As e-commerce continues to rise, it is important to stay up to date with the latest insights surrounding the retail industry. Bank Of America Merchant Services reveals trends in their latest report, “Improving eCommerce site search” emphasizing how technology can help “meet expectations and grow sales.”
E-commerce has created a vast amount of change in this sector, especially in regard to customer behavior.
“Since 2000, 75 percent of all retail sales growth has come from the online channel1, and the trend of eCommerce taking share from brick-and-mortar retail shows no signs of reversing.” Bank Of America Merchant Services reported.
As technology becomes more prevalent, customers are relying on digital tools to seek a shopping experience. Technology has made purchasing quick, easy, and immediate. Because of this, retailers are put in a position to deliver customers with shopping experiences that meets their customer’s needs. Most of the time, this is a struggle, and retailers are missing the mark.
In order to successfully engage with customers online, retailers need to integrate powerful technology capabilities by leveraging the fact that Google searches make up most of the consumer’s shopping patterns. If your business lacks search results, you will lose customers.
Cracking the nut of online sales growth is all about improving the experience customers have on a website — and that experience starts with search,” says Raoul Aranha, product vice president, Bank of America Merchant Services
“Improving eCommerce site search” released by Bank of America Merchant Services reveals insights that will put retailers in a place to succeed when it comes to online search efforts, and where they fall behind.
Consumers Expectations Are High
According to Bank of America’s report, consumers use search capabilities online with a clear goal in mind of what they are seeking. They have an intent, a need, and it is up to you to provide them with a product that will fulfill all their goals and is easy to find.
In order for retailers to succeed when it comes to search engines, Bank of America’s report suggests that the website must direct shoppers to products quickly and effectively. The report uses Google as an example of an effective site, by resulting in 3 different results: contextual, predictive, relevant, derived from Forrester’s 2015 report, “Google-ize Your Site Search.”
To learn more about the report & the 3 results from Google, click here.
“An estimated 90 percent of customers don’t look past the first page of search results, according to “Google-ize Your Site Search.” The report suggested.
Where Retailers Fall Short
In Bank of America Merchant Services Insight Report, a few trends were revealed surrounding how the retail industry falls short when it comes to search experiences. One of the tips that the report suggests is to understand how shoppers are conducting their searches in the first place, by “understanding the language of shoppers.”
“The primary reason for eCommerce sites’ language restrictions and inability to understand contextual clues to deliver more relevant results? “The technology most eCommerce sites are using for search is too old to support the expectations of today’s consumer,” says Michael Roberts, chief marketing officer, Bank of America Merchant Services.” The report reveals.
To learn more tips, read the insight report.
Bank of America Merchant Services exposes the truth behind shoppers and the evolution of search technology. As e-commerce rises so does search capabilities, and retailers must pay attention.
Today’s technology has pushed search capabilities into a new realm of information. According to Bank of America Merchant Service’s report, the use of complex language and technology creates a challenge for retailers. As a result, retailers must use dynamic tools in order to create a seamless shopping experience for shoppers, who are constantly looking for refined searches.
“For example, faceted navigation search lets shoppers reine their own searches and ilter results, such as narrowing a search for lat-screen televisions by selecting from a list of brands and specifying screen size. However, these systems push the work of inding relevant results onto the user, which can detract from a seamless online shopping experience.” The report reveals.
The Insight report continues to reveal different solutions to retailer’s challenges, such as integrating services into the cloud, voice activation and much more. You can uncover the rest of the solutions here.
All in all, e-commerce has created a new kind of shopping experience, one that is on the go, specific and easily searchable. Retailers must pay attention if they are interested in grabbing their customer’s attention, and to create a rewarding shopping experience.
Reading Bank of America Merchant Services Insight is a step that retailers can take in the right direction. You can find it here.
ABOUT DIGITAL RETAIL TRANSFORMATION ASSEMBLY
Bank Of America Merchant Services will be attending out Digital Retail Transformation Assembly on October 20, 2017, in Salt Lake City.
C-Level experts from across North America’s retail industry are coming together February 15-16, 2018 at The Park Hyatt Aviara in San Diego, CA to anticipate the highly complex digital environment that will develop over the next few years.
This is not just another “Retail” event. Spaces are reserved for the best in the business. Enquire about attendance here!