contextual commerce and the retail landscape
TRANSCRIPT
Contextual Commerce and the Retail Landscape
During the early days, e-commerce personalization included payment preference indication, wish-list creation, etc.
Contextual commerce, on the other hand, uses advanced customer-centric behavioural analytics leveraged by
retailers across the online and offline spectrum…
…to map customers’ purchase journey and purchase patterns in order to customize recommendations.
Consumer behaviour has evolved.
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.
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.”
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.”
E-Commerce is no longer restricted to text-based search on desktop and laptop devices…
Voice search is expected to be one of the major contributing factors to the surge in contextual commerce.
From retailers’ standpoint, there are multiple advantages of contextual commerce. These include:
Inventory Optimization
Understand Consumption Pattern
Hyper-Personalization with User Analytics
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