Mary Meeker's Internet Trends reports are hotly anticipated and encompass a wide world of data, critical statistics on the key trends in digital business and technology disruptions. The remarkable depth of her interesting presentation can be very overwhelming. We have picked 5 most important e-commerce highlights and critical points from every retailer´s perspective.
Millennials - the largest generation with rising spending power
Millennials encompass 27% of the U.S. population, and they are moving into their prime spending years, which is leading to a change in overall purchase trends. 52% of millennials are more likely to make impulse purchases than any other generation, while 8 out of 10 baby boomer decisions are driven by practical decisions. Their unique experiences, set of values, and knowledge-based shopping habits shape how retailers sell, forcing companies to examine how they do business. Online retailers interested in appealing to millennial consumers need to provide them with a much more social and engaging shopping experience. One of the key words that describe how retailers need to perceive millennials: “inclusion.”
Physical Retailer become Digital Retailers
Retail brands will continue to mature digitally and the most essential way to mature will be by using the wealth of data available to them to build a more effective marketing and modern customer experience. Even if personalization has been a buzzword for a long time, it now requires a far more holistic customer view that requires rigorous data collection and analysis of it too.
Micro-data driven engagement
Customer-centricity is becoming a must for every retailer and in order to build revenue retailers need to gain insight into their customer base. Creating Spotify-Like and Netflix-like experiences in e-commerce means shifting to user-curated shopping that is personalized to each and every consumer. It is now an expectation rather than a desire.
In addition to that, social commerce is taking the notions of convenience - providing an optimal user experience for every digital buyer. For example, Facebook Buy Buttons and Pinterest Buyable Pins are perfect examples of social commerce adoption and a proof that merging the new big trend in e-commerce. Last but not least, personalization does not end during the purchase, data-driven and customer-centric retailers collect need to use the information.
China as e-commerce leader
China is becoming the world's largest and most dynamic e-commerce market. By 2018, it is estimated to reach about $610 billion - passing Europe and United States combined. However, digital-commerce potential is very complex and being successful requires understanding how to operate in multi-platform e-commerce environment.
Data as a platform is exploding
Data as a platform is exploding: the amount of data retailers collect is increasing every single day and analyzing all of it is increasingly crucial for every business that wants to manager their operations, customer insights and personalization strategies.