contextual commerce and the retail landscape
TRANSCRIPT
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Contextual Commerce and the Retail Landscape
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During the early days, e-commerce personalization included payment preference indication, wish-list creation, etc.
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Contextual commerce, on the other hand, uses advanced customer-centric behavioural analytics leveraged by
retailers across the online and offline spectrum…
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…to map customers’ purchase journey and purchase patterns in order to customize recommendations.
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Consumer behaviour has evolved.
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Analytics, combined with technology, has enabled retailers to put the right products in front of customers at a time when they need them the most.
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According to a retail study conducted by Foresee Experience Index (FEI), “82% of smartphone users turn to their phones
inside a store when making purchase decisions.”
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Further, the FEI study says that “50% of those who purchased from a retailer online also had an in-store experience in that same period.”
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E-Commerce is no longer restricted to text-based search on desktop and laptop devices…
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Voice search is expected to be one of the major contributing factors to the surge in contextual commerce.
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From retailers’ standpoint, there are multiple advantages of contextual commerce. These include:
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Inventory Optimization
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Understand Consumption Pattern
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Hyper-Personalization with User Analytics
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