Ecommerce Trends and what role can your Business Play
As you´ve already heard and probably experienced, they has been an increased exodus of physical store fronts, combined with exponential growth in ecommerce merchants. However, ecommerce retail sales only accounts for 11% of the total, but is forecasted to reach 14% by 2021. This amounts to 4.8 trillion in sales and a 22% percent increase in the next 36 months.
With this ever continual growth and clear trend, how is your business positioning itself to take advantage of these opportunities? These are some of the areas to be aware of and consider:
1. Multi-Channel Selling
Although the above signs and trends are clear, a 2018 omnichannel report states that consumers spend 69% of their discretionary income and 56% of Gen Z make purchases from physical stores. So providing an omnichannel strategy is essential to take advantage of the offline and online market opportunities.
The speed of setting up an online store with Amazon, Ebay, Shopify has become frictionless, creating effective marketing strategies on Facebook, Instagram, Google, LinkedIn…. has enabled businesses to be present where shoppers exist.
2. Commerce and Content
Becoming a merchant with any of the leading online platforms does not guarantee instant sales and long term success. As the market grows the competition will increase accordingly. Identifying your USP, whether it´s price point, offering, brand, network effect is pivotal. Top of the funnel content in various forms such as podcasting, short/long form text content, how to video series will be become much more important.
3. Implementation of AI for real use cases
As the profit margins will be impacted by facilitating and aiming to become a dominant leader in your market, utilising AI in your business can increase the efficiency and productivity of your business. Conversational bots for your main website, shopping cart improve the user experience and thus decrease the number products left at the shopping cart. AI can manage and maintain inventory, invoices, payments decreasing the time and money spent in these areas.
4. Boom in Influencer Marketing
Influencer marketing or utilising Key Opinion Leaders (KOL termed in Asia) is becoming a serious long term trend and one that a business should not take for granted. The inception of Instagram has enabled influencers to build a trusted and strong following. Creating synergies and marketing to these areas can not only alleviate your brand but also generate revenues, if implemented correctly.