E-commerce is ever-evolving. Each year new technologies emerge that allow e-commerce businesses an improved way to serve their customers and personalize experiences.
In a recent story on E-Commerce Times experts shared their insights into what trends are emerging next in e-commerce.
Mass customization
KBMax’s Kris Goldhair notes a study by Deloitte indicating that customers are willing to pay for personalization.
Goldhair states the study “found that one in four consumers are willing to pay more for a personalized product, and that reflects what we’re seeing in the market,” he continued “we’re in an era of instant gratification, where customers want what they want, when they want it, and they assign greater value to custom goods as opposed to something that’s mass-produced.” This idea of mass customization is a growing trend in e-commerce.
“Choice overload”
Sarah Assous, senior vice president for marketing at Zoovu defines the term ‘choice overload’. She explains that:
“The myriad of options available to today’s consumers allows them to choose from numerous vendors and explore countless products online. However, while the vast number of product options is beneficial, it can ultimately lead to roadblocks in consumers’ ability to make a selection, better known as ‘choice overload’”
This makes differentiating your offerings and buying experiences all the more important to remain competitive in the e-commerce space.
CPQ for e-commerce
Streamlining the process of customization for customers is a trend more and more e-commerce retailers are turning to. Goldhair explains that “retailers are beginning to discover that the expense of investing in mass customization as a trend is worth the extra sales — especially with the help of emerging 4IR (fourth industrial revolution) technologies like CPQ.”
CPQ creates the ultimate personalized buying experiences for customers. Enabling e-commerce buyers to configure products in the way they need, and automatically see visualizations and quotes is the future of e-commerce.
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