2020 has already seen the world change quite significantly. The situation with COVID-19 has dramatically shifted the way we’ll work and indeed shop, both now and likely in the future. It’s shone a light on the relevance, usefulness, and power of online shopping.
eCommerce is evolving in real-time. We now do more online shopping than ever before. Smaller retailers who’ve had to take a multichannel approach to sales have had to overhaul their websites and use omnichannel retail software solutions.
So, what’s next?
With more eCommerce competition than ever before, how does an online retailer ensure they stand out from the crowd? Predicting what comes next isn’t a science, especially considering our current social and economic climate. However, we can look at where we’ve been to get a sense of where we’re going. And use those insights to help bolster our understanding of where the online retail industry goes from here.
Social media as your primary store
Most people learn, share, and live life online through the medium of social media. Shopping is naturally a part of that experience.
Social commerce built tremendous momentum last year, with some of the more established platforms expanding their offerings to enhance their eCommerce capabilities.
In March 2019, Instagram launched its eCommerce checkout feature, because it wanted to offer an end-to-end in-app e-commerce experience for users. This means Instagram users can complete product purchases without ever having to leave the app, and in the process, save purchasing information for future payments.
It’s vital you connect your sales to your social media account. If your potential customers are finding your products through their social feeds but having to leave that page to buy it, you’ve created friction: the more steps involved, the less chance of a conversion. It’s the same reason poorly designed websites see high bounce rates and low conversion rates.
By reducing the friction and allowing customers to swipe or click to purchase your product, you’ve reduced friction of the buying process. Impulse buys shouldn’t take more than three clicks.
If you’re not properly marketing your products on social media, utilizing Influencer Marketing, or making use of all the current and emerging tools and trends to help retailers succeed. It would help if you got on that sooner rather than later. Social media platforms like Instagram are how most people access the broader internet landscape, and it’s on you to ensure those windows align with your sales channels.
Know what they want before they do
Predictive analytics has been around for more than a decade, but the take-up (particularly with smaller retailers) has typically been low, perhaps due to the complexity and costs. However, with Big Data combining with the current surge in online shopping, as well as more affordable solutions currently available across several platforms, it’s becoming a more affordable solution.
Predictive analytics allows retailers to:
- Predict what customers are most likely to purchase
- Determine the highest price a customer will pay for a product
- Improve supply chain management
- Enhance business intelligence
- Accurately make recommendations regarding promotions and follow-up purchases
- Employ better price …read more
Read more here:: B2CMarketingInsider