Five Things You Need To Know to Prep for the Future of E-Commerce

Despite the presence of well-established online retail giants like Amazon and Zappos, the e-commerce world is a still rapidly shifting and developing space. In many ways, brands and consumers alike are still catching up with the potential that the technology available to them allows. Here we’ll take you through five of the big things that could change the e-commerce game.

1. The Fight Against Showrooming:

This March, a specialty food store in Brisbane, Australia gained international notoriety for posting a sign in their store announcing that visitors would be charged a five-dollar fee for browsing without buying. Why? To combat showrooming, the practice of looking at products in-store to then purchase for less online. According to Adweek, 60 percent of consumers are intentionally showrooming and less than ten percent of consumers are buying from the same website as the store they are using to showroom. For digital natives (i.e. Millennials) that number drops to less than five percent. The browsing fee plan of the Australian store may have been misguided (charging people to browse your goods is not a permanent solution to the problem if you want to keep people coming to your store), but the fact remains that big-box and small business retailers alike are trying to combat showrooming. Best Buy says that the practice is “now dead to [them]’ thanks to year-round price matching policies, a method which Target has also adopted. Brick and mortar isn’t going anywhere, but it is certainly going to have to adapt to a world where buying online is starting to make more sense to many buyers. Which brings us to…

2. A Mobile App Revolution:
More and more of e-commerce will be going mobile. A recent study from comScore also found that 86 million Americans are using their smartphones to shop…

 
 

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Millennial News Feed

Quote of the Day: The emoji I most send is 100, because I'm 100% real.”—Male, 15, TX

Brands are now #adulting in an effort to relate to Millennials. In 2014, our Chasing Neverland trend reported Millennials’ desire to escape grownup responsibilities and indulge their inner-kid. Since then #adulting, which comically references the so-called adult struggles like paying rent or “showering beforenoon,” has blown-up online, getting mentioned 642,000 times just last year. Now brands are joining on the trend, tweeting out #adulting tips and jokes—but beware of adopting Millennial-speak. According to one social media expert, “if a brand can legitimately talk like a millennial or even a teenager, they can get away with using #adulting. Otherwise, it comes up as fake.” (Digiday

Fox’s Empire Snapchat lens not only garnered 61 million views, it also upped brand awareness for the series. Snapchat has officially released a few stats on their sponsored content in an effort to bring more marketers onto its platform, and reports that the Empire lens ramped up brand awareness by 16 points and increased tune-in intent by 8% when it ran in March. The lens, which “overlaid a graphic of a pair of headphones and sunglasses over Snapchat users' faces with a microphone that they could pretend to sing into,” was played 33 million times and used for an average of 20 seconds before snapping. (Adweek

Millennials may be the key to redefining beauty standards in the fashion industry. Despite criticism, fashion has been slow to diversify, and 80% of models booked for the Fall 2015 season were white. Tony King, a CEO of an advertising agency that works with luxury brands, believes the way Millennials consume content can spark change: “There used to be all these layers between what brands put out and what the consumer saw. Now with the rise of social media and the accessibility of platforms like Snapchat you see a true authentic voice.” While young consumers “are totally clued into a diverse voice,” many brands haven’t recognized their preferences. (Forbes

Millennials without college degrees could be “stuck renting for a long time.” New research is revealing significant hurdles for 18-34-year-olds without diplomas: college graduates without student debt will need on average five years of additional savings to afford a down payment for a starter home, those with student loans will need 10 years, and those who haven’t graduated college will need 15.5 years. Lower incomes are one of the main drivers for the trend, but Millennials without college diplomas are also less likely to get financial assistance from friends and family. (Wall Street Journal

Virtual reality is “inventing a new way to tell a story." A 360-degree app that tells the story of Cirque du Soleil's traveling Kurios show, has been referenced as evidence of how VR is poised to become a revolutionary tool for storytelling. The app puts users “in the center of the action,” spotlighting how the technology could be the “closest to teleportation we will ever have in our lifetime." Experts also claim that consumers will “actually create the greatest amount of [virtual] content for themselves and their friends,” because of VR’s power to let users relive important experiences like birthdays and weddings. (Recode

Quote of the Day: “I can’t live without my desktop computer because it can replace most of the other devices (media streaming, music playing, getting directions, staying in contact with friends, gaming...).”—Female, 25, SC

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