E-Commerce Seller Financing • December 16, 2019
The e-commerce industry is steadily growing and developing. In 2019, global retail e-commerce sales revenue amounted to over $3.5 trillion.
Research shows that a growing number of customers prefer to shop online rather than in physical stores, and that includes even everyday items. While this is great news for e-commerce store owners, competition is rapidly increasing as well.
Therefore, e-commerce store owners must stay up-to-date with the latest trends to ensure that they keep meeting customer expectations and making sales.
Let’s take a look at a few of the trends that are going to shape the e-commerce industry in 2020.
Top E-commerce Trends for 2020
1. Mobile Shopping and Payments
An average American spends over 5 hours a day on their smartphone, performing a variety of actions, including shopping. It is estimated that over 50% of the people who shop online do that on their mobile devices.
Experts expect mobile payments to surpass credit card and cash payments by 2023. Big e-commerce businesses are already adapting to improve their customer mobile experience.
As an e-commerce owner, you can incorporate ways to accommodate your customers’ growing expectations for mobile payment methods. You can start by accepting mobile wallet payments, integrating Instagram shopping, and if your sales are regular, perhaps designing your own mobile app.
2. Communicating with Your Customers via Chatbots
The need for excellent customer service is growing, and you likely have come across at least one business that uses a chatbot to communicate with their customers.
Chatbots can serve multiple purposes, such as answering queries, solving problems, and directing to relevant people.
Yet, that’s not the only thing that chatbots can do. It’s also possible to program chatbots to help customers locate products that they are interested in.
3. Personalized Service
Salesforce studies indicate that customers not only appreciate personalized service, but expect it. Customers are more likely to spend more time with and purchase from businesses that provide personalized service.
So, what is it, and how can you provide it?
Personalized service is a way of creating a shopping experience that is tailored to the individual buyer rather than a broad, undefined audience.
This can be done in various ways, such as writing your website copywriting and messages in a way that speaks directly to your customers. Larger brands also use AI and customer data management platforms to track user purchases and send personalized recommendations with products that they may be interested in.
4. Subscription Business Model
Another way of ensuring more sales is through offering subscriptions. For e-commerce retailers that means continuous monthly or quarterly sales, while for consumers, it means increased convenience.
If you do opt to offer subscriptions, make sure to provide quality products that need to be replenished regularly. Make sure not to trick people into subscriptions as that can damage the reputation of your business.
5. Voice Search Optimization
Voice search tools such as Siri, Google Assistant, and Alexa have not only modified how people search for information but also how they shop.
Therefore, you should optimize your product descriptions for voice searches so that your products have a higher likelihood of showing up in voice searches.
When using voice search, people usually use longer queries. Therefore, you should focus on long-tail keywords. These are more descriptive keywords with several words in them, for instance, “black female leather jacket” rather than simply “leather jacket.”
6. Video Content in Your Marketing
Videos are becoming more and more popular means of advertising, and that does not only involve ads. You can add videos to your product images as they can provide a more thorough experience and view of your products.
Consider adding product review videos from satisfied customers and how-to videos that explain how to use your products. They can be a lot more effective in advertising your products than text descriptions or videos.
7. Influencer Marketing
Word-of-mouth marketing is still the most popular form of marketing. However, with the evolution of social media, the way it’s implemented has changed. One of the most effective forms of word-of-mouth marketing is influencer marketing. This means collaborating with people who become your brand ambassadors.
That doesn’t mean that you much pay millions to celebrities like Kim Kardashian to promote your brand. Your brand can benefit even more from micro-influencers, people with relatively slow social media presence.
Micro-influencers tend to have higher engagement than celebrities, and your brand can grow alongside them if you establish a business relationship early on.
Are you ready to start the New Year with new approaches and marketing strategies? Which of the e-commerce trends for 2020 are you going to implement?