For the past decade, eCommerce has grown exponentially.
According to Oberlo, the global eCommerce growth rate for 2023 is forecast at 10.4 percent, bringing global eCommerce sales worldwide to $6.3 trillion.
This marks a 0.7 percentage point increase from 2022’s growth rate, which followed a massive dip from 2021.
This does not mean it is not a good time to start an ecommerce store. It is the opposite, now is the time to start a business because growth can be more manageable.
“We believe that the Covid-driven bump will not flatten future e-commerce growth,” says Brian Nowak, an equity analyst covering the U.S. internet industry. He sees e-commerce reaching 27% of retail sales by 2026. “Across the world, we have yet to see a ceiling for e-commerce penetration.” ~ Morgan Stanley
Table Of Contents:
- Create omni-channel strategy
- Increasing multiple touch points
- Prioritize mobile shopping experiences
- Faster and cheaper options
- Sustainability and brands
- Enhanced Content for more engaging experiences
- Location-based marketing
- Speech-enhanced search
- Live In-Shopping experience
- Streamline your return process
- Create an omnichannel strategy for your business instead of a multichannel strategy.
What is an omnichannel strategy?
An omnichannel strategy is a method that helps you create a seamless experience for customers across all the channels through which you sell. It encompasses the online and offline touch points of your brand, from a point-of-sale system to an Instagram shoppable post, and it's not just for retailers anymore.
What is the difference between Omnichannel and Multichannel?
Omni-channel is a buzzword that has been around for over five years but is still often confused with multi-channel for retail.
Most retailers are now multichannel, selling their products across over one channel. Very few, however, are truly omnichannel.
Here is an excerpt from Shopify:
- Multichannel retail (i.e., “many” channels), revolves around your product and lets customers engage and purchase natively wherever they shop but often treats channels as silos independent from one another. Each channel in a multichannel strategy exists as a separate purchase opportunity.
- Omnichannel retail (meaning “all” channels) revolves around your customer and creates a single customer experience across your brand by unifying sales and marketing that accounts for the spillover between channels
Retail businesses must optimize across channels like online marketplaces, social media, retail, and wholesale for a seamless shopping experience.
Your eCommerce and retail business will be on the same page, so to speak. If your customers are in your retail store, they can check the availability of your products online.
- Increasing multiple touchpoints
The competition is fierce for both retail and eCommerce stores. It used to take only 5 - 8 exposures of a brand per conversion. With the increasing competition, brands must increase consistent exposure.
This trend is part of the omnichannel experience for consumers. The demand for more relevant information is the impetus in this situation.
Increasing multiple touch points is important, but it also must be consistent, relevant and entertaining.
- Prioritize mobile shopping experiences
It is beyond a responsive site template and a readable display. Your shop must include fast page-load times—even on pages filled with product photos—as well as easy-to-navigate menus and the simplest possible secure payment options.
Shopping via mobile devices has become increasingly common among the online population. In 2020, U.S. mobile retail revenues are expected to amount to 339.03 billion U.S. dollars, up from 207.15 billion U.S. dollars in 2018. According to a February 2019 survey, 51 percent of mobile devices owners stated that they had used a mobile retail app to buy a product or service in the past month.
With mobile payments becoming increasingly popular among younger generations, however, and the coronavirus (COVID-19) pandemic visibly impacting shopping behavior in the United States, the shift from physical to digital financial systems is being encouraged at an unprecedented pace.
Think AMAZON PAY in your store. Amazon pay gives your shopper the opportunity to pay with the credit card they have on file with Amazon, a trusted shopping platform. This includes PayPal, Venmo, Apple Pay and Google Pay.
Apple Pay, Apple’s mobile payment app that boasted 441 million users worldwide in 2019.
- Faster and cheaper options
Consumers need the choice between different shipping options, because shipping carriers, for instance, UPS or FedEx, might not deliver in remote areas.
Here are some facts for shipping:
64% of consumers want their orders shipped for free
67% of U.S. consumers expect either same-, next-, or two-day delivery
72% of global consumers want brands to use sustainable packaging
A full 65% of consumers check free-shipping thresholds before adding something to their cart
And free shipping is just the tip of the iceberg: 39% of U.S. shoppers expect two-day shipping to be free, while the same-day shipping market in the U.S. is forecast to top $9.6 billion in 2022.
- Sustainability and brands
Today’s shopper wants shipping to be not only fast and free, but also environmentally conscious. Three-quarters of U.S. consumers are more likely to buy a product packaged sustainably. Many will also pay a premium.
The focus is on zero-waste packaging, where all materials are used, reused, or recycled. Minimalist packaging and smaller package sizes also help businesses reduce their carbon footprint and shipping costs.
But companies must also weigh consumers' desire for custom or branded packaging against their demand for environmentally friendly packaging.
Packaging can have a big impact on customer purchasing decisions, increase your customer's loyalty to your product, and inspire them to pass along their positive experience with your product.
Consumers globally report a greater propensity to buy from companies with a reputation for environmental responsibility.
- Enhanced Content for more engaging experiences
There are over sixty billion messages shared on digital platforms each day, and the average person is exposed to between four thousand to ten thousand ads a day. This bombardment of stimuli has changed the way we communicate and market content both online and off. In fact, research shows that you have less than three seconds to capture a person’s attention. With such a short window of time, we need to hook audiences quickly, efficiently, and consistently if we want to successfully fuel brand awareness and growth.
Make sure to include content on your website that's relevant and interactive so that potential customers can learn more about what your company offers and are encouraged to take action.
“A brand is the set of expectations, memories, stories, and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.” ~ Seth Godin
Hello
- Speech-enhanced search
Smart speakers have become a normal household item. Google, Alexa, and Siri have changed the world as we know it. Mobile shoppers are searching the internet via voice commands.
Top Voice Search Statistics for 2020
- Google reports. External Link. Opens in new window. that 27% of the online global population is using voice search on mobile.
- eMarketer predicted. External Link. Opens in new window. that over a third of the US population (111.8 million people) would use a voice assistant monthly in 2019, up 9.5% from 2018.
- ComScore reports. External Link. Opens in new window. that more than half of all smartphone users are engaging with voice search technology in 2020.
- A Gartner study. External Link. Opens in new window. predicts that 30% of all browsing sessions will include voice search by 2020.
- Voicebot.ai. External Link. Opens in new window. reports that over half of all adults have used voice search, with 33% using voice search monthly in early 2019, jumping up from 25% in 2018.
- A 2018 study from BrightLocal. External Link. Opens in new window. found that 58% of consumers used voice search to find a local business in 2017, and 46% of people using voice search daily are searching for local business.
- Streamline your return process
The investment makes business sense when 96% of consumers will shop with a retailer again based on an “easy” or “very easy” return experience.
Instead of returns, consider incentivizing customers to exchange products or accept store credit. This saves on restocking fees, retains customers, and reduces shipping expenses where customers keep damaged or used items that can’t be resold.
- Automate your shipping delivery messages
Automate order notification emails and SMS to let your customers know when their orders have been received, packaged, and sent out for delivery.
66% of shoppers already know of supply chain delays and are looking for greater transparency. 45% of shoppers are actively trying to find out about expected delivery times from businesses before making a purchase.
Create an automated system to inform your customer every step of the way about how long the processing is when the item is shipped, and delivery times. Customers want to be more informed, and more information is better than less.
I recently had a good experience with customers of an online store Moyocollection.com. When I informed them of the package's progress, I realized they appreciated it. I kept them updated by email, SMS, and phone calls.
I have since automated the process with our email services - Omnisend.
Power your entire online and offline experience on today’s most agile commerce platform. Unlike marketplaces, you own your brand, and customer experience across every touchpoint can be synced right in Shopify.
Resources: