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Opportunities and risks for E-Commerce in Covid19 Crises

Opportunities and risks for ECommerce in Covid19 Crise

 

The Covid19 epidemic and the associated restrictive security measures taken by the Government have various consequences and have an impact on global e-commerce, both in positive and negative way. As due to the corona epidemic, the government advises people to stay indoors as much as possible and non-essential stores are closed. All events, concerts, sports competitions and other activities are also cancelled.

 

During the lockdown, online trading is 100% secure and only way to get goods to the customer. And even if the stores are allowed to open again, many customers still prefer to do as much of their shopping online instead of going to a store and waiting in a never ending queue to get their daily basis use items. In addition, customers who have never or rarely made online purchases are getting familiar with the e-commerce concept as well.

While online sales are increasing sharply in some sectors, they are almost completely falling in others. Especially for companies active in the sale of tickets, tourism and entertainment, transport sector, the event industry is falling drastically, says Sofie Geeroms of sector federation BeCommerce. On the other hand, companies that are active in health care, or sell clothing, food or electronics via the internet and online pharmacies in particular are seeing their turnover increase. “I think we should be grateful that e-commerce is here to meet people’s primary needs,” concludes Geeroms.

 

According to a Coronavirus Survey Report based on 20 answers collected from national e-commerce associations, company members and business partners between 17 and 19 March 2020, 70% of European web shops expect to have less profit this year due to lower sales. In addition, 60% of them experience problems with deliveries. It is clear that the corona crisis is also leaving its mark online.

 

Biggest Problem: Deliveries

Ecommerce Europe survey demonstrated that, for at least 60% of the respondents, one of the main problems is delivery times. For 55% of them delays or interruptions in parcel delivery is the second major issue followed by a drop-in consumer order for 50% of them. They also face problems such as delays in planning the product range due to travel restrictions, increased absence of personnel or lack of transport capacity.

On the bright sight, the web shops indicate that they can still deliver the most packages to their customers. This also applies to cross-border purchases. In 35% of the surveyed web shops there were more online purchases.

 

Another short survey by Gondola shows that several Belgian web-shops see additional sales. Coolblue Belgium confirms “in recent weeks we have seen a sharp increase in sales of products to equip the workplace at home with materials such as screens, laptops and webcams and to keep in touch with each other. According to the survey, they’ve witnessed a growth of 100%.

 

2020 will be the year of e-commerce and anyone who has the opportunity to set up or expand an online shop as a retailer should probably do so. But what should one take in account before expanding their business online. Here are a few important tips & tricks that are important to consider in the online commerce.

 

Think Long Term

Short-term thinking is tempting right now as we want to control damage quickly. However, do not setup your online shop with the mindset of getting benefit from it only during the Corona crises. If you go online, make your webshop a central part of your company and invest effort until you are really satisfied with it and offer your customers a great shopping experience. Customers notice when an online shop is not maintained. This results in damaging your brand image, customer’s trust and lowers your sales. Make the first impressions count.

 

Do Your Homework

What do customers want? What’s going to sell well? Is my product trending or in decline ? How do I define my target market?  What does the competitive landscape look like? What laws and regulations should I be aware of? What are my barriers to entry? How much do i expect to sell ? Which online shop system are we going to opt for? What payment options do we want to offer? Do we want to connect to other portals? For example, on price comparison portals? Do you need a connection to your ERP system? These are some main questions, among thousands of other, that you should go through before going online.

 

Don’t Ignore Technological Trends

Online shops are now quite complex systems that are constantly being enriched with new skills. The reason for this is very simple: competition. There are some interesting technological trends in the area of ​​online trading. Gartner says 100 million consumers will shop in Augmented Reality online and in-store by 2020. Artificial Intelligence will be used, more than ever before, for data analysis and customer experience personalization, make smart product recommendations and automated chatbots that can have simple conversations with customers. Integration of augmented reality (AR) and virtual reality (VR) to help customers visualize their items before purchasing them.

 

Personalise the Customer Experience

Online trading offers incredible opportunities to understand your customers and offer them a customized shopping experience. An example: The navigation of your shop could prominently display the categories that are particularly relevant for your customer; or you can highlight different product benefits for different customer groups. Implementing personalized experiences on-site or in marketing efforts has been shown to have a strong effect on revenue, with one study finding it had a 25% revenue lift. Recent data also shows personalization efforts can reduce bounce rates by 45%.

 

Conclusion

Online shops offer retailers incredible opportunities – and what might have been born a lifeline in the Corona crisis can later become an integral part of your own company with high sales. Time will tell what new trends will 2020 bring in the ecpmmerce industry. But be prepared as there’s a lot of 2020 remaining,

 

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AI and Automation impact on medium-sized Companies and Organizations

 
The Business Benefits from AI and ML
  • Massive Data Consumption from Unlimited Sources
  • Rapid Analysis Prediction and Processing
  • Simplifies Time-Intensive Documentation in Data Entry
  • Handling Repetitive Jobs
  • Reduction of Error
  • Improves Precision of Financial Rules and Models
  • Easy Spam Detection
  • Interpret Past Customer Behaviours
  • Better Customer Segmentation and Accurate Lifetime Value Prediction
  • Recommending the Right Product
  • Digital Assistance and 24/7 Availability

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Hyper Automation and Artificial Intelligence (AI) are seeping into every aspect of business, from operations to production and from product development to business processes. Processes, tasks and role models – everything is changing with this revolutionizing in the commercial sector. This evolving area of Artificial intelligence (AI) and machine learning (ML) is the future for all businesses, and it’s already affecting the way we live and work today. In fact, research firm Markets and Markets estimates that the machine learning market will grow from $1.41 billion in 2017 to $8.81 billion by 2022!

 

The new digital technologies are having different impacts on jobs in the short and longer term. While automation may displace workers within a sector in the short term, studies are demonstrating that overall employment is growing when looking at a longer period comparing results from different sectors and the World Economic Forum has found that, by 2022, algorithms and other transformative technology could create more jobs – as many as 58 million. Because despite automation and artificial intelligence, people will continue to be important in the future.

 

Artificial intelligence opens up possibilities far beyond currently available functions. PwC estimates that business could save $2 trillion globally by applying intelligent automation to many activities that were previously processed by humans and making employees more productive.

 

Like business of all sizes, SMB are also flooded with data gathered from different sources such as, customer data, supplier data, market data, operations data and many more. AI can quickly pull out insights from these databases and extract valuable data. Managers can get valuable insights on business process from workflow management and/or make sales predictions easily by using data from ERP systems. As AI is able to pull out insights from data easier than human workforce and run the routine tasks to add value to existing business, company can use its human resources to solve potential problems, spend time on creative tasks and boost business ability to innovate.

 

SMBs can also benefit from AI to identify, understand and better target their customers. Business can forecast customer behaviour and run data-based campaigns to have remarkable results with the use of big data and artificial intelligence. It helps them to save a lot of money on marketing and sales efforts by bringing them valuable leads. Not only business can achieve valuable leads and turn them into customers but they can also maintain a good relation and provide a better service to these customers by introducing a 24/7 customer service with the help of AI equipped chatbots. These chatbots are able to handle customer enquiries and provide customer support on time and appropriately, based on the needs of customers.

 

Not only in customer service, artificial intelligence is demonstration it’s capacities in accounting, finance, auditing and tax controlling, fraud detection as well. Instead of recurring routines, data analysis, process control and optimization by automating procedural tasks would be on the agenda of SME by allowing employees to make even more valuable contribution to corporate management. As AI can decipher data and draw actionable insights easily from complicated situations and eliminate/reduce errors, it’s totally transforming and changing the way accounting and tax firms used human intelligence to perform same tasks. With an accurate integration of AI empowered workforce, accountants and bookkeepers can build a value-based business, attract more customers and increase revenue by spending less time that they were used to spend.

 

Customer service and accounting are not the only 2 departments getting aids from AI, sales and marketing are also getting their potential customer’s pipeline faster than ever before by finding interesting leads in their databases as contact information is available for the market you want to target.
By engaging each potential lead in a very personalized way, sales person can turn the lead into a paying customer and recommend the right product with the help of gathered data on the customer.

 

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How to Deliver and Outstanding Customer Service in 2020

Customer Satisfaction 2020

 

Customer satisfaction is defined as a customer’s overall evaluation and experiences made with a certain business concerning its given products, the sales process, and the after- sale service. This overall satisfaction has a strong positive effect on customer loyalty intentions across a wide range of product and service categories (Gustafsson, 2005).

 

What a company thinks its customer wants is not necessarily the same as what they think they have to offer or they actually are offering to enhance their customer’s experiences (Hubert Rampersaud, 2001). In order to remain their positions and become the trendsetter in the new decade, companies must be careful enough if they are wondering what will affect customer experience (CX) or customer satisfaction in 2020.

 

A study by the American Society for Quality shows that 67% of customers leave a company because of an attitude of indifference on the part of a company employee, 22% leave a company because their loyalty isn’t rewarded, 34% of customers leave because of dissatisfaction with the product, 10% of customers leave for other reasons (death, relocation, etc.) and 99% of customers leave because of competitors and they believes that you don’t care about them.   Therefore, improving and personalizing customer experience is the top priority for over 55% of companies.

 

In order to have a continuous improvement of customer satisfaction, companies must respect a 4 steps cycle which starts with listening to voice and needs of customers then analyzing their comments, developing actions and at the end implementing. And to achieve a thorough customer satisfaction, companies need to implement good working condition for their employee’s satisfaction, which then will lead to loyal employees and by preparing all this, good production would be followed which will be influenced on customer satisfaction and retention by making them loyal.

 

More and more companies are implementing automation in their process for cost reduction related with customer services ‘human’ agents but a report from Forrester “Customer Service Chatbots Fail Consumers Today” shows that just 63% of consumers are satisfied with their experience with a chatbot”. Humans are still crucial to the service aspect of 2020 digital CX. They must work in collaboration with chatbots to provide the best customer experience possible.

 

Sometimes the key to your customer’s heart lies not so much in giving them what they ask for, but in anticipating what they will need and giving it to them before they ask. And you can do that by putting yourself in their shoes. Think about your memorable experiences that you’ve come across while shopping for a car, furniture, coffee, service etc. What needs and emptions you had while making a big purchase and how a company helped you or could help you to minimize your fears, make you feel appreciated and valued?

 

According to Accenture, 75% of consumers are more likely to purchase from a company that knows their name, their purchase history, and/or recommends items based on their purchase history. So, if you can guess and anticipate meeting your customer’s needs before they even know they need them, a greater success in achieving customer satisfaction and loyalty along with an enormous edge over any other competitor in your industry is guaranteed.

 

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Powerful use of AI in Customer Service

Powerful use of AI in Customer Service

AI technology has long history which is actively and constantly changing and growing. As the AI era continues to unfold, it’sset to play an increasingly prominent role in our day-to-day livesand becoming one of the most important technology trends of our lifetimes.

According to researcher Gartner research, 85%of customer service operations will use Virtual Customer Assistants by 2020and will drive up to $33 trillion of annual economic growth. As today’s Artificial Intelligence (robotics) has the capabilities to imitate human intelligenceby performing various tasks that require thinking and learning, solve problems and make various decisions companiescan provide a better customer-oriented service with the use these software’s.

 

Here below are fewbenefits that AI-based systemsprovide in Customer Service.

 

Chatbots

Artificial Intelligence is redefinesthe customer service standardswith the use of advances chatbots. With chatbots, powered by AI, answers can be found automatically for a large number of customer questions,better and quickerthan by the call centre employees.However, for chatbots, clearly defined tasks should be defined; basically, they are most efficient when addressing a limited topicBut as Natural Language Processing and Machine Learning are making these Chatbots work far better, and their scope in providing service is increasing as these bots process more information and detects consumer behaviour in all terms.

 

Multi-channel Support

Artificial intelligence customer support has capabilitiesdirect the customer quariestowards alternative support channels when necessary. For example, if a Chatbot is unable to solve a particular query, AI will direct the customer to the call support channel to resolve the issue. This provides a bettercustomersservice, as theyhave their issues solved efficientlyand quickly.

 

Automated Response

AI and automation are already having a profound effect on business communication. With the use of automated response system, AI can take-off a lot of load from customer service teams. With the integration of automatic replies, they can save time and offer quick replies.Based oncustomer data, AIcan help identify customer issues and concerns even before they get in touch with customer serviceand generate the answer that is directly related to that customer’s situation.

 

24/7 customer service

For a company, either is a medium or large sized, it’s impossible to hire a customer support available 24/7 as its overall cost can exceed their budget. Thus, AI is the solution that can manage flawless their customer service operations with itsimpeccable capabilitiesofhandling all problems with fluency and precision.

 

Language barrier

A company that is expanded at multiple locations might face difficultiesto provide acustomer support network in different regions with different time zones. But no matter what your communication medium or language you want to install, AI can managefast, reliable, durable, multilingual and hassle-free technology. These are, of course, some few promises of AI for your business.

 

With the use of artificial intelligence in the field of customer service, companies aim to realize an optimized customer experience – across channels and in real time. First and foremost, AI technologies and machine learning processes are elementary tools to achieve a significantly higher level of customer focus.

 

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