Consumers are turning to online shopping – either through necessity or caution of returning to bricks and mortar stores. The growth of mobile, payments options, personalisation, Customer communities, and Influencer marketing are all contributing factors supporting growth in spending online.
So how robust is your eCommerce strategy? Are you ready to keep up with the influx of shoppers and win in the face of the incredible amount of competition?
As of mid-April, revenue growth has increased by 68% on a year over year basis, and there’s been a 129% year on year growth in US and Canadian ecommerce orders.
This quarantine has shone a light on the importance of having an effective eCommerce operation. What are some of the key trends we are seeing?
Mobile dominates online.
U.S. mobile retail revenue is expected to be $339 billion in 2020, up from $207 billion in 2018. This comes as no surprise considering that 125 million Americans own and use smartphones.
However, it seems that the UX needs some work. only 12% of consumers find mobile commerce convenient, which means there is significant room for improvement.
People are now more exposed to their mobile devices than they are to their computers. Gartner says ecommerce shopping through mobile will reach an all-time high this year.
Social Payments Make Shopping Seamless
We are seeing an increase in social payments. Popularized by Paypal, social payments allow users to transfer funds using social media. Operating in a similar way as a Digital Bank account, almost all major social platforms offer their own version ; Apple pay, Google wallet, Facebook payments, Twitter Buy, etc.
What of the security risks? They are vulnerable to hacking. Why? Because most users have a weak password. Also, most people have turned their settings to ‘always connected’ on mobile phones. If their phone is lost, anyone can easily access social media accounts and transfer funds.
Nonetheless, the frictionless aspect of social payment methods makes for an easy way to pay for your customer.
‘Buy Now, Pay Later’ is Transforming Online Shopping for Millennials
Smart retailers are capturing the millennial market with interest-free, buy now, pay later instalments as a point of sale financing option. Will solutions from the likes of Klarna, Quadpay , Zip, afterpay, sezzle and SPlitit make credit cards with their complexity and huge APRs redundant?
Personalise Customer Experience
Personalization often refers to personalized merchandising in eCommerce. Use various customer data points to personalize your website and deliver relevant products.
The data points include customers’ Search Queries, Purchase History, Shopping Cart, Social Behaviour, Geographic Location or Segments. By using such data points, you can deliver nothing but the best to individual customers. All personalization should aim to better the customer experience.
In simpler terms, improving the customer experience is WOW’ing the customer. Exceptional customer services, faster shipping, lower prices, easy-to-navigate website increases customer satisfaction.
Build Communities, Engage Customers and Enhance CRM
Building a community and engaging with your customers is difficult. Hence, offering a satisfying CRM is mandatory. CRM means Customer Relationship Management. To develop a satisfying CRM you need to sum up the customer information.
For example, order information or additional data that they have provided. When was the last time you sent them an email? Who last spoke to them? And about what? When did they last buy something? What is their average Life Time Value (LTV)? So on and so forth.
Ecommerce entrepreneurs can gain information in many ways. For instance, On-site chat, Facebook messenger, SMS, Emails, Order statuses, Customer groups, Loyalty programs, Referral programs and more.
Remember, it depends on how you engage with your customers. How you resolve their concerns. How you lead them to the cart is what affects engagement and conversions.
Influencer Marketing Will Bring Sales
Online influencers are not just D-list celebrities. They have a real audience. A tangible influence. Believe it or not, 70% of millennial customers are influenced by their recommendations.
The decision making of customers strongly rely on influencers’ recommendation. Delve deeper into this influencer marketing survey conducted by Collective Bias.
It also confirms that 30% of customers buy products recommended by non-celebrity influencers. Thence, market your products through relevant influencers for sales season in 2020.
Influencer marketing is still underpriced. Find relevant influencers in your niche on different social media platforms. By doing so, you can increase your ecommerce sales sharply. Just be wise enough to invest responsibly.
To discuss hiring the best talent in eCommerce, Payments or Influencer Marketing, please contact