I’ve discussed in previous posts how understanding and knowing your audience requires conducting market research, both of which are vital steps prior to starting a business. Along with your research, it is important to study sale trends, particularly those of similar products. There has been a shift over the last few years in how products are purchased and let’s just say eCommerce is booming. I hope to get you up to speed on the most current trends. Perhaps you can use the information I provide in today’s post as part of your market research . . . you’re welcome!
As the eCommerce industry continues to grow and change, it’s important to understand those changes when marketing your own business. In 2016, 53% of internet users made a purchase online--that’s one billion people. That number is only increasing this year.. Right now nearly 70% of adults in the US shop online at least once in any given month and over half prefer online shopping over shopping in a store. Total retail e-commerce sales in 2016 topped off at over $23 trillion and it is estimated that by 2020, sales will reach $27 trillion. Where will your company’s sales fit in that $27 trillion?
Understanding the purchasing trends will help you market in a way that will allow you to stay ahead of the competition and help lead your customers to purchase because of your e-commerce solutions. Adopt the following trends, courtesy of ssl2buy.com, and you will set yourself apart as one of the best brands in the market.
No More Black Friday/Cyber Monday: Black Friday and Cyber Monday will no longer be the start of holiday shopping, but will simply be days included in the highest retailing month of the year, November. We will see more Cyber November sales.
A More Personalized Dynamic Shopping Experience: Each shopper will have access to content unique to them: product recommendations and add-ons based on their preferences, geographic location, demographic, past purchases, etc.
Increase in Chatbots: A fully automated chat agent will answer consumer questions. Already apps like Facebook, Twitter and Google are introducing bots to help with booking, shopping and customer service. Why? Live chat users spend anywhere from 5%-30% more.
Accurately Predicting Customer’s Next Purchase: Due to the massive amount of data floating around cyberspace, merchants can now use predictive analysis to better understand consumer’s purchasing habits, and closely predict their next purchase, based on consumers with similar profiles.
Improved Mobile Experience: Last year, for the first time, visits to websites via mobile phones surpassed visits from desktops. Purchases are being made on both, however. Google now works on a new, mobile-first web index, allowing for more ease in searching and purchasing through mobile devices.
Increase in Same-Day Deliveries: Amazon Prime started this service and it’s catching on with other retailers. Deliveries and returns have always been the setback for many online consumers, however, with same-day deliveries offered, it has allowed those reservations to take a back seat. In fact, 29% are willing to pay extra for same-day deliveries.
Selling Via Social Media: Social media is influencing consumer buying decisions more than conventional marketplace platforms. Influence and opinions from bloggers are influencing purchasing behavior like never before. 70% of consumers consider recommendations from their social circles trustworthy and a whopping 74% of consumers use social media to make purchasing decisions. Word-of-mouth is causing even products today to go viral.
HTTPS as Authentication, Encryption and Data Integrity: HTTPS usage has jumped from 51% (2014) to 85% (2017) which has made purchasing online safer. Without it, third parties can inject content into your website without your knowledge. WordPress has even announced that they will introduce a feature that will require HTTPS for all websites.
Omni-Channel: This means selling your product on multiple marketplaces or channels. Multichannel shoppers shop more frequently and spend 3x as much as single-channel shoppers.
Product Remarketing: Showing customers your product multiple times increases the chance that they will buy. Every time they see another ad pop up is another opportunity for purchase, another touch point. Science says it take an average of 7 touch points before a consumer buys a product.
There is a lot of money to be made in e-commerce, for those willing to try their hand at it. There are many solutions to help you put your own store online. I’ll write another article about some of those solutions, but highly encourage everyone that is interested in either working from home or adding a side income to consider e-commerce. The potential is truly incredible.
Tell Us: Which of the previous trends have you adopted and how have they benefited your company?