E-commerce is booming. The insights that data can provide become more and more worthwhile. Data attribution is becoming a force to be reckoned with.
E-commerce is no longer the new kid on the block, but rather a quickly growing and evolving market with many opportunities and challenges to tackle. In 2019, the revenue from e-commerce will continue to grow and so will the competition. Statista predicts that e-commerce sales worldwide will amount to $4.88 trillion by 2021, compared to $1.34 trillion in 2014.
The growth of the market also comes with the exponential growth of big data waiting to be mined and used to your business’s advantage, along with the need for ways to work and understand this data. In 2019, we will continue to see the growth of big data technologies, as well as the application of this data in e-commerce and other industries.
Savvy marketing teams will adopt platforms to help them process, organize and glean valuable insights out of their data. Therefore, the use of data integration platforms will become commonplace among e-commerce marketers to have a unified view of all marketing data and extract insight to optimize their campaigns.
Most importantly, the adoption of data-driven attribution will be on the rise, providing adopters with key information to optimize their marketing budgets by looking at the role of multiple touch points in campaigns. With customers more connected than ever across different channels, having a good idea of what is influencing them across their purchasing journey and investing accordingly will be a key competitive advantage.
Thinking in terms of multi-channel campaigns will be increasingly important for marketers. Breaking channel barriers, between e-commerce platforms and brick-and-mortar retail stores could increase customer retention and open new possibilities to reach customers across their purchasing journey. In short, this means personalizing the customer’s experience across all touchpoints.
Expect more and better ways of personalizing customer’s interactions with your brand across channels. Data integration platforms are helping marketers take performance data from websites and marketing campaigns and feeding this back to the websites and campaigns to personalize the offers and content customers see. With the advances of personalization, customers are now expecting more of this.
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