets dictate that brands reach more and more new customers. Often, this results in customer acquisition campaigns that shoot in the dark without sufficient understanding of the real world needs, contexts and buying journeys of customer segments who might be new to e-commerce.
Mobile intelligence is now playing a crucial role in making these campaigns more targeted towards individuals who have the highest probability of becoming long-term customers. Marketers are building custom segments through mobile-led data solutions and insights that reveal potential customers’ brand affinities and lifestyles in both online and offline worlds. Combine this with online behavior, and e-commerce brands now have access to powerful tools that are helping them tailor their advertising to the right customer, at the right time, and at the right place. This translates to higher ROI on new customer acquisition campaigns.
E-commerce brands, together with mobile intelligence, are ushering in a new era of shopping. This new era promises to be far more customer-centric, contextual, and ROI-driven. Exciting times ahead!