E-commerce is a growing market. People tend to go online when the need to go shopping. For a fact, the E-commerce market is growing dramatically. Over the last few years, the market is growing rapidly. In a recent post of industrial portal revealed that the retail e-commerce market on a scale of retail sales increased by almost 6%. That can roughly be calculated as $5 trillion in the turnover. So by that, you can quickly evaluate the potential growth of the e-commerce market.
It is also an undeniable fact that, for any fast-growing industry, be it any sector, the faster and more prominent the growth is, the harder and more massive the hurdle is, in the path of success. So, here I listed five challenges that are likely to make your journey not pleasant.
1. The Rise Of Mobile
When it comes to shopping, the first thing we check on is mobile portals. There are various facts for this; the flexibility is one of the primary reasons for its immense popularity.
You can have all the option right on your fingertips, and with the advancement of technology and various purchase methods, the process is becoming more and more popular among all the age group.
As a matter of fact, it is not a secret that mobile shopping is at its pick point, and growing each day. According to a recent study conducted by the PayPal, almost every third online shoppers purchase products from mobile shopping.
With the introduction of advanced software, technology and various payment and security measure the number is expected to the growth to a large extent.
However, a study conducted by the Adobe around 53% of the online consumers are not happy with the mobile site they are using. So now it becomes the grave concern for the e-commerce site. They are now optimizing their e-commerce services as m-commerce facilities to cope up with the situations.
2. Machine Learning Exposure
Until last year the Machine learning technique played the most vital part. It is the most significant and most attractive aspect of e-commerce, providing a vast scope for automated the service and personalize the content according to the customer’s experience.
It is a technique which can learn your usual pattern. By pattern it means, the products the customer usually search for. Even the size and brand color every minute details they keep a track on.
When you revisit the application, the machine learning technique personalizes the content just according to the way you want to.
However, as we step into 2018, the big corporate giant like Google, Microsoft and Amazon they are making the technique more accessible and advance. As a result, other portals are lacking behind.
Machine learning brings up a lot of challenges. The salient fact is the majority of machine learning algorithms requires a massive set of data to personalize the insights.
Using that big database and hosting the data is not only expensive. But also takes a great deal of time to process and refine the data. In the majority of cases, the machine learning technique will keep on growing. While on the other hand, some may struggle to keep up with the growing speed.
3. The Data Analysis
The days are gone when data analysis was merely an opinion, not an extreme necessity. Ever since the growth of the internet, the use of data and its expands has evolved rapidly.
According to a survey conducted by the Forbes, they mention the data produced from last two years is beating the existence of data from the previous several years.
With this vast data creation, creating and personalizing meaningful content is becoming very easy. By smartly analyzing the data, it can be possible to develop powerful an actionable insight into customer feed.
However, with this growth rate of data, it will hard for an organization to make a meaningful decision to personalize the content according to customers opinion. Also which value to consider and which are not essential will be a tough decision.
4. The Introduction Of GDPR
GDPR is a regulation that can be turned as a nightmare for any organization. In a recent amendment, the law has changed the way the data has been used.
The general data production regulation is an EU initiative, which states a few guidelines to maintain, to, communicate with the customers.
The guidelines are now valid from May 25, 2018. Any non-maintenance of the instructions may levy a considerable significant penalty to the organization. In that case, an organization has to be prepared about the consequences and ways to deal with the data.
Now, communicating and personalizing the content by analyzing the customer’s data become a bit challenging. Although, without creating a personalized feed customer will not feel happy about the mobile market. As mentioned earlier, today, customers are more inclined towards the mobile marketing. To maintain all the possible guidelines without compromising the service quality is not impossible and surely a challenge to overcome the hurdle.
5. Partner With Technology
The E-commerce market is ever growing and fast moving. This is the most competitive market in today’s market. The organization that fails to cope up with the growing trend now they are on the shore of making big decisions.
With the growing technology, organizations have an opportunity to recreate their communication with their potential consumers.
With the rapid growth of digital technology, will continue to bring surprise and adaptation in the field of e-commerce marketing. Now the e-commerce managers will be more focused more on decision-making abilities.
The growths of the e-commerce industry are at an exponential rate. However, to gain the growth of and be the successful industry they must first overcome the challenges.
These are the challenges you will face in 2018 based on the survey. There are other essential elements too, which may cause some problem while growing in the industry. Right decision at the right time can bring flexibility in this line.