U.S. retail holiday ecommerce sales are estimated at $79.4 billion U.S. in 2015. That is a 13.9% increase from 2014.
The simple, time-saving approach of ecommerce complements the typical American’s busy, multi-tasking lifestyle. Why not take 15 minutes to buy online versus driving to the store, fighting traffic and standing in lines all to have the item you were after be out of stock?
Online shopping provides consumers with a multitude of options to peruse, refine and sort however they choose based on their preference. Are all the options too much? Have we become paralyzed by choice? What about personalization?
Curated Ecommerce
Curated ecommerce takes the work of choice out of the equation and pivots the online experience into a few questions that result in a highly personalized experience. It is a digital hybrid combining all the preferred online experiences into a new frontier. The days of one size fits all have passed. Consumers are tired of looking through all the possible options and are opting for a more streamlined experience of personalized, curated finds. Personalized experience becomes even more important, and new brands are popping up with innovative ways to go direct to the consumer.
Curated ecommerce is taking over the Internet, as personalization demands unique product lines that are based on the consumer’s personal preferences. Experiences vary from site to site, but in general the products offered are based on a consumer’s personal taste and purchase history with that retailer. For example, Stitch Fix asks the customer a list of questions to determine their clothing preferences, size, style, budget and personal note, so their stylists can curate outfits based on the criteria set forth by the customer. Each time the customer enters a new order, the stylist has the benefit of past orders, what the customer kept, any new notes and photos. The experience is seamless, from a quick and easy order process to a professionally designed box that elicits delight when it arrives on the customer’s front porch.
Consumers have been finding and gathering since the beginning of time. The Pinterest revolution made it much easier for everyone to start curating their own finds based on interest and share them with the world. Not only do you have your own curated finds but you can also see what everyone else is pinning and sharing—creating curated conversations. Curated ecommerce spun off of our love to curate and personalize.
Curated Box Companies
Curated box companies offer products from beauty to college care packages to stock photos. All branded, personal experiences based on the product space. Consumers get to try items in the comfort of their home. Many of the fashion boxes encourage consumers to update their profile with each curated box to help them improve the personalization with each delivery.
The boxes vary from one-time mailings to subscription-based monthly mailings. The anticipation of looking forward to your box—and receiving and opening it—is a special experience that is difficult to replicate in retail. It feels like a gift from a close friend.
Whether you love gourmet meals, wine, beer, pets, comics, music and more… there is a curated experience waiting for you online. There is even a curated gift box for men where you can pick how the box arrives with one option being fully covered in duct tape. No industry is off limits as stock photo sites are now entering the curated space. Snapwi offers creatives the opportunity to source custom photos from a collaborative of photographers.
Curated Online Boutique
On many sites, curated also entails a distinct collection not offered by other retailers in the market. It is an online boutique of specialty items all tailored to your preferences. Some sites “hand-pick” products they offer from a celebrity’s collection. Companies like LuLaRoe are taking it one step further with curated pop-up boutiques in homes as an offshoot from their online store.
Psychology Behind Curation
Sheena Iyengar and Mark Lepper published a study on choice in 2000. They ran a research study on jams in an upscale grocery store. At a sample table, they offered consumers the option to taste-test six jams versus 24 different types of jam. More people stopped by to taste-test when there were 24 types of jam; however, more sales occurred when the sample table only had six jars. If the customers were presented with too many choices, they didn’t choose anything. Other research studies in the same arena produced similar results. Too many options can be paralyzing and results in lack of choice. It also underscores that what consumers say they will do and how they actually behave are different.
How Does This Apply To My Business?
No matter the industry or the type of business you are running, the amount of choices and variety you are offering could be hurting your business. Are you offering too many products? Are they all selling well? Are you paralyzing your customers with choice? Would your business offering be stronger with a culled down list of products or services?