The importance of consumer internet, as well as eCommerce, was brought to the forefront by the global coronavirus outbreak. Customers and leaders are increasingly using digital platforms to meet their requirements and conduct business in the face of technological transformation.
Customers were forced online by retail closures, travel restrictions, and lockdowns around the globe, and huge businesses followed immediately. Ecommerce has already been increasing at a rate of 15% each year on average; however, in 2020, it will have grown by more than double that rate.
According to a UNCTAD assessment, the onset of the coronavirus outbreak in 2020 saw tremendous growth in eCommerce, including online retail sales climbing 3 per cent from 16 per cent to 19 percent of the overall retail sales. Some significant trends, which could also help firms better compete against industry brands & marketplaces simultaneously investing in richer, more personalized customer experience, can assist e-commerce in expanding in 2021 and beyond. Here are a few eCommerce trends you must look out for-
Mobile Shopping will Remain Dominant
The smartphone industry has experienced tremendous expansion. The sale of smartphones has increased by 15% during 2016. By 2021, mobile phones will account for 73 per cent of all retail purchases (Statista, 2019). Improving a company’s mobile customer satisfaction can be a big potential.
The rise of mobile smartphone use has aided e-commerce growth. People shop online and use their mobile devices to explore and study before purchasing. Customers will feel more at ease than ever while shopping on their phones as their trust in online shopping rises.
This is all about getting your customers to feel valued, not inundated when it comes to personalization. Use their name while addressing your consumer. Recommender systems based on demographics or previous purchases might help you to improve your user’s experience. Concentrate on providing as much information, exclusive promotions, and exclusive discounts to them as feasible. Use field insertion to customize your eCommerce email marketing. In the subject line and also as an introductory greeting, include the customer’s name automatically. It’s straightforward, yet it has the potential to boost open rates by 20% & sales by 31%.
Coca Cola technique
Coca-iconic Cola’s “Share a Coke” campaign started in Australia and was brought to the United States in 2014. Every bottle included among the most common first names attributed to that demographic to target millennials. Coke will eventually be adding names on bottles, such as Garcia and Thompson, also according to the insider. The use of last names allows the marketing to reach out to a wider audience.
It was a smart choice to put first names on Coke bottles. It led to increased overall sales in the United States for the first time in nearly four years. It also delivers a cheap thrill and attracts people to try something new.
Several firms have adopted simplicity, allowing them to concentrate on refining a product offering. It also alleviates choice overloading, the notion that having too many options makes decision-making increasingly difficult and less fulfilling, which could be a relief for customers.
Companies that have focused on a small number of items generally start with just one or two.
However, a simple image encompasses far more than product range and c
Company identification. This simple, back-to-basics strategy is also being used in website design that has been shown to boost eCommerce sales.
However, because a company starts with one or two goods doesn’t indicate they have to keep it that way. Several brands began with a smaller catalogue than they have now, but as consumer input grew, they expanded their offerings.
Social Media Shopping
Social networking sites are used by an estimated 3.6 billion individuals worldwide, with Individuals spending roughly two hours each day on them. This means that companies that can locate their target demographic on these channels have a one-of-a-kind opportunity to expand their visibility and sales.
Facebook and YouTube right now are the prominent social media platforms, with 63% and 61% of online consumers, respectively. However, before establishing a social strategy, firms must think about who their target audience is. Users’ age, gender, profession, and income can all be offered by each site. You can explore all the benefits of adding social media shopping options at RemoteDBA.com.
Customers can make transactions with such a tap if a company makes their digital media shoppable, eliminating the barrier of transferring to a website to buy something. As social networking platforms enable businesses to sell through their apps, this practice is expected to expand in prominence. Businesses could stock in-app stores on Facebook and Instagram, for instance, allowing users to execute a purchase without leaving your portal.
AI will be More Beneficial
In the coming months of 2021, the momentum of AI systems development in eCommerce is predicted to pick up. As new e-commerce innovations such as chatbots & machine learning are becoming more widespread, an increasing number of eCommerce businesses are turning to artificial intelligence to better their processes.
As per a 2019 Ubisend survey, 1 in 5 customers prefers to purchase products or services through a chatbot, while 40% of online shoppers are interested in listening to chatbots for shopping specials and continuous discounts.
Artificial intelligence is mostly utilized for work optimization, assessing consumer comments, and suggestion schemes, among other things. Additionally, as AI technology and systems become more economical, it is becoming easier for small-to-medium-sized firms to implement them.
Adopt Dynamic Pricing
Ecommerce retailers can remain competitive and bring new customers by using dynamic pricing. Although if you have the best technology in the market, if you don’t price it appropriately, you won’t be able to sell enough of it. Make absolutely sure your things are priced correctly. By “right,” it means the price at which you seem to have the highest chance of selling your goods and earning the most money.
To figure out the ideal price for the product, utilize dynamic pricing technology. These technologies give you real-time information on your competitors’ rates, consumer preferences, and the perceived worth of your products, so you can figure out what the best price is.
Because these factors are already gathering steam, 2021 can be a year of opportunity if you jump on board as soon as possible. Customers will undoubtedly prefer your company over rivals if you offer omnichannel, personalization, and various payment options.