E-commerce businesses were formerly thought to be practically unstoppable due to the fact that they expanded unimpeded and made record profits.
However, as of late, they have been facing a new market that is being shaped by three major trends: a slowdown in the growth of online shopping.
The impact of the most recent iOS privacy updates on customer acquisition strategies for social media(which has led to higher costs), and uncertainty regarding the macroeconomy.
Although these variables are mostly outside the control of retailers, we are witnessing a few new enterprises that have reacted by establishing deeper relationships with their already established clientele and developing their own organic brands.
In this post, we will delve deeper into the important trends and their impact on eCommerce, as well as provide many strategies that businesses may apply in order to continue to thrive in this new retail climate.
What is eCommerce? (eCommerce Beginners!)
First of all, eCommerce is an abbreviation for "Electronic Commerce."
It means buying and selling goods or services over the internet.
People can buy and sell almost anything on the internet, such as books, electronics, clothing, software, and furniture.
eCommerce makes it possible for people to buy or sell anything, whenever they want.
Before eCommerce, brick-and-mortar stores were the main way people bought and sold things.
Brick-and-mortar businesses are stores that are located in more than one place.
When people buy and sell goods, they have to interact with each other in a physical way.
Brick-and-mortar businessis still around, but eCommerce is quickly taking over.
Most brick-and-mortar stores are becoming eCommerce stores as a natural progression.
So, they need to have an online presence and move their most important businessoperations online.
Ecommerce Pros and Cons (TIPS!)
- Convenience:eCcommerce is 24/7. Although eCommerce is time-consuming, you can still make sales while you sleep or are gone from your store.
- Increased selection: Many stores offer more things online than in-store Many online-only companies provide special, hard-to-find products.
- Potentially lower start-up cost:eCommerce businesses may need a warehouse or manufacturing site, but no storefront. Digital operations cost less than rent, insurance, building maintenance, and property taxes.
- International sales:As long as an eCommerce store can ship to the client, it can sell to anyone on the globe.
- Easier to retarget customers:As visitors browse a digital storefront, it's easy to retarget them with ads, marketing campaigns, or pop-ups.
- Limited customer service:Online shoppers can't ask an employee to demonstrate a computer's functions in person. Some websites let you talk with a staff member, although it's rare.
- Lack of instant gratification:When you buy something online, it must be shipped to you. Amazon offers same-day delivery for some products as a premium option.
- Inability to touch products:Online photographs don't always tell the complete story of an iteeCommercemmerce purchases can be disappointing when products don't meet expectations. A garment's internet picture may deceive about its quality.
- Reliance on technology:If your website breaks, gets too much traffic, or is temporarily taken down, your business is effectively closed.
- Higher competition:Low cost of entry means new competitors can quickly enter the industry, which increases competition. Ecommerce companies must maintain a digital presence with smart marketing and SEO.
7 Proven Ways to Grow eCommerce Sales By 50% or More | Increase eCommerce Sales
In the coming year, SEOwill still be a gold mine.
Customers are always looking for ways to solve their problems, and your products need to be at the top of the search results.
Make sure that both text searches and voice searches can find your products.
In fact, you need to take it one step further and make sure that your product videos are also optimized for user searches.
Use transcripts and thumbnails to improve the SEOof your videos.
All of these SEO efforts will keep your brand in the minds of your customers and help them remember it.
Today, every market has its own set of SEO best practices that you will need to follow.
Not only do more people have smart speakers, but they also use voice assistants to get things done every day.
Loop Ventures thinks that by 2025, 75% of U.S. homes will have a smart speaker.
More people will use voice search to shop online, order food, and plan their lives as more homes get smart speakers.
Voice search is becoming more popular, which gives eCommerce businesses a chance to use keywords and contentin a new way.
Director of eCommerce Solutions at Kensium David Zimmerman put "more voice-enabled solutions in the commerce space with Amazon Alexa and Google Home" at the top of his list of 2022 trends to watch.
As a brand owner or marketer, you know what makes your product different from others on the market, and you're ready to list its features and benefits, run paid ads, and show it off from different angles.
Even though all of that makes sense, it's not enough to turn your followers into customers.
In fact, people want to read about the experiences of other customers before they buy: 95% of online shoppers read reviews, 97% agree that reviews affect buying decisions, and 82% of consumers think that user-generated reviews are useful.
Overall, the happier your customers are, the more new customers you can get.
So, if you want to market your eCommerce business, you need to use social proof.
Online shopping is no longer simply an additional distribution channel; rather, it has evolved into its own distinct entity, which is hastening the spread of cutting-edge technologies such as augmented reality, virtual reality, and 360-degree films.
It is all about how you can create wonderful experiences for your customers and cultivate additional reasons (other than purchasing) for them to spend time on your online store in addition to doing their normal shopping.
Customers can be made more loyal over the long term and have the capacity to charge a premium price if they are kept interested through the use of innovative applications of cutting-edge technology.
Customers who have things in their baskets present a unique chance to both up-sell a product with a higher value and cross-sell related products to generate additional revenue.
Multiple opportunities for sales and marketing can be created when a shopping cart's contents can be viewed in real-time and when a record of a customer's purchase history can be kept.
Take advantage of the following opportunities:
- Cross-Sell:When a customer places an item in their shopping basket, you can recommend in a chat message a value pack of other appropriate things that are frequently purchased together with the item in question. This is known as a cross-sell,
- Up-Sell:When a customer places an item in their shopping basket, an up-sell pop-up window may appear, recommending an updated and improved model of the same product that carries a higher price tag.
- Offers:When a shopper has a basket with a value of $60, for example, remind them of discounts and offers available only if they increase the value of their basket to $75 or $100. These discounts and offers are only available if the value of the basket is increased.
You should try to automate as much of this process as you can so that you may concentrate on high-value leads at the optimal moment and do it successfully.
With more than 25 million businesses on Instagram, just having a good product isn't enough to bring in customers.
To stand out from the crowd, it's important to know what users want and why they're there.
Trends are the answer!
Knowing (or even being able to predict) trends can help you look before the rest of the crowd has trained their eyes.
Top eCommerce brands know that if you keep up with Instagram trends, you can use them to your advantage.
Ephemeral content is becoming more popular for a number of reasons, and eCommerce brands can take advantage of this by using Instagram Stories in a variety of ways.
To show off their products, teach customers how touse them, announce the launch of a new product, offer discounts that are only good for a limited time, and much more.
2 Ways to Grow Your Email List FAST (How I Captured 700,000 Emails)
Email marketingis one of the best ways to make sales and get people to buy from you again and again, dollar for dollar.
According to a 2015 study by Forrester Research, about 17% of digital marketing moneyis spent on email, but it brings in 24% of revenue.
We can't keep up with all the tweets and Facebook posts, but email is a more personal way to talk.
People still care more about the messages that come to their personal inboxes than the ones that come to their social feeds.
Plus, you can say more in an email than you can in a social media post.
To start email marketing, get as many people to sign up for your newsletter, blog, and any other ways you collect email addresses.
How To Create A Social Media Campaign
The proactive approach can be made possible through social media by not having to wait for clients to find you through online searches.
Through the use of campaigns, it makes it possible for you to display your material in the feeds of potential customers.
Video advertisements are the way to go because they outperform photo advertisements on Facebook by a margin of 10-30% and earn three times more interaction on Instagram.
Particularly focused on its eCommerce capabilities, Instagram has made significant investments.
Each and every month, 130 million taps are generated by shoppable posts.
Experiment with all of the many placements that are accessible on Instagram, such as your Instagram page and stories, Instagram Live, IGTV, and Reels.
One of the most competitive times of the year for advertising for stores is when sales are at their highest.
Don't let people ignore your campaigns because they can't see the banners.
Instead, use rich media interactive ads on paid channels to get people's attention.
Interactive ads let brands offer unique ad experiences that increase the number of people who buy something.
They are different from static display ads because they encourage people to interact with them.
They often use media like video, images, audio, or animation to do this.
Interactive video ads can get people to spend 47% more time with your brand's ads than non-interactive, static ads.
Interactive ads usually change based on what the user does, like getting bigger when they scroll down the page, playing a video when they click on it, or getting bigger when they hover over it.
It's a powerful way for marketers to keep people interested in their brand for longer.
Your eCommerce brandingstrategy helps you control and guide your customers' expectations while building a relationship with them.
Many companies feel helpless when it comes to what customers think about their brand, but you get to decide how you want to be seen and remembered.
Even though you might think so, e-commerce isn't just about making sales.
It has to do with putting your brand out there in the online world.
Brandingis the reason why we know and love everything about the things we buy.
It is the link between businesses and their clients.
Some of the reasons for the boom in e-commerce are a young population, more people getting internet and smartphones, a growing customer base, a growing number of start-ups, and more moneybeing put into the sector.
Since the pandemic started, more than 60% of people around the world have changed the way they shop.
Since decades of change happen in just a few days, the world situation continues to change consumer behavior in ways that have never been seen before.
In this short amount of time, the number of online deliveries has gone up.
An estimated 10 years' worth of online deliveries has taken place in just 8 weeks.
These are some ways that how are brands growing eCommerce sales.