The consumer industry is facing unusual disruption coupled with large and small industries. This is the time when you need to optimize your business growth. By realizing efficiencies of your business, you need to create an irrepressible strategy to survive the uncertainty not only for now only but for the future as well.
This article will help you to identify where you must play safe to survive, so you can double down your revenue and invest in technology and innovation for your business.
The COVID pandemic has affected many industries mainly the traditional retail sector where brick and mortar shops are abruptly affected but eCommerce has shown tremendous growth as of April 2020 with an impressive 140 % in all the online retail orders. Most, if not all but, brick and mortar stores have adapted online presence to survive this situation which results in around $500 Billion of market value this year and is projected to hit around $700 Billion in the rest 2020 which is the biggest jump.
With innovation and technology, people are shifting their buying habits and the lockdown has even forced buyers to shop online, some for the first time. COVID has accelerated the growth of the eCommerce industry and many more are joining this revolution than ever before. Those who are the existing e-commerce players are now moving towards the expansion of their businesses which are shrinking the traditional retail industry. In a report, it is assumed that the global eCommerce industry will cross $4.2 Trillion in the nearby future. But developing an e-commerce website and selling online isn’t that much easy this time where so many big fishes are playing already. But if you start it right now the cash won’t just flow in but you will manage to make the great future of your business which will help you in surviving multiple pandemics.
The emerging eCommerce trend calls to get noticed to attract consumers. Here are the three trend experts are focusing to:
Personalized Commerce is the next perimeter:
Big and successful eCommerce companies are leveraging personalization technology to offer a customized experience to the consumers. Offering personal experience on eCommerce websites is achieved by showing dynamic content, product recommendation and specific offers based on their browsing behaviours, purchase history, and other enriched personal data. As compared to the traditional retail industry, the eCommerce industry doesn’t include a salesperson to recommend the product based on interest or preferences. For example, all the stock images for fashion products can be showcased. If you know the human touchpoints you can beat the competition anytime and that is the magic of personalization.
Data is the main aspect of this operation and social media platforms and search engine tracking tools help you to fetch tons of personal data such as search queries, page visits, buying history etc. Basically, personalization is the missing ingredients to a successful online shopping experience.
Celebrity Endorsements through Social Channels:
Nowadays, through social media channels, you can directly sell your products. It is different from social media marketing because you are not redirecting your visitor to your online shop but you are directly selling through your social media pages. To increase the sales you need to pair the influencer marketing to your social commerce. Many businesses already implement influencer marketing through various ways like sponsored content partnerships with the influencers, you can find all types of influencers from costly to mid-budget only you have to figure out who can do what based on their area of expertise.
To stay ahead of the game you must do influencer marketing, which will evolve and continue in the nearby future.
Product Visuals That can Interact with your Buyers:
We all have experienced this, you like the product but not sure if what you are seeing on the site and what you will get while making a purchase. In short, you hesitate to hit the purchase button and the shop loses the customer. Nowadays, online reviews are not enough to attract or change the buyer’s perception. Customers today need to trust the product and the company, which will happen when you show an interactive image of the product and also send them the same product as it is shown on the website.
Getting ahead of the market trend and leveraging the latest technologies in your eCommerce business to drive sales and attract new customers.
