By Bryan Smeltzer
Digital Retail Revolution | How Visionary Brands are Building the New E-comm Landscape
CHRONICLE 162
CHRONICLE: July 23rd, 2024
“In a crowded marketplace, fitting in is a failure. In a busy marketplace, not standing out is the same as being invisible.”
Seth Godin
Welcome to The Visionary Chronicles. Today, we’re diving into the future of e-commerce. We’ll look at how Visionary, a leading-edge brand, is adopting emerging technologies to reshape online retail and the evolution of new digital-age consumers.
E-commerce has seen explosive growth, accelerated by the global pandemic. In 2023, global e-commerce sales hit $6.3 trillion, projected to reach $8.1 trillion by 2026. This isn’t just growth; it’s a seismic shift in how we shop and do business.
Let’s start with the tech transforming online shopping to understand the opportunity. Currently, augmented and virtual reality are creating immersive buying experiences. Imagine virtually trying on clothes or visualizing furniture in your home before buying. Companies like IKEA and Warby Parker already use AR to boost sales and reduce returns.
Voice Language Processing (VLP) through Voice commerce is another game-changer. With smart speakers in millions of homes, voice shopping is set to hit $80 billion annually by 2023. Alexa, order more coffee pods!
Another rapidly growing technology is AI and machine learning, which are personalizing the shopping experience like never before. They predict what you want before you know you want it, and Netflix video or Nike style recommendations are becoming the norm across e-commerce.
Blockchain is also enhancing security and transparency. It’s not just for crypto anymore. Walmart uses blockchain to trace food from farm to shelf, boosting consumer trust.
Also, let’s talk about changing consumer behaviors. Mobile is now king. Over 70% of e-commerce sales now happen on smartphones. If your site is mobile-optimized, you’re gaining customers. Simple to do, not everyone does it! Just Do it!
Sustainability is no longer optional. 65% of consumers want to buy from purpose-driven brands that advocate sustainability. This applies to products, packaging, shipping, and corporate practices. To gain an edge beyond product, build a sustainability story into your brand.
Social commerce is also booming. Platforms like Facebook, Instagram, and TikTok are becoming virtual malls. Live shopping events, popularized in China, are gaining traction globally. These are brand strategies that, if adopted and authentically managed, can build both revenue and brand equity over time.
Vertical buying journey. Consumers now expect seamless omnichannel experiences. They might research on mobile, buy on desktop, and pick up in-store. Brands that can’t offer this flexibility are falling behind.
So, what does this mean for brands or entrepreneurs? It’s a world of challenge and opportunity. You need to stay agile, embracing new technologies and platforms. But you don’t need to do everything. Find your niche. Maybe you focus on sustainability, or perhaps you excel at creating AR experiences.
The key is to know your customer. Use data to understand their preferences and behaviors. Personalization is no longer a luxury; it’s an expectation.
Avoid trying to compete with Amazon on logistics. Instead, compete on experience, on curation, on community. Build relationships with your customers that go beyond transactions.
Looking ahead, what can we expect? The lines between physical and digital retail will continue to blur. We’ll see more experiential retail, where stores become showrooms and fulfillment centers for online orders.
Cryptocurrency payments will become more mainstream, offering new ways to transact globally.
The metaverse presents intriguing possibilities. Virtual storefronts in shared digital spaces could revolutionize how we discover and interact with products.
To wrap up, here are three key takeaways:
- Embrace technology, but always in service of enhancing the customer experience.
- Focus on building relationships and community around your brand.
- Stay agile and ready to adapt to new platforms and consumer preferences.
The future of e-commerce is exciting and full of potential. It’s not just about selling products online anymore; it’s about creating digital experiences that delight and engage customers.
That’s all for this episode of The Visionary Chronicles. If you found this valuable, please share it with a fellow entrepreneur. And remember to subscribe for more insights on the future of business.
Until next time, keep innovating and stay visionary.
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Stay True, Stay Authentic, be Different, and be Great!
Enjoy the Journey!
Bryan Smeltzer, President
LiquidMind Inc.
#TheVisionaryChroniclesPodcast
#TheVisionaryBrandBook
@LiquidMindsite.com
@BryanSmeltzer.com
© All rights reserved, Bryan Smeltzer, 2024
