What's the Buzz in E-Commerce? Here's What We Found Out at Fashion Digital LA
Fashion Digital Los Angeles set up shop at the Directors Guild of America last week to provide a conference dedicated exclusively to apparel and fashion e-commerce. The event, which was held on May 16, drew hundreds of retailers who got to hear from leaders in the field as well as mix and mingle throughout the day. Speakers shared their stories and discussed key strategies as well as challenges in e-commerce. Keynote speakers included Lubov Azria, chief creative officer of BCBGMAXAZRIAGROUP and Eric and Susan Koger, co-founders of Modcloth. In addition, industry leaders such as Refinery29, The Zoe Report, Pose, Amazon, HSN, Guess?, Inc, Sole Society and HauteLook shared their expertise. If you have a website or are thinking of entering the world of e-commerce, here are a few buzz words from the conference that will help you be on top of the e-commerce game.
Responsive Web Design (RWD)– With an increasing number of consumers shifting from pcs to mobile devices and tablets, it’s necessary to create a cohesive and functional website design that works well across all platforms.
Conversion Rate – This might sounds like terminology for converting Euros to dollars, but in e-commerce, it’s the ratio of converting casual visitors to a website into actual customers. According to numbers presented at the conference, the average online conversion rate is 1-2% versus 20 to 30% at a bricks and mortar store. Increasing the conversion rate increases sales.
Content + Commerce - Brands are integrating content such as trend stories and videos into their websites to help increase engagement, educate and inspire customers and provide opportunities to shop. The goal? Monetization and an increased conversion rate.
Brand DNA – Know your brand. Advice from Lubov Azria included staying true to your brand’s aesthetic, which will help distinguish your company in the highly competitive, online world. Creating a unique brand story, such as Warby Parker’s affordable online eyewear concept, can help a company succeed alongside mega e-tailers such as Amazon.
Engagement – Creating interesting, high quality content will create a dialogue with readers &/or customers to help educate and inspire them. Editorial content and video tutorials are great ways to help empower customers to make smart purchasing decisions.
Mobile Optimization – Because online traffic is rapidly shifting to hand-held devices, mobile optimization is a necessity. Keys to optimizing the consumer experience include using large imagery and creating a streamlined, user-friendly checkout process.
Personalization – Consider personalization customer service for the digital age. By tailoring content to create a personalized experience, a company can efficiently meet a customer's needs and ultimately increase brand loyalty. Modcloth co-founder Eric Koger cited “total personalization” as one of his goals to reach by 2033.
Social Commerce – Incorporating social media and community experiences into e-commerce helps drive sales. Creating a passionate sharing community gives consumers a chance to connect in an authentic way and inspire each other in the buying experience.
Conversion Funnel – Getting customers through “the funnel” is the goal of any online store. This term is used to describe the steps a user must take on a website before they are converted to a sale. Creating an optimized experience will help lead visitors to the checkout page.
