What lessons can e-commerce learn from the gaming industry?
E-commerce companies are adopting new strategies and striving to do things differently so they can make some progress. In spite of the fact that Internet commerce sales have increased significantly during lockdown in the wake of the COVID-19 pandemic, they must be sustained in a profitable way. More exactly, it is necessary to support the new shopping behavior in a profitable fashion. Indeed, the spike in online sales from mobile devices has been quite remarkable, yet it is necessary to do more than just give people packaged goods. As opposed to the e-commerce industry, the gaming industry is agile, mobile, and, most importantly, groundbreaking.
Video games have come a long way since coming onto the market in the 1970s. Gone are the days of Super Mario and Lara Croft. At present, video games provide photorealistic graphics that ensure an experience like no other by imitating reality to a high degree. 2020 was a particularly good year for gaming companies, which have made record sales. Consumers are deploying video games as a diversion and escape. Whether on console or mobile, PC or VR, gaming experiences surge. If you want to build a prosperous business online, you should take the gaming industry as an example. You do not have everything figured out. In any case, there is plenty of room for improvement.
The 3 most common challenges faced by e-commerce
With the Web enabling the proliferation of many newcomers, it is essential to do things differently to stand out from the crowd in modern times. The difficulties standing in the way of e-commerce companies are big and small alike. Let us quickly enumerate the most common challenges faced by the e-commerce industry:
- Shopping cart abandonment. Shopping cart abandonment contributes to lost revenue and affects businesses in several ways by drawing attention to poor user experience and defective sales funnel. Consumers add items to their cart only to leave the website without finalizing the purchase.
- Securing the right technology. E-commerce companies do not adopt the technologies generated by specialists; therefore, they limit their progress. This is regretful given that e-commerce revolves around selling and purchasing via the Internet, through e-commerce portals, social media sites, and websites. A solution like Shopify Plus could come in handy.
- Maintaining customer loyalty. E-commerce customer loyalty is not dead, but it is harder than ever to keep customers engaged. Discount and coupon systems are no longer effective, which means that it is no longer possible to entice customers with rewards.
E-commerce businesses that want a considerable slice of the pie should make an effort to overcome these burdensome challenges.
Frank talk: These are the lessons to be learned from the gaming industry
Adopting a technological view of things
The gaming industry is evolving in parallel with modern technology, which enhances entertainment value and playing experience. Video games are now perfect and they work flawlessly. The timeline for PC/console video game development has shortened owing to digitalization. An experienced team that knows what its doing can finalize a project in a maximum of 6 months. It is not difficult to witness the fast pace of innovation. E-commerce companies should develop a technological focus. In other words, understand that technology is a means to an end.
There are opportunities to build direct relationships with consumers and create supply chains based on demand and supply. Starting to use Shopify Plus is a move in the right direction. Any company should deploy Shopify Plus for e-commerce development in 2020. The newer version of Shopify is designed for large enterprises that handle more than 10,000 transactions per minute. You can automate tasks that boost customer service and engagement for high volume sales. Unless you are able to adjust to the pace of change, you will be at risk of falling behind the latest developments.
Reviewing and monitoring KPIs
Video games are driven by various KPI metrics, including but not limited to retention, daily active users, and k-factor. Adjustments are immediately made to a product if it is considered too difficult or too easy. KPI metrics are extremely helpful because they help make better decisions and achieve success. What you need to keep in mind is that the people behind video games are continually analyzing KPIs, giving close attention to feedback. The e-commerce industry is not far behind, but it needs to take things to a different level. More exactly, it is necessary to address and eliminate problems as they arise.
Using gamification strategies to boost sales
E-commerce businesses, big or small, can take advantage of gamification strategies as far as increasing sales is concerned. Gamification means transferring elements specific to games to external contexts. In Shopify stores, it is really easy to use gamification. Two very important elements can be used: education and marketing. You can incorporate elements of gamification to enable the audience to learn more about your products. Also, you can use marketing with gamification. Woohoo, for instance, enables you to use popups in your online store when visitors want to leave.
There are various approaches to be taken in terms of gamifying your strategy. People shop for fun, which is why it is paramount to offer them interactive and social experiences. Maybe the aforementioned suggestions will inspire you to take a more creative approach to doing business. The gaming market is constantly growing, so it is worth paying close attention to the strategies that companies use to ensure success. It is important to comprehend the unique characteristics of change and prepare for the future.
All in all, we have a lot to learn from the gaming industry. It outperforms other industries by delivering first-rate customer experience, using brand storytelling, and bringing to life communities. The good news is that the strategies utilized by gaming companies can be transferred to other industries with positive effects. E-commerce businesses need not struggle if they apply what they have learned from the gaming industry. If they are not quick to exploit the existing opportunities, others will. E-commerce companies need to look beyond the industry in which they activate and seek innovative solutions.