It’s no secret that ecommerce is on the rise. Each year we are seeing immense growth within the ecommerce sector. For example, Statista estimates that global retail ecommerce will reach $4.88 trillion in revenue by 2021.
However, how can small business owners stay ahead of the trends in the coming years in an effort to meet such large numbers?
If you are an ecommerce business owner, consumer preferences, behavior, and technologies must be part of your nomenclature. Understanding the ecommerce industry as a whole needs to accompany the scope of your existing business plan.
The digital marketplace is fast-paced and highly competitive. The business strategy elements used in 2018 might not be enough to dominate 2019. Ecommerce organizations must continually evolve and adapt to meet consumer expectations.
In this post, we will look at three emerging trends that ecommerce operators would be wise to harness in the year to come:
Ecommerce digital trend #1: Multi-channel selling.
Think of your recent personal purchases. Most consumers utilize a variety of channels to obtain goods and services. We can look forward to more options in 2019. From social selling to ordering through an app or web portal, ecommerce businesses are broadening their reach to meet consumer demand.
Multi-channel selling invokes a need to optimize both offline and online purchasing, while also including elements that may be beyond a small business scope. Bouncing from brick-and-mortar to Facebook and then back to Amazon might make many smaller operations skittish. However, broadening the reach, audience, and demographics of your online sales campaigns will reap rewards in the year ahead. Each new channel brings a host of opportunity that, if done correctly, provides options that modern consumers crave.
Ecommerce digital trend #2: Superior payment processing.
Shopping cart abandonment is the equivalent of paying the fare, waiting in line, finding a seat, only to find out that the bus is out of gas. This non-starter is the despair of every ecommerce operation. The final step in the customer journey must be seamlessly optimized to prevent second-guessing your perfectly orchestrated micro-moment.
Estimates claim that up to 70% of customers abandon shopping carts. Up to 30% of abandonments occur as a result of a complicated checkout process. To avoid ecommerce calamity, it is worth the time and effort necessary to develop a smoother payment process in an effort to build customer loyalty and return business.
To edge out the competition, consider a third-party payment option, especially if you appeal to a global audience. Consumers like to see local payment options, wherever their location may be. A third-party can help streamline payments from Japan to Canada without too much hassle. Be sure to pay close attention to fees. If a better payment option affects your bottom line, you may need to adjust your product pricing.
Ecommerce digital trend #3: Perfect packaging.
If you’ve ever seen an unboxing video, you will know that final product packaging is important. This first impression is the equivalent of brick-and-mortar lighting, musical accompaniment, and the staff’s smiling faces. This long-overlooked aspect of ecommerce is now gaining the recognition it deserves as a way to compound commitment to customers long after the decision to buy has been made.
Experts suggest that quality packaging leads to greater brand loyalty, increased word-of-mouth promotion, and more positive online reviews. Consumers also appreciate eco-packaging, and when acknowledged will appreciate less packaging and presentation in an effort to help the planet. Consider enlisting the help of 3D visualization tools to get a better idea of how your finished product will appear on customer doorsteps. This type of long-reach planning will help assure customers they made the right choice in doing business with your ecommerce organization.
Keep in mind that this list is not all-inclusive. However, each of the three topics covered offers a glimpse at next-generation technologies used to support transformative ecommerce processes. Innovation and strategy is the key to meeting expectations throughout the customer journey. With careful consideration and an eye on emerging trends, you can enjoy a successful year ahead.