SLI Systems welcomed leading retailers and e-commerce experts from across Australia to the second SLI Connect Sydney summit last week. Hosted at the iconic Sydney Opera House, the event featured a strong lineup of top brands, including Krispy Kreme, Nisbets, Shopbot, eStar, Braintree, Temando, ChannelAdvisor and Bronto Software. Throughout the day, speakers and guests alike discussed the future of e-commerce and how retailers need to evolve in a fast-changing world.
Change is constant in the e-commerce industry
Consumer purchasing habits are changing. Smartphones and tablets now account for 55 percent of time spent shopping online. And we no longer make purchases through one channel alone.
As Tim Davies, known in the industry as “Mr. eBay” explained, “sometimes we begin buying on one device and then move onto another before making a purchase. Brands need to respond with an omnichannel approach.”
Importantly, it’s no longer just millennials who are digitally savvy. The older generation, those known as digital dinosaurs, are now taking their shopping habits online. And with more disposable income, they offer a new opportunity for e-commerce retailers.
Despite acknowledged challenges from international competitors, there was a real sense of optimism in the room. Retailers are taking steps to remain competitive, with nine out of 10 having updated their e-commerce strategies in the last year and adopting new technologies, such as optimising for mobile.
One of our keynote speakers, Krispy Kreme’s Digital Business Manager, Richard Schulman, emphasised the role of e-commerce tools in providing a high-quality customer experience and, ultimately, driving sales.
“It’s no secret that e-commerce retailers need to streamline their websites and make sure that they are easy to use for the average punter, but the secret is how,” he said. “Most businesses don’t realise how easy it is, or how important it is.”
It’s time to go mobile
The importance of mobile was a key theme throughout the day. Mobile commerce now accounts for 11% of e-commerce sales – and this figure is set to rise.
The growth in mobile has huge implications for e-commerce. No retailer wants to provide a poor mobile user experience as it creates friction for shoppers in finding and buying.
More than half of the retailers at SLI Connect had optimised their website for mobile and tablet – and those who hadn’t, have made it a priority for 2016.
No “silver bullet” for long-term success
Looking to the future, Blair Cassidy, VP of product management at SLI Systems, painted a compelling vision for the role of virtual reality in the future of e-commerce. He challenged innovative retailers to take the lead in implementing this promising technology.
But while virtual reality and other online retail technologies have much to offer e-commerce in the future, a key takeaway from the event was that no single approach or tool holds the key to success.
“There is no ‘silver bullet’ for success,” said panel member, John Menagh, director of sales at eStar. “Retailers must ensure their online and offline strategies are in harmony, so that consumers receive a consistent, high-quality experience of your brand, where ever they are.”
So that’s it for this year’s SLI Connect Sydney! A big thank you to all who attended, guests, speakers and sponsors, and for making our second SLI Connect such a success. The next SLI Connect event is planned for September 15, 2016 in New York City at the magnificent Carnegie Hall! Save the date and stay tuned – registration will open soon. Click here to view survey results from SLI Connect UK, which was held in March.