There has been a rise in consumer expectations when it comes to purchasing, and merchants who are using technology will have a major upper hand in the contextual commerce options.
The art of smooth purchasing options has leveled up the game today. The ability of consumers to purchase as and when they can is not a fictional concept. Still, merchants lag behind when it comes to adopting the strategies of contextual commerce that are imperative to serving their customers better.
We have now reached the digital era and this is where the demand and expectations for contextual commerce witness a hype. Businesses have already started embracing the art of contextual commerce and that makes for a bright future ahead. Soon, we can expect this technology to be in FinTechs too. The internet is no longer limited to just being the place to dump your queries but has emerged as an on-demand marketplace, with identifying and buying becoming the popular trend.
In such a case, only the merchants who know how to make the most of contextual commerce have the chance to win big today. Although there are certain challenges, contextual commerce brings to the table new sales opportunities. Consumers today have become comfortable with utilizing digital channels to buy from their preferred brands. This puts merchants in a position to be aware of all the possible paths that can help them expand their businesses further. Today, social media is not just limited to sharing pictures and updates. Instead, people are using it for businesses too.
Getting to Know the Trend
Contextual commerce is going to witness a major demand in the coming years. A lot of businesses and FinTechs will be utilizing this trend.
Since more digital channels are emerging and experiencing the callout they deserve, this trend of engagement is not going to lessen any time soon. Wearables have continued to rise, with global smartwatch demand and market size expected to be $97.52 Billion by 2028 at 21.5% growth.
Another major plus point for contextual commerce is the use of voice assistants. As per a report by PwC, almost 65% of 25-49-year-olds speak to their voice-enabled devices at least once per day, which is huge and can be utilized in the case of contextual commerce. Voice-enabled payments are soon becoming a major part of digital purchases and are expected to present an addressable opportunity for organizations in the financial services industry.
Contextual Commerce in Banking
While contextual commerce is already stepping up the game in the retail sector, very soon we can expect it in the financial industry too. Taking digital banking by storm, contextual commerce can enhance the customer’s journey by providing them with a faster and more secure payment environment.
Getting Contextual Commerce Right
Contextual commerce is mostly based on customer experience more than anything else. This makes it easy to buy by introducing purchasing opportunities into day-to-day activities. These opportunities should be presented as unique and personalized for each shopper. Similarly, when you stick to the best practices, you can make the most out of contextual commerce easily.
Identify Your Customer – The first step is to understand who your audience really is. Data plays a major role in that. Having the right data at the right time can help you understand more about your audience. You need unified data to maintain throughout the marketing journey.
Offer Relevant Content – Delivering relevant and personalized content is extremely important for merchants to increase their product sales. It also helps them connect with the various digital channels and understand the needs of their customers. An important addition to this could be the content generated by users (UGC) which is more powerful than brand-specific content. Customers today are more interested in knowing the honest reviews by other customers for similar or the same products. This type of content influences them to encourage a faster purchasing decision.
Platform-Independent – Contextual commerce needs to be a platform-friendly option. This means that you must be present everywhere, whether on mobile or desktop, because your audience may be looking for you on any platform. Most consumers take the help of their mobile phones to make purchasing decisions and use social media to influence their purchasing decisions.
The Art of Contextual Commerce
Contextual commerce is going to witness major growth through mobile, smart devices, NFC, POS, digital wallets, IoT, and more. Merchants must have an idea of where their potential customers could be and need to make the most of all the digital channels in order to expand their business. An understanding of the consumer’s behavior can also help merchants know more about market trends.
Furthermore, it is important that the merchants offer a faster payment experience along with their amazing products. Speed is of utmost importance to keep customers hooked to your products. Furthermore, the more secure your system is, the more customers you can retain. In the end, it all comes down to the merchants who can offer a seamless purchasing experience by providing faster, secure, and the right solutions.
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