View of RECENT MARKETING TRENDS AND INNOVATIONS IN AN ERA OF ONLINE SHOPPING

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Vol. 05,Special Issue 02, (IC-IRSHEM-2020) February 2020, Available Online: www.ajeee.co.in/index.php/AJEEE

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RECENT MARKETING TRENDS AND INNOVATIONS IN AN ERA OF ONLINE SHOPPING

1Rashmi,

1Assistant Professor, Department of Commerce, D.A.V College, Abohar

2Kabeer Sharma,

2Pro President, S.K.D University, Hanumangarh

Abstract:- This research paper highlights the trends in the world of retail and e-commerce and employs an analytical method to provide insight into how different innovations and strategies may be structured to better evaluate the directions leading to massive increase in an era of online shopping. The digital technologies available for diverse companies open the door of new opportunities in terms of market and innovations in reaching out wide spread consumers and communicating the potential customers about their products and services they are offering at their convenience. The findings illustrate the significance of bringing innovations and attempts to enhance the understanding of the need for creating new and dynamic structure to facilitate and increase online shopping while using the skill of balancing research and commercial goals. The research also demonstrates the great value of these digital techniques to increase the coverage of consumers by retaining old and bringing new customers and provide directions for future research in this wide field. Future of online shopping is associated with chat bots ( new virtual support service) , voice assistants, augmented and virtual reality, crypto payments, block chain technology, drones and droids (next level delivery system) etc. This journey of online shopping will exceed our imagination and provide a unique e-shopping experience by bridging the gap between the digital and the physical.

Key words: e-commerce, digital, online shopping, chat bots, voice assistants, crypto, block chain, drones and droids, augmented and virtual reality etc.

1. INTRODUCTION

Whether we have already entered in the world of digital marketing or we are going to enter, the landscape is constantly changing and it is imperative to be on the top of the trends while reaching up to customers. Marketers need to focus on customer experience, highly targeted advertising and functionality. In this paper the exciting and important e-marketing trends so as to incorporate the strategies are discussed. These are the baseline which keeps the digital sphere moving forward in 2020 and beyond. In one of the old books of Bill Gates he said that technology and digital infrastructure will put businesses ahead of their competition and this basic premise about evolving technology has proved itself to be true.

There was a time when artificial intelligence, data driven marketing and voice search engine optimization were concepts about which awareness was not there and now in the present era theses are among top priorities for most business owners.

Today marketing technology moves fast and consumer behavior are unpredictable and old methods don’t work forever. Therefore there is potential growth and value in using digital marketing strategies. There is a radical change towards the digitalization. The consumer are looking and searching more on internet to find the best deal form the sellers as compared to traditional or conventional methods. Awareness of consumer's motives is important because it provides a deeper understanding of what influences users to create content about a brand or store. Digital marketing is cost effective and having a great commercial impact on the business.

2. ARTIFICIAL INTELLIGENCE

The role of artificial intelligence is very broad. It is the centre of global business. AI is being implemented in product recommendations, content creation, e-mails, e-commerce transactions.

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Figure 1: Percentage of Respondents using AI Today 3. RESEARCH METHODOLOGY

This study helps in evaluating the trends and strategies adopted in digital marketing.

Design of the research is descriptive. It is a depiction of the situation, as it exists at the present. It is a compelling approach to acquire the data utilized as a part of proposing affiliations.

A. Sampling Design: A sample design is a definite plan for gaining a sample from a given population. It refers to the technique or the procedure the researcher would adopt in selecting items for the sample.

B. Sampling Technique: The sampling technique adopted for the study is non probability sampling. The respondents are choosing on the basis of convenience sampling but the demographic age groups are taken care of. Because of the time constraints, lack of knowledge about the entire universe the sampling method is used.

C. Data Collection Method: The main two sources of data collection are primary &

secondary. Primary source is a source from where we collect firsthand or original data on the topic. Interview Technique was used with structured questionnaire for the collection of primary data. Secondary data is the data which exists already and are directly applied for the study. Secondary data is collected with the help of websites, journals, and magazines.

In this research, data has been collected through primary data as well as from secondary data. Primary data is collected for the first time and is original in nature. It provides the basic and original material for providing researcher’s study of the topic. This study collects data through 50 questionnaires by conducting survey method. Direct personal inquiry method is applied by the researcher conducts on the spot inquiry and puts simple direct questions to the respondents to reveal the exact result. The paper is based on secondary data. The paper is based on extant literature and internet sources. The various articles, researches, reports, newspapers, magazines, various websites and the information on internet have been studied.

4. REVIEW OF LITERATURE AND SIGNIFICANCE OF THE STUDY

To increase awareness and then to take the market lead, online marketing is being integrated into marketing activities. To communicate from customers’ point of view, marketers need to be analytics of customers around 23 times more and definitely they outperform their competitors. Innovations in digital marketing tools and techniques give them an edge to capture opportunities in an era of online retailing. This paper deals with the research and feedback in latest marketing techniques.

To be effective in digital marketing, they need a strategy. The use of technologies to help marketing activities in order to improve customer knowledge by matching their needs is digital marketing. (Chaffey, 2013)

The lack of e-marketing skills affect marketers to be competent enough, as marketing theory is abstract concept and if e-marketer is not practical and efficient then it is of little relevance for a marketing job (Ankers, Brennan, 2002).

Digital Marketing mainly originated from the Internet and search engine websites.

The first search engine was started in 1991 with a network protocol called Gopher for query

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and search. After the launch of Yahoo in 1994 companies started to maximize their ranking on the website (Smyth 2007).

Leeflang, Verhoef, Dahlstorm, and Freundt (2014) supported that alignment of businesses demand is there with more digital skillful marketers. Digital job advertisements have increased the demand for skillful people in terms of marketing digitalization, and online marketing strategies.

With the evolution of Google shopping, customers can browse, compare and purchase products of different retailers without visiting each individual brands’ website.

They can do anything without leaving Google. They can research many and buy the best in quick moment jump. This is the achievement of e-marketing.

4.1 Shopping with Augmented Reality or Virtual Reality

Besides being used in games it is being used by marketers. To bridge the gap between the digital and the physical augmented reality (AR), machine learning and Artificial Intelligence (AI) are capturing attention. Mega brands Target, Lowes and Amazon allow shoppers to picture furniture in their homes. With the help of AR market is anticipated to reach 133 billion by 2021. Shopify is using AR to assist smaller brands through Shopify AR so that they can create their own experience and showcase their products. How powerful the marketing becomes if prospective customer can test the product right there before making any commitment. With the use of augmented/virtual reality, it is ensured that there’s no risk on first time buyer. AR inserts objects into a real-life setting. This allows people to view an item to an environment and see how it will look like when the object is included in it.

With IKEA’s augmented reality app, individuals about to buy a piece of furniture can see how it will fit into space they want to put it in.

4.2 Product Customization

People chase trends and the idea of customization attracts them. Like physical stores, e- commerce retailers too are offering many options so as to customize the purchase and let shoppers get a product which suits specifically to their need and style. In Manhattan, N Y, Levis has opened largest customization and tailor shop and it offers jeans and denim jackets with personalized embroidery. Customization connects people to the idea that they cannot only repair their clothing but they can give new appearance to it. NIKEiD customize their sneakers to make it unique.

4.3 Visual Search and programmatic advertising

Visual Search allows shoppers to find a product just by snapping a photo. It helps the consumers to identify the product across multiple sites and retailers in just a click. As the consumer searches something digitally, other visually similar products get appeared online e.g. in Pin interest lens feature uses it. Data reveals that 86% of digital display ads will be programmatic by 2020. The 3 or 4 targets like the keyword location and time are considered and hundreds of targeting signals are used to individualize the advertisement.

4.4 Conversational marketing

The most exciting trend in digital marketing era is conversational marketing. It is adoption of smart speakers in search query, conversational interfaces and messages. The interaction between companies and customers through mimic human dialogues has been an interesting innovation of the era. Smart speakers support the customers purchase journey and 6 out of 10 smart speaker owners have used them to make a purchase. Speaking in personal tone has boosted the customer behavior for online purchasing positively.

4.5 Chatbot

It uses natural language processing software to encode what customer wants and gives response like a real person to automate handling payments. They will take over 85% of customer service by 2021. Marketers can install a chatbot on website to interact with website visitors on their terms. Chat bots have improved the results by holding a basic conversation with visitors and answer most-asked questions like a live person for customer support.

4.6 Voice search

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Voice search is easier and faster. It enables customers to talk to their phone rather than type. With voice command, they can type while walking without breaking. People can talk faster than they can type. Marketers should optimize their website for voice searches.

Smart Speakers are becoming more popular with the introduction of Amazon Echo, followed by the Google Assistant and Apple Home pod, smart speakers are becoming popular household items. Voice searches are conversational and create voice-command friendly content.

4.7 Faster delivery

Today delivery is getting faster. Shoppers expect their orders to arrive ASAP. The time expected for delivery is on decreasing trend earlier it was two days with Amazon prime, then it became the next day. Now it uses drone technology and delivers orders in 30 minutes or less. There are delivery robot start ups also.

4.8 Digital Advertising and Social Shopping

The world of social sites has also boosted e-commerce. 41% of e-commerce brands are using this feature. Instagram posts, stories, pin interest, face book etc. influence shoppers from their channels. Now customers are able to buy products directly on social platform of their choice. E-retailers partner with social media influencers and spend time and resources to build shoppable social profiles. They blog posts to help businesses it can further be argued that knowing which social media sites a company's target market utilizes is another key factor in guaranteeing that online marketing will be successful

Duopoly of face book and Google dominate paid media investments online. There are shoppable Ads on Google images. We all are connected through WhatsApp and face book and the increasing use of social media is creating new opportunities for digital marketers to attract the customers through digital platform

4.9 Pop up Shows, Events and Experiences and New Breakout channels

Pop up shows are great ways to interact with customers directly, collect data, generate revenue, generate social buzz. From Amazon to luxury fashion brands retailers are popping up across the country. These pop up shows excite the customers for never before seen products and this temporary retail is expected to generate more than INR 400 billion on an annual basis. Real-life events where people can mingle, celebrate, and hang out together give kick to digital marketing efforts. So when brands reach to younger and cooler market, into the real world, not just the virtual one. Pop-up brand experiences, festival appearances, unique, colorful, memorable way customers can interact with people and products is the lead in the future.

Marketing is the other name of creativity. Tiktok is one of the fastest growing and most popular digital platforms to capture and promote digital sales and new market place or e-commerce brands to expand.

4.10 E-mails and Personalization

The future of e-mail marketing is advanced personalization tactics. Marketers leverage this means and earn great revenue than those who are not using it. Email used few years ago is different from what it is now. Emails and messages are personalized to consumer with first name in the greeting, a recent purchase then city/state. These tactics are very effective as they use better targeted e-mails based on the online behavior of individuals. To improve email communications, marketers should repurpose it as a lead nurture and customer engagement tool. They should use it to encourage awareness and direct their behaviors most closely associated with the purchases.

4.11 Digital native brands opening physical stores

Digital native brands are predicted to launch physical stores. E.g. Casper and War by Parker started online and now will be seen in market places like traditional retailers and are predicted to open 850 brick & mortar stores. It is happening both ways. Amazon is also moving to retail traditional and Albertsons are moving to digital economy.

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Initially, multichannel marketing was introduced to allow prospects to communicate with businesses through various channels. Email subscribers can communicate through email and website visitors can communicate through chat or comments. But even though multichannel marketing was a step up from single channel marketing, it didn’t solve consumers’ problems. Today customers just shop when they think. Customers see variety of branded touch points at all parts of the buying journey. Brands need to deliver their shoppers friction free paths to navigate.

That’s why omnichannel marketing provides a better experience for the customer because it provides a seamless and consistent communication process to prospects and customers across all channels. The main aim of omnichannel marketing is to be able to keep track of the customer’s interactions even though they’re interacting through different channels. Companies with omnichannel customer engagement strategies retain on average 90% compared to 33% customer retention rate for companies with weak omnichannel strategies. Keeping track of the interactions with customers on different platforms is very productive in inclining customers.

4.13 Videos

Earlier what people were watching on T.V. is now on smart phones and always at their reach. Video is a big trend online that will continue to grow e.g. with platforms like Netflix, YouTube, Amazon Prime Video, Face book Live. As consumers spend more time on their smart phones watching videos so marketers should take advantage of them.

In a 2017 Facebook earnings call, CEO Mark Zuckerberg said, “I see video as a megatrend. That’s why I’m going to keep putting video first across our family of apps.”

It is creating live, in-the-moment videos so attractive and expected to grow. It is cheaper and authentic source, no doubt customers know that they are being shown what company wants to show but they get involved and taken by emotions, thrill, adventure etc.. With a live video, the only need is a camera and internet connection.

There are many ways you can apply live videos for your business. E.g. by recording the live hosting event of company and then showing it. It adds glamour to product launch, create more awareness for the product and viewers can see the demonstration of how to use it. Website visitors prefer watching videos to reading a text because it’s easier to visualize the concepts. YouTube is the second largest search engine, it creates a huge platform where from large revenue and awareness is generated for business.

4.14 Promote Label Brands

Private label products, if they balance high quality and low price, their sale is growing faster than branded products. When customers care more about quality and affordability than brand name, private labels take a lead and they have full control over the design and supply chain, e.g. in fashion industry it has proved itself.

4.15 Ethical and Value based brands

As educated and empowered customers today are very much conscious and want to buy brands which show transparency and are conscious about the ethics. Stephanie Ertzberger, in San Diego raise awareness about clothing waste and its harmful effects through the launch of her eco friendly fitness apparel company. It uses local marketing channels and social media like face book, instagram. Conclusion Digital channel in marketing has become essential part of strategy of many companies. Nowadays, even for small business owner there is a very cheap and efficient way to market his/her products or services. Digital marketing has no boundaries. Company can use any devices such as smart phones, tablets, laptops, televisions, game consoles, digital billboards, and media such as social media, SEO (search engine optimization), videos, content, e-mail and lot more to promote company itself and its products and services.

5. DATA ANALYSIS AND FINDINGS

Marketers’ behavior and strategies are directed by customers’ behaviors and priorities.

Following are the findings divided into two parts; first demonstrates the consumers profile based on that second table shows the findings of digital marketers regarding the strategies and innovation they follow to capture online shopping.

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Shoppers’ Behavior Showing Relevance of Digital Marketing Particulars \ Age Group 10-25 25-40 40-55 55-70 Knowledge and awareness about

internet

87% 69% 48% 13%

Time spent on watching online shopping sites out of total time spent online

50% 46% 37% 9%

From attraction to actual buying

conversion 40% 24% 13% 2%

How they are approach the shopping sites :

Indirect (e.g. through social media, emails, messages)

Direct opening of online shopping app

75%

25%

78%

22%

80%

20%

96%

4%

Marketers Behaviour Showing Trends of Digital Marketing

Particulars Marketers

Contribution Remarks Social sites Shopping Strongly

Positive

Common among all age groups

E-mails and presentations Positive For official purchases Physical stores along with

digital brands Strongly

positive For apparels and grocery Product customization Neutral Only upper class shoppers

access Fast delivery (1 or 2 days ) Strongly

Positive Customers ready to wait more but quality no comprise

Pop up shows Neutral Only young users prefer it

New break out channels like tiktok

Strongly Positive

Preferred for movies ad and dietary ads

Private label brand Positive Particularly for fashion industry

Video Positive Specially you tube ads

Augmented/ virtual reality Positive Furniture and automobiles Visual search and omni

channels

Strongly Positive

For all users and for all products

0%

10%

20%

30%

40%

50%

60%

70%

80%

90% social sites marketing

emails

pop up shows

physical stores along with digital brands

product customisation

Figure 2: Percentage Contribution of Various Strategies in Digital Marketing

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7 6. CONCLUSION

2020 is believed to be the digital marketing year to look forward to. The new trends, innovations lead and direct the marketers’ new ways to reach to and to attract more customers to business and satisfy them. Still, there’s a lot of world to be explored and implemented to lead in the digital marketing era. Talking about increased mobile use, it’s a steady and speedy source of power. Income for social media ads is rising and most of that growth is powered by mobile spending. In this coming time, we’ll see further more expenditure, increased mobile video and graphic experiences, and great social media ad campaign management. Social media spending requires involvement and a lot of experimentation.

However, constantly using social media is not the end-all answer to come closer to customers. For positive growth, right and balanced approach is must. Now push notifications are seen as the new marketing tool in 2020. E-mails trending is falling, but push notifications are getting wings to pick up the float for remarketing. Push is successful to engage, re-engage, and retain customers. Also, as search engines grow more and more sensitive to user intent; it becomes increasingly vital that every image, video, and piece of content is appropriately tagged with Meta descriptions and alt-text. Search engines use these bits of information to promptly categorize and serve up your content to users.

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