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7 Effective Ways to Use Predictive Analytics to Improve your E-Commerce Sales

Technically, predictive analytics is a data analysis technique in e-commerce business. It helps businesses forecast future growth opportunit...

Showing posts with label emerging markets. Show all posts
Showing posts with label emerging markets. Show all posts

Sunday, December 22, 2024

Emerging Trends in E-Commerce 2025 and Beyond

Packaged e-commerce goods around a globe map.
To continue to grow your e-commerce business, you must always think about how e-commerce will likely change in future. Doing so will enable you to prepare adequately for these changes. Many anticipated changes usually relate to new ways to use artificial intelligence, AI for better performance in e-commerce. You can always anticipate changes in customer experience, acceleration of social commerce, emerging e-commerce growth markets and effective strategies for protecting e-commerce brands and customers. Emerging trends in these e-commerce activities are expected to shape the future of e-commerce business environment. Understanding them and knowing how to productively leverage them can help your own business stay competitive into the foreseeable future. Going forward, it looks like there will be:

More AI Protection in E-Commerce

AI has the potential to help e-commerce businesses address many security challenges the business currently faces. There will be more of these challenges, the reason there will be more AI-powered smart tools in deployment. There will be more email security tools that can identify AI-enabled phishing scams better than many security experts. Machine learning models can be highly effective at detecting e-commerce payment fraud, especially with contextual review to aid in continuous algorithm updates. Since fraud will be more sophisticated and harder to detect accurately particularly in new markets, the use of AI models can help to identify good customer behavior and fraud strategies to get the most value from business expansion and or investments. Automated AI scanning solutions if deployed can help watch the internet 24/7 for brand impersonation attempts. This will make it easier for brands to document, report and follow up on impostor/impersonation ads, pitches, websites, social media accounts and emails. Going forward, AI will even be handier to help e-commerce business owners to build stronger security around their businesses.

More Accelerated Growth in Some Markets

Well established e-commerce markets worldwide presently offer lots of opportunities to connect with customers, but also lots of competition as well. What is trending is that businesses looking for faster sales growth now focus on the fastest growing markets. That is where e-commerce is still gaining users because the online retail field is less crowded. If you want to capitalize on e-commerce growth trends, it’s necessary to understand customer preferences in each new market. You can then create a customized plan for each expansion. The trend has shown that it may be easiest to win customers by selling through the marketplaces they trust the most even though this may not necessarily be the same marketplace.
 
More AI Assisted Customer Decisions

Going forward, AI will still have the most potential to impact e-commerce customer experience just as it is now.  This is because of its machine learning and automation capabilities. If well deployed, AI can manage and improve complex processes such as personalization, product search, customer service and more. Some businesses have discovered that AI-driven product education is a great way to help consumers learn in real time whether a product is the right option to meet their needs. Consumer education options like virtual try-ons, product videos, and chatbots are already helping consumers make decisions but going forward AI has the potential to unify and enrich these resources for better customer decision-making.

Continued Growth in Social Media Commerce

In the years ahead, making purchases on social media is likely to become more of a habit and less of a novelty. This means more and more online shoppers will be shopping on social media. Significantly, more consumers in emerging markets are more likely to make social commerce purchases in the near future. For this reason, businesses that want to grow their social commerce channels would do well to encourage their existing social customers to spend more. This will help to make new customer acquisition assume a secondary role in their growth strategy.

Increased Need for AI Data Protection and Fraud Prevention

Technically, all trends come with challenges. Using AI for data protection and fraud prevention definitely brings with it specific challenges even though it offers many potential business benefits. Ironically, fraudsters will also rely on AI to expand, accelerate and improve their attacks on businesses and even individuals accounts. This is one huge challenge facing businesses going forward because of their sophistication. Many of these criminals can now use AI-enabled spear phishing campaigns to impersonate trusted brands well enough to fool even savvy consumers and employees into sharing credentials. The data harvested from such schemes can be used to take over customer accounts, synthesize new identities to open accounts, or access retailers’ databases to steal large amounts of customer data. Going forward, it is therefore imperative for AI models that leverage customer data to personalize recommendations and shopping experiences to put solid guardrails in place that prevent them from exposing vital data. For most businesses however, protecting customers from social commerce fraud will also be critical for avoiding customer churn and brand damage. In the short term however, e-commerce merchants really need to diligently monitor their brands for impersonation scams across all channels, from the web and marketplaces to social media, SMS, and email.

Friday, January 14, 2022

How to Manage Your Affiliate Program to Maximize Earnings

Dollar bills arranged in fan shape
If you are in digital marketing, you can create some passive income through affiliate marketing. Once you have a strong online presence, affiliate marketing can become your main source of revenue or simply as supplement to your other revenue streams. This appears to be why so many people are turning to affiliate marketing to make some extra earnings online. If however you are just starting out in affiliate marketing, you must carefully decide which affiliate programs hold the right prospects for you right from the outset. Even with the requisite experience in the business, you still need to re-evaluate your approach from time to time and scout around to determine whether or not you’re really making the most of the options available to you. Expert marketers advise that if you want to maximize your earnings in the business, you must keep a keen eye on the following.



Concentrate on Marketing Products you Know

By concentrating on marketing more of the products/services that you yourself know, believe in, and even have used, it becomes much easier for you to generate valuable content that leads to conversions. That way, you can easily link with retailers within your audience and sphere of interests. That is the kind of crowd that is more likely to be compatible with the existing niche of your blog or social media presence. If you want your audience/followers to take action based upon your advice, they must trust you implicitly. That is the best way to get conversions fairly easily.

Always Compare and Contrast Options

Out there on the Internet, there are always several marketing options available and these options are always evolving and changing. There are always emerging markets too worth having a peep into. Just as some markets fall away, emerging markets usually spring up to take their place each having something unique to offer. That calls for constant comparison and contrasting to determine what’s best for you at any time based on the most lucrative options available.



Don’t Shun High-Dollar Products

Among affiliate marketers, there is usually this misconception that high-dollar items are not worth the bother. This is because such products are characteristically more difficult to promote. Yeah, they may be but the big ticket returns that follow a successful sale cannot be ignored. As a general rule therefore, it is always advisable to include a mixture of products that span the price spectrum in your affiliate strategy. That allows you to take advantage of a wide swathe of the price spectrum. Doing so allows you to cover all bases and keep your earnings optimized at all times.

Diligently Research Vendor Support

Vendor support is really vital if you want to maximize your affiliate earnings. Fact is, not all affiliate programs are created equal in terms of the support they offer to their affiliates. It therefore follows that vendors that offer the best support, help affiliate marketing the most. Even if this support is by way of a dedicated account manager who is on hand to answer any queries/concerns, or simply a responsive email or phone system, it is important to make sure you have all the support you need. Some vendors even provide marketing materials like brochures, banner ads/links for you to take advantage of. It pays off to research vendors well enough to really know what they offer before you commit. That’s yet another great way to boost your affiliate program and maximize your earnings.