The ecommerce industry has been growing rapidly over the past few years. As the industry grows, new ecommerce trends start emerging. Statista predicts that global retail ecommerce revenue will amount to $4.88 trillion by 2021.
Steady growth translates into more competition. If you own an ecommerce business this means staying on your toes and keeping up with the new ecommerce trends. These new ecommerce trends are usually results from advancements in technology and/or changes in consumer preferences and behavior.
New Ecommerce trends will continue to evolve at a rapid pace, and you need to keep up with them if you want to continually boost your clients’ sales and stay ahead of the competition.
This new ecommerce trend is becoming a very popular business model. The term drop shipping means running a store without ever holding or shipping any inventory. Once a customer buys your product, your supplier will ship the product(s) from their warehouse, straight to your customer’s doorstep. You’ll never need to worry about storing, packaging, or shipping your products.
With dropshipping, you can sell products to customers, set your own product prices and market your very own brand. You don’t even need to pay for inventory until it’s sold to an actual customer.
The 2018 State of the Merchant eCommerce Report found that out of 450 online stores, 16.4% were using drop shipping. Businesses using this model experienced an average revenue growth of 32.7% and had an average conversion rate growth of 1.74%.
A drop shipping business is a low risk business model. You only pay for products that your customers buy. You don’t need to worry about the cost of creating products, holding the inventory, and maintaining the unsold inventory. With a single click you can ship the product straight from the warehouse to your customer.
Multi-Channel (Omni-channel) Selling
An omni-channel customer experience is made up of individual customer touch-points over a variety of channels that seamlessly connect. This allows customers to pick up where they left off on one channel and continue the experience on another. This new ecommerce trend (omni-channel selling) is essentially about being everywhere at all times.
Hubspot describes it as, “the ability to deliver a seamless and consistent experience across channels, while factoring in the different devices that consumers are using to interact with your business.”
This new ecommerce trend is important because people aren’t using just one channel to make their purchases online. Stitch analysts concluded that retailers who sell on two marketplaces see 190% more in revenue than those who only sell only on a single marketplace.
This shows how important it is as a business to make yourself available across all of the channels that your shoppers use.
Some popular channels you should consider using are: eBay, Amazon, Google Shopping, and Jet. But, don’t forget about social media platforms like Facebook, Instagram, and Pinterest.
Sephora, cosmetics giant, is a great example of a continuous and consistent omni-channel experience done right. They have a mobile application that assists shoppers in store and gives them easy access to product ratings and reviews.
Smarter Payment Processing
This is a vital state in the customer journey that could make or break a conversion. At this point, the customer has already gone through multiple stages and made the decision to buy your product. If this stage isn’t effortless and smooth, you run the risk of losing your potential customer(s).
According to the Baymard Institute, almost 70% of shoppers abandon their carts. This report also found that 28% of cart abandonment occurs because of a long or complicated checkout process. This 28% of cart abandonment can be fixed purely through design changes.
An ideal checkout flow can be as short as 12-14 form elements.
This is one new ecommerce trend you must tackle to get ahead of your competition. To ensure quick conversions, you need to offer a smooth checkout process with an easy payment option. Maverick BankCard is an all-in-one payment processing provider, with a complete lineup of easy, efficient and secure merchant account solutions for credit card processing services all under one roof.
As we previously mentioned, omni-channel selling will continue to become more popular. But, it is not enough to just be available on multiple channels. Each interaction a customer has with your brand needs to be personalized to their individual needs and wants.
This will transform a generic customer interaction into one that will leave the customer excited and engaged about doing business with your company again.
Who doesn’t want an experience tailored to who they are and what they’re looking for? It makes the customer feel warm and happy knowing they are properly recognized and catered to as an individual. Knowing this, you need to personalize your interactions with each customer across all channels. In other words, you need to recognize the customer and their needs as the very same across all your channels.
In fact, 80% of respondents in an Epsilon study said that personalized experiences make them more likely to do business with a company. Offering a seamless personalized experience across all channels is a big challenge for many companies, but can reap many benefits if done correctly.
Most customers perceive packaging as part of the product. According to a Dotcom Distribution study, 68% of shoppers felt that a brand became more upscale due to its packaging. Additionally, 61% of the shoppers even claimed that seeing unique packaging made them more excited about the product.
If you want to set yourself apart as a ecommerce business, you should be creating custom packaging to make your brand or store more recognizable.
Over 1/3 of customers admit they base their perception of a company on product packaging. Why is this? The box or packaging your product is in is the first physical touchpoint you have with your customers. In fact, 40% of online shoppers say they are more likely to recommend a product to a friend if it comes in branded packaging.
In a past blog we talked about how important social media is for a company. Many companies pay influencers or people with a large following to post about a product on their social media.
What if a customer posted your product just because of how it was packaged or wrapped? About 4 in 10(40%) online shoppers say unique, gift-like or special packaging would make them more likely to share a product image on social media. This means your business should be packaging its products in a unique way to make an impression on your customers.