Technology is creatively transforming the behaviour of shoppers and their desire to browse, discover and purchase around the clock, instantly. Increased connectivity, the rapid rise of mobile and technology-led seamless distribution have all been key components in driving the explosion of ecommerce over the past few years. This has led to ambitious entrepreneurs finding new ways to satisfy the hunger for consumer choice in the digital age. This diversity in early-stage and growth-focused ecommerce businesses has provided a wide choice of opportunities for investors.
Trillenium, makers of virtual reality, 3D and mobile shopping environments successfully raised over £245,000 from 347 investors on Seedrs in late 2015. Recognising the cutting edge nature of what Trillenium were doing, online retail giant, ASOS, also invested in Trillenium to explore innovative 3D and virtual brand adventures online. Providing an opportunity for people to invest alongside one of the UK’s largest online retailers. Trillenium is already in discussions with Harrods, Selfridges and Zalando for their continued expansion.
Technology has enabled a rapid increase to retail accessibility in choice for consumers, and efficiencies in distribution and delivery for retail businesses. In response, shoppers have developed sophisticated shopping habits, and expect the highest levels of technology use to significantly enhance their online retail experience in exchange for increased loyalty. Consumers are shopping multiple stores at the same time, even via mobile and this is illustrated by the exponential rise of retail aggregators.
These online marketplaces satisfy people’s want of discovery and social validation. As humans we are programmed to seek unique experiences that complement our ambitions – whatever these might be. The best ecommerce businesses have attracted an online community by pushing boundaries, with effective personalised campaigns, minimal step checkouts and almost immediate delivery: think Amazon with their one-hour Prime delivery. In turn, they increase customer retention by developing unique brand personalities and generating effective creative content for people to share over social media platforms like Whatsapp, Snapchat and Instagram.
As demonstrated by the appeal of Trillenium, utilising strengths from other industries such as online gaming is fast becoming an integral and highly effective element of the online retail journey. Platforms such as Grabble (Tinder for fashion) and DiscountIF (cashback gambles) have created gamer-influenced dimensions to enhance online shopping.
Are we going to see this trend continue to grow at just a rapid pace as inventive entrepreneurs create new ways to make an impact in the retail industry? We can’t wait to see.
