Are you contemplating of starting own business or exploring ways to stay on top amid competition?
Then mastering the ins and outs of ecommerce can help you a lot in improving your strategy, acquiring more customers, and increasing revenue. After all, more and more people are turning to electronic shopping. It has now become an indispensable experience that many can’t live without.
Technologies and innovations changed the way businesses and consumers interact and transact. Before you venture out into the highly competitive world of online business, you must first understand how it works. If you look at the growth of retail ecommerce sales worldwide, you will see that the overall revenue could reach a staggering $4.5 trillion by 2021.
Ecommerce Stats and Trends
Many ecommerce trends dominate the market these days, and they could eventually dictate the future.
For one, personalized experience is highly preferred by many consumers, with 43% of them citing that they choose companies that personalize their experience.
This can be done through product recommendations and relevant content that make shopping easier. When a consumer searches for a dress in an online retailer website, showing irrelevant results that have nothing to do with dresses is a big no-no. In fact, 74% of people hate being shown irrelevant content.
Using Multiple Channels
Another aspect of ecommerce that you should look into is the use of multiple channels. A great website supported by social media platforms like Instagram, Facebook, and Twitter is more appealing to consumers.
Remember, many people now use different platforms when doing online shopping. Using social media and emails for sales and campaigns could help you outperform the competition by 300%.
When it comes to customer service, it is important to resolve problems and address complaints more quickly. A good customer service experience guarantees customer satisfaction. Research shows that 42% of B2C customers purchase more when they are satisfied with the shopping experience.
To achieve this, many businesses have started using automation in their customer support and services. Features like live chat and chatbots can provide quick response to customer queries and problems.
Mobile optimization is another part of ecommerce that needs your attention. Mobile is slowly taking over desktop shares in traffic, with 56% of consumers using a mobile device to research products. It is projected that by 2020, mobile ecommerce will make up 45% of total ecommerce revenue, translating to $284 billion.
So, designing and organizing your website to make it more mobile-friendly is a must. Not only will you give potential customers a satisfying user experience but you will also increase the conversion rate.
The growth of ecommerce is rapid, and it could leave you in the dust if you are not careful. It is vital for you to keep up-to-date with the latest trends to stay one step ahead of competitors. Knowing these trends will also help you come up with innovations that will make your business stand out.