Conference Presentation, Keynote
The Future of Ecommerce by Connie Chan
- Algorithms will soon enable hyper-personalized product recommendations based on specific attributes (e.g., neckline, color) and pricing preferences, aiming to determine conversion likelihood in the near future.
- Retailers are expected to merge offline discovery experiences with infinite online inventory to create a virtuous cycle of product discovery, a shift predicted to occur sooner rather than later in the US market.
- Conversion rates are projected to rise through the delivery of increased personalized information, while return rates will decline due to better fit technologies like body scans, augmented reality dressing rooms, and AI-driven inventory prediction.
- New sales strategies will include AI-powered software utilizing real-time data on sales and sell-through to optimize inventory management, alongside increased use of trained online sales reps in chat portals.
- Consumer confidence and sales conviction will be bolstered by live shopping behaviors (tutorials, giveaways), social proof from like-minded shoppers, and FOMO tactics involving limited availability.
- Wasteful purchasing behaviors, such as buying multiple items for returns, are expected to decrease as technology provides greater product variety and fit certainty, while resale programs are being adopted by major brands and startups to cater to sustainability-driven Gen Z shoppers.
- The evolution of commerce relies on integrating interactive technologies across all phases of the shopping journey to ensure product discovery translates into actual sales.