With Easter weekend just passed, it is given that some consumers will be making some portion of their Easter purchases online. eMarketer estimates that by 2016, 38% of all business-to-consumer (B2C) eCommerce sales will come from Asia-Pacific, from an estimated 453 million digital buyers in Asia-Pacific (44.4% of 1.03 billion digital buyers globally). The Asia Pacific eCommerce sector is experiencing an unprecedented boom. Riding on the trend of growth, how do retailers keep capitalizing on this kind of shopping occasion to deliver positive experiences quickly and across geographic boundaries to tap into the eCommerce growth?
1. Enhancing customer experience
When a website does not work properly or fast enough and the chosen product is unavailable or insufficiently visible, a potential customer simply clicks on to a different merchant. Customers are now also increasingly taking their grievances to a wide and unforgiving Internet audience. The effectiveness and design of Web design is crucial in hooking customer’s heart.
Harnessing the growing importance of mobile devices in the region is essential as the highest mobile penetration rate drives the growth of online transactions. Customer empowerment driven by mobile adoption allows online merchants to reach otherwise inaccessible audiences. The rise of alternative consumption platforms on mobile devices (social media, shopping apps, eCoupons, etc.), combined with niche products and cost-effective service offerings, also multiplies merchants’ opportunities to reach and engage buyers.
Improving the quality of customer experience means ensuring performance and guaranteeing a consistent service regardless of the chosen device. An effective IT infrastructure and the expertise to speed up page loads or deliver content over multiple devices are equally central to a positive customer experience.
2. Improving time-to-market
“Time-to-market” comprises everything from being aware of current trends or carrying sufficient stock of in-demand products to being able to sell and distribute these products before competitors. Applied to eCommerce, where trends, products, and customers move at the speed of light, this concept also includes a merchant’s software and hardware capability to allow potential customers to quickly and efficiently expedite product selection and purchase. Customers are spending less and less time on merchant Web sites. This means both vendors and products have an even narrower window to leave a convincing first impression.
This sense of urgency is also present in online merchants’ capability to acquire, process, and deliver merchandise across borders. The faster a customer selects and pays for a product, the faster the purchase is expected to be delivered, no matter where the product or the merchant is located.
Therefore, customizable, scalable, and integrated eCommerce solutions are necessary. They allow online merchants to leverage cloud computing, optimize application acceleration, and deploy a smooth Web experience that ensures processes are in place to organically accelerate time-to-market and sustainably increase sales.
In the world of Internet-speed, time really is money. Especially when time-to-market has a direct impact on brand image, customer loyalty, and bottom-line.
3. Overcoming geographical limitations
One of the main advantages of eCommerce is that it frees merchants of physical and geographical limitations. Removing the need for a physical location translates to significant savings on overhead, maintenance, and labor costs. From a customer perspective, eCommerce multiplies the opportunities to access products and services. It is quicker and easier for the customers to browse, compare, and purchase any given product, regardless of vendor location.
However, security and reliability are a top-of-mind concern for customers. According to Verizon’s 2013 Data Breach Investigation Report, 99% of attacks on Retail were financially motivated. With proper tools at their disposal, online merchants can adjust the shopping experience – from product delivery and payment methods to customer service and transaction security – fitting the demands and needs of any local population, regardless of the market’s level of technological maturity or type of regulatory framework.
eCommerce organizations in Asia-Pacific have innumerate opportunities to turn today’s pain points into differentiators by finding the right set of integrated tools to fulfill consumers’ expectations.