Latest Trends in E-commerce Business to escalate your ROI
Nowadays, stores can’t compete without offering excellent ecommerce options, and 56% of in-store purchases are influenced by digital commerce. This means, if you aren’t reaching your customers online, you could be losing half of your potential revenue. Discover a framework for running more impactful, measurable marketing campaigns.
The ecommerce industry is booming and shows no signs of slowing down. According to Statista, global ecommerce sales are expected to increase 246.15% by 2021, from 1.3 trillion in 2014 to 4.5 trillion in 2021.
With ecommerce’s rapid growth, come rapid changes. It isn’t enough to post product images to your site and hope your ideal customers will find them. In 2019, there’s a whole line-up of new trends that could kick-start major growth for your ecommerce company if you pay attention. To help you reap the many benefits of ecommerce in 2019 and into the future, we have chosen the top trends we think will change how people buy and sell online.
Here are the Latest Ecommerce Business Trends:
Personalizing and humanizing your brand –
According to an Accenture Research report, about 48% of consumers are likely to shop more when they receive a personalized experience. It has come to light that 74% of people hate to see irrelevant content on a daily basis. Unfortunately, most marketers haven’t been able to offer such a personalized experience, which is costing them a significant amount of revenue.
According to Gartner, businesses with the successful implementation of personalization in ecommerce will be enjoying a 15% profit boost by 2020.
AI Based Machine learning –
AI-based ecommerce is still in its early development, but 2019 is definitely the time to begin utilizing its superpowers. Unlike simple automations, advanced machine learning allows you to deeply customize how individual users experience your brand.
Beyond personalizing specific fields according to customer data, email marketing campaigns can be triggered by patterns of customer behaviour such as purchase history. For example, if a customer habitually orders a product every few months, the system can send reminder emails prompting future re-orders.
Drop Shipping Business Model –
Drop Shipping can be a profitable business model for ecommerce businesses that don’t have much capital to start with. It involves acting as the middleman between the manufacturer or supplier and the customer. You process the purchase, but the product gets shipped directly to the buyer without you actually handling the physical product.
You’re only going to buy the product after a customer places an order. You don’t have to spend money on storing inventory. Businesses using this model experienced an average revenue growth of 32.7% and had an average conversion rate of 1.74%.
Customers Prefer Shopping Natively –
There are great visual platforms being used by millions of people already, like Instagram and Pinterest, and a lot of those users don’t want to leave the platform to visit your site. So why not offer the option of purchasing your products from within those apps?
A great example of native shopping is Pinterest’s Shop the Look feature. When you see a picture of an outfit you like, you can click any part of the outfit you’re interested in purchasing, and find details about the item of clothing within the Pinterest app. You only need to exit the app when you’re ready to purchase (you can also pin it and return to it later).
Mobile Drives More Traffic than Desktop –
62% of smartphone users have made an online purchase on their mobile device within the last six months. As mobile purchasing continues to grow, it’s important to create an ecommerce site that’s optimized for mobile.
Fingerprint and facial recognition technology, as well as one-click payments, will simplify mobile payments and further encourage consumers to switch from desktop to mobile. Mobile will soon become the preferred payment method for ecommerce transactions. It’s estimated that mobile will reach 70% of ecommerce traffic by the end of this year alone.
Delivery on the Same-Day or Next-Day –
TechCrunch reported that Google will launch a competitor same-day delivery service, “Google Shopping Express.” Google Shopping Express will offer same-day delivery from stores like Walmart and Target.
As these big-name ecommerce sites offer same-day delivery, they’ll win out with the majority of consumers who want their needs met, fast. As it becomes the norm, people will become comfortable paying extra for same-day delivery.
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