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To those running a business in the digital landscape, change is truly the only constant.
eCommerce took its first staggering steps nearly 50 years ago. Today, the eCommerce buyer count spans 25% of the global population. By 2040, it may claim 95% of all purchases made. 24 million sites, 1.92 billion active buyers, and $3.45 trillion of sales in 2019- needless to point out that retail eCommerce has seen nothing but exponential growth since its inception and especially in the last decade. Likewise, the techniques and depth of knowledge required to address the core challenges of such a rapidly changing market also keep evolving.
For the past few years, data-driven customer experiences have played a vital role as the driver of eCommerce success. Seamless shopping experiences and personalized customer journeys have primarily shaped the outcome of marketing campaigns and generated handsome revenues.
Naturally, the question comes up- will 2020 also be the year of the customer? Will the data-driven eCommerce marketing approach stay just as effective? And, how is data entry outsourcing connected to any of it?
Let’s get into the details!
Data Quality, Consumer Experiences, and eCommerce in 2020- What’s the Connection?
Every day, more organizations are turning towards high-end customer experiences. Why?
- As per IBM, 85% of consumer interactions in 2020 will not involve a human agent.
- 42% of customers expect a response within 5 seconds.
- 36% of clients will only wait for 5 minutes for a reply.
These figures depict a pressing need for easy and enjoyable customer experiences, proactive resolution, quick problem solving, and accurate results. In addition to a skilled workforce, businesses are also investing in artificial intelligence, automation, chatbots, and self-service technologies for this purpose.
It’s important to note that data majorly drove this transformation. From figuring out what the customers value the most to discovering the hours where the likeliness of purchase is higher, data holds all the answers. It helps businesses understand the way people shop and the services they like. It reveals insights that are used to create strategies to engage more customers in real-time. Data is also the backbone of innovative technology like chatbots and AI, helping them learn about the consumers’ buying trends and training them to provide more intuitive service.
To sum it up, data forms the core of a successful eCommerce strategy. And, that’s exactly why your business’ data quality should be high-end and uncompromised at all costs. So, when outsourcing data entry in the near future, keep in mind that your data entry service partner should be able to help you shine in the changing market scenario.
The Hidden Costs of Poor Data Quality
$14 million a year– that is the cost of weak data, says a research firm-Gartner.
Considering this figure, it isn’t hard to understand why most organizations use third-party online data entry services. The desire for unwavering data quality drives them. After all, bad data, i.e. wrongly recorded and not relevant to your business goals, has consequences. At best, it’s useless. At worst, it’s a recurring nightmare for eCommerce owners.
Factors that help assess data quality-
- Accuracy
- Consistency
- Uniqueness
- Completeness
- Integrity
- Timeliness
- Conformity
Consequences of not inspecting data quality on time-
- Incorrect business decisions
- Ineffective business strategies
- A false sense of security, and hence, lack of pre-emptive actions to undo the damage
- Reduced productivity
- Increased inefficiency
- Increased operational cost
- Increased overhead cost
- Loss of revenue & brand reputation
- Organization mistrust
- Frustration among employees on dealing with unreliable data
Ergo, while businesses need a keen focus and a proactive approach to stay steady and profitable through the market changes, the upcoming year beckons them to pay closer attention to their data.
Five eCommerce Predictions for 2020 That Indicate a Growing Dependency on Good Data
1. Moving Towards Meaningful Metrics
Data-driven marketing metrics are at one of their finest stages right now. Present-day KPIs go as deep as showcasing intricate details like-
- Click-through rates sorted by geography, variant, and day-part
- Domain-wise ad impressions
- Engagement data sorted by social media platforms
- Cost per lead, sorted by advertising, human resources, marketing distribution, technology & software costs
- Customer lifetime value
- Ad-spend ROI
Analytics has reached a point where every minuscule aspect of a marketing strategy can be quantified to assess its costs and returns. However, the abundance of such metrics has also landed data-driven marketers in a notable dilemma.
Should you, as an eStore owner, feel contented with the peak data? Or, is there a need to go beyond and look for something better?
2020 will require eCommerce owners to probe deeper into their conversion metrics to assess the factors that influence business decisions as well as the data that influences those metrics. For instance, think about outsourcing data entry for your eBay store. Wouldn’t it be better if, instead of merely using top-ranking keywords in your product content, they use ones that drive better conversions at lower costs? The way a data entry service provider makes use of meaningful metrics will soon become a critical factor for hiring them.
2. Refocus on Customer Experiences
Over the last few years, it has become increasingly clear that customers value genuinely delivered experiences more than anything else. Not surprising, since a buyer’s journey doesn’t seem to stop at any definite point owing to the digital era. While the opportunities to engage them have grown, so have the chances of disappointing them.
As per a Walker study, customer experience will become a more crucial key brand differentiator than product and price by late 2020. This prediction is reflected in the fact that 86% of buyers have no problems paying more if it means they’ll get a great experience.
eCommerce owners will need to bring their focus back on creating experiences that hold value and deliver high-end service to a buyer. You need to understand what they want and use that information to personalize their shopping and browsing journey. Take notes from Amazon in this case. They design individualized recommendations in real-time by utilizing accurate data and machine learning capabilities.
3. Ethical Means of Collecting Data
Privacy lawsuits have been a raging flame in 2019. Google is still fighting a £3.3 billion lawsuit for violating the privacy rights of Safari users and tracking their web activity in 2011 and 2012. Facebook is in hot water with a $35 billion lawsuit for mapping and using facial data of its users without consent. Consumer privacy acts are being considered all over the world with serious concern regarding the transparency and privacy requirements of internet users.
What does that mean for eCommerce businesses?
A loud and clear “I agree” agreement will soon become the norm for websites. Privacy policy language, the data you collect, the methods you use to store it, the way that data is used for remarketing purposes, and such other factors will need to be sorted out beforehand. It all boils down to creating content that’s engaging enough to compel a user to share their contact with you, thus opening ways to further communication and reliable data collection.
4. Multi-channel User Experience
If you aren’t providing a consistent experience across all your channels, 2020 is the time to do so.
51% of companies in the present-day marketplace use a minimum of eight channels to connect with customers. However, you’d be surprised to know that only 14% of them run coordinated marketing campaigns across their multi-channel store presence.
When we talk about personalized customer experience, it means a seamless journey through every channel where a prospective buyer may find you. So, while the absence of a multi-channel presence is an unforgivable sin in today’s eCommerce landscape, having it but not utilizing it is an even bigger mistake.
5. The Comeback of Qualitative Data
Metrics, user behavior, analytics, click-through rates, conversion rates, bounce rates- we base a lot of business decisions on quantitative measures currently. However, the dramatic market shifts are once again suggesting that if you want to engage your customers and keep them with you, increase your understanding of them, not just your knowledge bank.
Let’s suppose you outsource data entry to a reputable third party. They create a product listing that contains the right keywords, has the proper creative factor, and is very likely to be on the first page of Amazon search results. But, can those metrics also guarantee that a buyer will stay on that page, try to reach you, or in any way increase their engagement with your eStore?
There’s plenty of metrics around to fuel research. However, 2020 seems to fall in favor of good old consumer surveys and discussions. Asking the customer to describe what they like best about your products, about you as a brand; picking up focus phrases from their descriptions; finding similarities; quantifying survey results- there is a lot of work involved, sure! But rest assured, the quality of data gathered from such research will give you a competitive edge in the market, simply because there is very little guesswork involved.
Enter 2020 with a Reliable Data Entry Partner on Your Side
2020 is special. We aren’t just wrapping a year but a decade. Changes are looming overhead. It’s the time to understand what mattered till now, what’s about to matter a lot, and what is a complete waste of time.
Many companies choose to outsource data entry to save their time, operational costs, and resources. When you set out to find an online data entry service provider, these trends will help you assess them. We suggest you find a data entry service partner that’s not only reliable, trustworthy, and efficient, but also well-equipped to help you succeed in the changing eCommerce landscape of 2020. Need More Help? Just drop a line at info@dataentryindia.in for any queries or requirements.