According to market research, in 2021, the pandemic has tremendously grown the eCommerce industry. It has seen a growth of 17% year-over-year. The further prediction is all set to mark an increase of 24% retail sales in online purchases by 2025.
A recent example of this crazy sales increase is the eCommerce behemoth Amazon. It accounts for 43.5% of US citizens’ online buys.
“Convenience” has aced the charts for the digital world. Every individual has now formed a habit of purchasing online. eCommerce penetration is continuously increasing more than doubling from 2019 in the US.
This proves that there are tremendous opportunities for merchants to grow. Herein, there are some strong-headed market points that the sellers should capitalize on for their successful eCommerce ventures online.
#1 Normalized supply chain
Brands | eCommerce Platforms |
Maintain inventories before entering the online platform | Have a closer look at the inventory and overall deliverables of the brand on your platform |
For the brands:-
In the competitive space of eCommerce, there are a lot of brands showcasing their qualitative products on several platforms.
Every customer expects goods to be received quickly with the apt quality. Beyond a frustrated consumer, the brand also has to learn about potential fallouts with their online channel partner.
For example, if a third-party seller fails to fulfill his orders due to low inventory or any other reason then the online partner penalizes the brand by ranking its search low. So, a merchant is likely to suffer losses when the chain of supply normalizes.
To avoid such loss, if one is aiming to be an eCommerce giant or an online bestseller, he has to consider this as the main problem.
Keep your inventories stocked, logistics in line, and work for hassle-free delivery. One can also build a responsive inventory management app to maintain its stocks in real-time.
You can also understand the obligations of online stores and address the potential issue of eCommerce channels beforehand.
For the eCommerce platforms:-
While keeping track of the supply chain, you need to identify the potential merchant for your site. Ensure their inventory management before engaging them on your online platform. You will eventually sell more and gain more goodwill online.
#2 Ace your advertising game
Brands | eCommerce Platforms |
Advertise cleverly by understanding algorithms | Choose the right brands with credibility for your platform to grow sustainably |
For the brands:-
Competition is fierce. To win on such critical channels is hard. One has to understand the importance of advertising his brand online. To be a part of the eCommerce bandwagon, you need to understand the online algorithms.
These work extensively on your user behavior, study them to ace your branding online. Apart from it, there are reviews, google ratings, which helps in winning the credibility of the eCommerce giants.
For the eCommerce platforms:-
Grow with the brands that add value to your platform. In today’s time, the consumer is smart and intellectual, fooling around will not work for your application.
Customer revisits an eCommerce site that has everything well synchronized and products at their disposal. Arrange your site products keeping in mind the order of their usage for your consumer.
#3 Optimize online storefront
Brands | eCommerce Platform |
Good reviews, professional photos will make your presence strong on an online platform | Select brands that help you grow, who are well-organized and have maintained good customer engagement |
For the brands:-
Being a brand, you need to optimize your online store to ensure that your presence is well notified by the customers.
For that, you need to have a cautious product listing, a handful of great reviews, updated content, professional photos. These will help ace the online store game for your product.
For the eCommerce platforms:-
Look into the display of your platform, low rank the brands that are portraying unprofessional photos and have negative reviews.
To flourish online, both parties will have to be extra careful and build a creative, navigational-friendly experience for users. As an online shopping platform, consider the brands that enhance your digital presence.
After reading the necessary points to make a mental note for, let’s dive into some trends which will help grow your customer base online.
4 eCommerce Trends One Should Not Ignore
A Frictionless Experience
No one likes an online platform with glitches, more than one signup page, or unnecessary menu filters.
As Google says, providing consumers with a frictionless experience encompasses product organization, pricing, navigation, ease of checkout, and payment.
Reducing such processes automatically reduces consumer frustration with the purchase process. The omnichannel approach will take the brands forward when it comes to team and budgets focusing on the pain points.
The pandemic has thus given a free hand to people and an economic way to shop wherever & whenever they want while providing a frictionless experience.
Shoppable Content
With the advent of the digital shopping wave, there is a lot of intriguing online buying opportunities which you can plan for your customers. Traditionally, we were using print media to showcase our brands.
A customer would look into it, and make a purchase decision after a while. But, now, due to technological advancement, you can facilitate “QR code” instant shopping.
One can make use of QR code-led shopping by integrating it into a series of video shoppable content on an ad on IMDb TV (which one owns), using Alexa or a Fire TV remote.
Thus, now shopping attempts are immediately acted upon by a mobile device or desktop while watching a TV program.
Purchase Via Social Commerce
This is one of the trending & effective ways of promoting a product and eCommerce platform on social media platforms. A recent report on social commerce predicts more than double revenue from $492 billion worldwide in 2021 to $1.2 trillion in 2025.
Such growth is driven by many factors, but one of the most prominent ones is our distraction. We are constantly glued to one or the other social mediums to destress our minds. The platforms are seeking monetization for the amount of engagement they have in recent times.
One of the prominent examples is Snapchat, which uses the “Try On” feature by integrating Augmented Reality (AR).
It helps users find how fashion and beauty products might look on them. This further helps in making the purchase decision faster than before & brings goodwill to the online ventures than the stipulated time period.
New Digital Currencies to Make Online Payments
As per the new norms of the digital world, there are new payment gateways. With cryptocurrencies taking over the market. Every eCommerce venture should try and integrate new gateways to provide flexibility to the users.
One example of such an eCommerce element integration is set by Cosmopolitan Magazine. It partnered with a leading BNPL shopping & payment platform to run a virtual shopping event. It was a great collaboration and a great online experience for customers.
Conclusion
There are no stones unturned when it comes to dealing with online eCommerce app ventures. To flourish digitally, one needs to integrate necessary advancements & look into its authentic setups.
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eCommerce has a lot to offer, from customer engagement to profitable pricing, everything is well managed. If you are eyeing to become the next Amazon, then do look into these intricate points mentioned above in the article.