The Push for Retailers to Create New Revenue Streams
The Need for More Across the Board
Online retailers worldwide are facing pressure from many directions- from global competition, to customer service/experience management, to keeping up with changes taking place in eCommerce. As such, revenue system management has moved up the ranks in terms of strategic urgency for 2018. Effective business decisions need to be made well before the competition gets the chance, in regards to critical elements such as product placement, order fulfillment, and responsiveness of customer service across all touch points.
In order to attain these objectives, integrated systems are necessary which would help support the strategic management of revenue drivers. This typically calls for the integration of web-based, and mobile-based applications. This is a key component in efforts to enhance the eCommerce experience to positively affect profitability. It is up to systems experts to envision the development of new revenue stream environments based on organizational goals. Conversations with key personnel would needed to prepare and execute plans, in addition to identifying opportunities for improvement within the scope of the project.
Convergence of Visual Search
Since the beginning of 2017, it has been clear that the most lucrative new revenue streams in eCommerce are those that stem from convergence of multiple channels and consumer touch points. In some cases, the answer can be as simple as implementing a Facebook chatbot to act as a digital personal assistant to your own website. The AI of such a chatbot will help keep customers engaged, and spare them from frustration if items they desire are out of stock, by presenting them with comparable alternatives at different price points.
Another feature, which is increasingly becoming popular is the implementation of visual camera apps on mobile websites and applications. The visual search camera by Syte in particular only takes 24-hours to implement, and benefits brands by instantly acting as a revenue stream, while serving to enhance the experience for customers along their journey. Customers would use the visual camera feature by uploading images of interest (taken from real life, the Internet, or screenshots from social media) which will yield results of similar items in the collection of your own website.
One of the best things about adding visual search tools as a revenue stream for your business is that it instantly gives your brand a technological edge through the increase in customization, personalization, and overall instant gratification for the customer. And the focus on mobile is more important than ever, especially considering how mobile traffic is typically on par with desktop traffic, and leads to greater sales. Here are some interesting eCommerce mobile stats, as presented by OuterBox:
- 125 Million U.S. consumers own smartphones
- 50 million U.S. Consumers own tablets
- 62% of smartphone users have made a purchase online using their mobile device in the last 6 months
- One third of all eCommerce purchases during the 2015 holiday season were made on a smartphone.
- eCommerce dollars now comprise 10% of ALL retail revenue
- 80% of shoppers used a mobile phone inside of a physical store to either look up product reviews, compare prices or find alternative store locations
- An estimated 10 Billion Mobile Connected Devices are currently in use
Now more than ever, people are spending more time on the Internet using their connected mobile devices, and they are doing so with eCommerce intent in mind. The figures get even higher when holidays roll around. OuterBox also writes,
“Statistics show that 40% of users will go to the competitor after a bad mobile experience, yet an alarming 84% have experienced difficulty completing a mobile transaction. That is an incredibly high number, and it shows just how great the opportunity is for companies to capitalize on consumer conversion just by creating mobile responsive and user-friendly websites.”
Now is the time for retailers to look into new ways to create revenue streams for 2018 and beyond, while catering to the demands and needs of customers at the same time. With that in mind, the convergence of visual search and mobile is the way to go. It can only take 24-hours to set up, regardless of the quantity of products offered, and ultimately serves to be a win-win for all.