Trends for the future of eCommerce
2020 might have slowed down a lot of things, but it definitely sped up the growth of eCommerce platforms and the number of consumers shopping online has gone up exponentially. If you’re looking to grow your online business and to sell your product/service to a wider audience, you need to keep a track of the trends that are about to or have already hit the industry.
Here’s what you need to know about the future of eCommerce and the trends to follow:
This blog addresses all the businesses that want to get into the profitability that having an eCommerce platform provides.
Having a multichannel ecommerce platform helps you manage your business effectively, take control and diversify your products, and also reach out to new, potential customers to increase your revenue. To make this transition easier, we have compiled a list of 5 tips to build an effective multichannel eCommerce business platform.
1. Marketplaces will takeover eCommerce stores
When you’re a new eCommerce platform, there is no way to compete with the backend infrastructure and the physical backup of an online marketplace like an Amazon or a Flipkart. These marketplaces provide 2-3 day shipping, sometimes closing it down to even 24 hours and they give the consumer a wide range of options to choose from, and they have a very comfortable return policy.
So a good step to take with your online business is to list your product on one or all of these marketplaces. This way, you get quick and easy access to their already huge traffic which gives your company good exposure. On the other hand, have exclusive offers and products on your own website to build loyal customers there.
2. Self-service platforms will gain popularity
A few years ago, starting an online business would have been a very tedious and expensive task. Getting a team of developers, designers and consultants costs money, and not everyone can afford to do so.
Fortunately, there are a lot of self-service platforms available now that give you templates, backend services and loads of other support to help you get your online business up and running within days, sometimes hours. All you need is a good idea of what you want, how you want to sell your product and a vision in mind, the rest will be taken care of by one of these platforms.
3. Video ads will take over
With the advent of social media, and the way a platform like Instagram is pushing Reels or Facebook pushing Shorts, there’s no doubt that video is the way of the future. We’ve seen with the massive growth of TikTok and Twitch, the best way to advertise to the current generation is through videos on social media. What’s even better is that a lot of these platforms also allow you to sell your products there, so it’s quick and efficient.
One thing to keep in mind is that the average attention span of a human has gone down drastically, so it’s always a good idea to keep your videos short. Keep it catchy, attractive and most importantly, entertaining. Similarly, try out different plans and go with what suits your brand audience the most.
4. Multichannel selling will become the norm
It’s no news that a customer looks at multiple platforms before purchasing a product. So it is more than necessary to have your product listed on all of the big eCommerce marketplaces and as mentioned above, you get access to their huge customer base anyway. Multichannel marketing has already become quite the norm in the present day and it is only going to go high up.
Fortunately, there are services out there that help you manage all your inventory, marketplace listings, analytics and much more all at one place.
Versatile Commerce is one of those multi-marketing channels that helps you manage your eCommerce business and helps you grow and stay ahead of the competition when it comes to selling on multiple platforms.
5. Influencer Marketing will be on the forefront
In 2020, the influencer marketing industry reached an estimated $9.7 Billion and this is an industry that’ll only keep growing. Getting the right influencer to market your product/service can boost your business by a lot. Here’s why:
- You can pick an influencer with reach in your niche
- Both your business and the influencer gain exposure
- It’s much cheaper than getting a celebrity brand ambassador
- You can build a relationship with your influencer and in turn, their audience
- You get access to creative content without approaching a content agency
Apart from these tips, it’s always a good idea to keep an eye out for trends that are growing in general. For example, Artificial Intelligence seems to be a growing industry and it will soon take over eCommerce as well. One more important thing is to realize that the consumer has become more aware, so contributing to the society as a business has become really important.
At the end of the day, the most important thing is to have a good product/service to offer to your customers. Keeping up with the trends does not matter if you do not keep them interested and loyal to your brand. We hope this list helps you and wish you all the best for an exciting and profitable future ahead!