This has been a busy week in tech and eCommerce, especially with the Apple Worldwide Developers Conference. There’s always much speculation on what will be announced at WWDC, and one thing that was announced was regarding an upgrade on their Touch ID finger authentication technology. Also announced this week was Google Analytics upgrade with ‘Enhanced eCommerce’. The luxury retailer, Barneys, released some new functions on their online store which will help enhance their customer’s exclusive shopping experiences. Wal-Mart, the not so luxurious but affordable and convenient superstore giant is experiencing some challenges competing online. Finally, there’s a new phenomenon surfacing known as ‘Fauxsumerism’ as window shopping goes on a whole new level. Check out this week’s Weekly Wrap Up to see what is going on in the world!
At the Apple Worldwide Developers Conference this week, Apple made quite a few announcements including the release of IOS 8. Which is supposedly the biggest IOS release ever. Also announced was an update on their Touch ID finger authentication technology. This upgrade will allow app companies to use the software to allow their users log into apps with the same fingerprint feature! This can be huge for mobile merchants since it means that it could possibly help facilitate payments. Imagine being able to purchase something on your phone simply be holding your finger down, no more entering long credit card numbers. This would definitely be a step forward for digital wallets to replace real wallets.
Google Analytics is already a super useful service for eCommerce businesses, but they are adding even more features to help online merchants! Their new ‘Enhanced Ecommerce’ feature will provide even more detailed reports for eCommerce sites. Traditionally, Google Analytics focused on details about the actual purchase, Enhanced Ecommerce will look further into the actual shopping behaviour. For example, how do visitors view your products? How far down the conversion funnel do shoppers get? How are their ‘add to cart’ actions? All this and more are information that can be accessed with Google Analytics new features.
Barneys is slimming down their conversion funnel with a new search function! Their new search function was worked on for eight weeks with RichRelevance and is finally live. It pulls in customer data to provide targeted suggestions and more relevant searches. They hope that this new feature will enhance the shopping experience for their customers. As a luxury retailer, this is going to be great for the company since an exclusive shopping experience is valued by their customers. This is only one addition to the many features they have added to their online shopping store.
WAL-MART STRUGGLING TO BE THE CHEAPEST AND MOST CONVENIENT
Although Wal-Mart is the number one company in the world, they still struggle with beating out competitors like they are now with Amazon. This superstore built their reputation on low prices and convenient prices but with online shopping nowadays, this is not a unique selling point. For the last five quarters, Wal-Mart has been seeing a continuous decline in their established US stores. Much of this decline probably has to do with the heavy online competition for cheap and convenient shopping.
A NEW PHENOMENON PUSHING FOR OMNICHANNEL RETAILING
I’m sure we’re all familiar with window shopping – we all do it! But a new phenomenon is emerging that takes this habit to an extreme. Today’s generation of people are becoming “fauxsumers”! These are people that shop without having the goal of actually buying. This habit is becoming more common with features such as wishlists and fantasy building scrapbook platforms like Pinterest. The big problem with fauxsumerism is that it can provide people with the same satisfaction of shopping without spending real money on it. This is challenging for retailers because now they need to adapt. We think this is another reason for the rise of omnichannel retailing!