What does e-commerce have in store for the future?

 What does e-commerce have in store for the future?

The companies that I believe will succeed in differentiating themselves in the future are those that aren't simply selling you something generic that you can get anyplace. They elicit some sort of emotional response. We discussed personalization and data, but it's also about the overall experience. Let's face it if I need something quick and it doesn't matter what brand it is or the quality isn't critical, I'm going to Amazon. I'll get it tomorrow, and it'll most likely be inexpensive. It's difficult to compete with it on a one-on-one basis.

However, we are seeing an increasing number of firms, such as TOMS Shoes, where you buy a pair of shoes and they provide a free pair to someone in a developing country. These philanthropy-driven firms make a genuine connection with their customers. Others may tout the fact that their items are produced in a sustainable manner, or that they are manufactured in the United States, so benefiting our economy and American employees.

It might simply be sharing a story about why they exist, allowing you to connect with why the founders created the product in the first place and why they're so enthusiastic about it.

When customers have a personal connection with a company, they are more likely to shop with them rather than with larger, faceless organizations.

Then, whether it's a physical or digital engagement, it's critical to repay that relationship with a fantastic experience. I believe that in the future, the companies that provide digital and physical experiences that complement each other will be successful. In other words, finding ways to combine the transaction with the experience.

You may have an e-commerce business that drives a lot of the transactional piece, as well as personalized experiences on your digital storefront using data. But, with in-person digital experiences, how can you bring those kinds of things into retail? How can they determine who you are in the store so you can self-select what you want or so they can show you new products in the store based on previous encounters with the brand? There are shoe businesses that use augmented reality to show you numerous types of shoes on your feet, as well as the pricing of various options online, and so on. It'll be fascinating to see how these digital experiences can be delivered in actual venues.