How to Overcome the Impact of Covid19 on Ecommerce
This Covid19 situation will forever change the retailing industry, and also its impact on ecommerce is highly responsible for creating more challenges to the online selling and services up to a huge extent.
As per the mid-April recent news, the U.S. retailer's online year-over-year (YoY) revenue growth is up 68%. These statistics are surpassing the earlier peak of 49% occurred in the month of January. As per April 21, the U.S. and Canadian E-Commerce orders have experienced 129% year over year growth. Also, all online retail orders have experienced a 146% growth. In February, according to QuantumMetric, there is an increase of 8.8% in the online conversion rate that also reflect the level of shopping urgency during the cyber Monday's.
Due to the stay at home orders, more than 306 million Americans get affected. This number is nearly around 95% of the population of the United States. This COVID-19 situation will forever change the retailing industry, and also its impact on e-commerce is highly responsible for creating more challenges to the online selling and services up to a huge extent.
Mobile devices are undoubtedly one of the most popular devices is that they are used by individuals for completing their online shopping. Even there is a wide margin that can be observed. According to the PYMNTS' 2020 Remote Payments Study, around 72% of the consumers prefer to use a mobile device is for completing their online shopping.
With the help of triple-digit order and revenue growth going on the fulfillment systems, order management, E-Commerce, and online retailers supply chains and others are getting tested. This, in order to improve the customer experience online, more energy and intensity have been invested.
The orders regarding a stay at home have eventually affected all the states, but still, there are millions of consumers that are building their online purchasing behavior and habits. Even, there are several families who have done online shopping for groceries, apparel, and entertainment completely permanent, and still there any sort of vaccine available for this pandemic situation.
Paradoxically, due to this fear of getting sick, people are highly moving towards online shopping. Even according to the Morning Consult study, it has been found that more than 24% of the consumers have said that they are not feeling comfortable for the next six months to visit any shopping mall and complete their shopping. Additionally, around 16% of the people said that they would feel comfortable in the next three months. These all the results are highly based on surveys with more than 2000 adults in the United States.
Now, more and more consumers are highly motivated towards staying at home and completing their shopping online. Additionally, people nowadays are highly testing and experiencing newly launched applications for their shopping. Even, people are also launching new experience-driven mobile applications, sites, and touchpoints to provide high efficiency to the customers. Even, considering the fact that people prefer to use mobile devices for online shopping, the eCommerce store owners are also upgrading their sites or launching the sites on the Magneto platform. As it one of those platforms providing the mobile responsiveness feature to the sites. It will not be wrong to state that the mobile Apps changing the conduct of business worldwide.
Friction elimination is important
Account control and security factors must be approached similarly like the personalization of web content, offers, pricing, and promotions. It will help in adapting the buying history and unique customer preferences in an appropriate manner. If the security gets customized for every online customer, then the friction will get easily eliminated, and it will end up getting the most loyal, VIP level customers through the same authentication.
Instead of using the one-size-fits-all account verification method, it is necessary for the online owners to adapt more approaches that can help in managing the friction customer experiences. This can easily be done by expanding the data set that has been used for personalizing and defining the friction approaches by the customers to add real-time.
The micro-segmentation based strategy can also be defined by having the right knowledge regarding the user type, piers, custom data, device-specific, relocation, and others.
This challenge can also be solved by adopting one of the amazing innovative approaches that will use a machine learning algorithm and artificial intelligence. It will help in customising every customer experience, and also it will reduce the friction by segmenting and identifying the common characteristics of the users.
It is actually called the Kount Control – Account Takeover Protection. The best part about this approach is that it helps in identifying the returning customers even if they log in from a new location or any other new device. Instead of blocking their access immediately, the E-Commerce businesses have the chance to provide their customers and appropriate response regarding their logins such as the frictionless experience or any stepwise authentication.
The Kount Control also plays an important role in enabling the E-Commerce companies fraud agents so that they can easily check out the logins and in case any sort of fraud acre then they can easily block it or challenge it as the failed login attempt. Additionally, they will also be able to check out all the normal floors that have been occurring in the business. It is beneficial is a step to be taken to analyze and identify all the destructions.
There are specific dashboards that help in showing up the location patterns so that the logins can be analyzed in a specific period. Additionally, it can be analysed that whenever a person has attempted a fraud.
With the help of patterns regarding the failed login attempts, it becomes easier to identify and stop all the credential attacks and improve the purchasing and login experience of the users. It is one of the most noteworthy facts about this approach. It potentially helps a lot in identifying the risky I.P. addresses and feeds those to the security operations. Apart from this, it also helps in improving the customer experience as well.
There are millions of online customers available that are changing their behavior of online shopping in order to save their time and convenience. The reactions of the users are highly one of the major factors that decide the future of the E-Commerce industry. In order to turn the occasional customers into loyal customers, there are many online retailers that are removing the frictions. Also, online identities and accounts get protected.