Commentary: Envisioning a brave new e-commerce world
NEW YORK -- With all the exciting advancements in consumer technology, why is it that innovation in e-commerce is stagnant? The status quo of the digital shopping experience has not changed since the dawn of the Internet. Today's consumer experience still consists of a two-dimensional, unimaginative website. Yet, when you look at consumer technology, there is an exciting world of wearable's, "smart" technology, and even virtual augmentation. Why the disconnect? With all the capabilities we have today -- power of big data and the proliferation of communication platforms and technologies -- the digital shopping experience has the potential to be exciting. Yet, it makes up only 7% of U.S. retail sales, according to Forrester Research, and conversion rates hover around 1% to 2% -- virtually unchanged since 1995. Additionally, up to 70% of traffic driven from search bounces off the first page of a website, never making it past one click.
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