SMRT1 Technologies is pleased to feature guest blogger Josh Wardini. Josh is a digital journalist and community manager. Josh can be found at www.digitaldealer.com
With the amazing advances being made in technology and its impact on society, it is difficult to know how e-commerce will change in response to these trends. Many businesses will be scrambling to keep up with the shifts and others simply won’t even know that they’re leaving money on the table with outdated technology and strategy.
This is excellent news for those who are prepared to adapt with the times. By carefully studying the trends, you can create an offering that better suits the needs of your market. You end up with a competitive advantage, while the less prepared stores play catch-up.
But where do you start? How do you know what e-commerce trends are going to make an impact? It all starts with a bit of common sense and a commitment to keep abreast of changes not only in your market — but everything related to your business and its operations.
Think of the whole business model
Let’s say that you run a business offering subscription boxes. The payment platform that you use is an integral part of your business, but you’ll likely focus almost all of your energy around things like marketing, sales and logistics. As long as the payment platform keeps working, no need to think about it much — right?
It’s understandable that you might not keep up to date with trends in the financial services or technology industries — It would not be necessary as part of your core focus. If you do spend some time monitoring these sectors, however, you will learn that there are several different alternative payment methods that customers might expect to be able to use when buying from you. By not having a variety of payment options available to customers, you will be losing potential sales.
Monitoring and reporting on e-commerce trends is a main focus for the experts at Subscriptionly. They have compiled a comprehensive case study that determines the ways e-commerce will develop in the following years.
Their infographic is rich with vital data but we’d like two weed out two main trends that we feel will really move the needle.
1. Alternative payment methods.
As we’ve touched on already, changes are already being seen in the development of new payment methods. While 42% of global shoppers still prefer to use a credit card online, customers are starting to want more options. Electronic payment methods like PayPal are almost as popular as credit cards worldwide.
Some other payment methods to consider are bank transfers, cryptocurrency payments, and mobile payment solutions. These are fast gaining ground as an alternative means of payment. Customers want their personalized shopping experience to extend to their method of payment as well
2. Businesses should offer a more personalized experience
90% of consumers in the United States say that they find personalized marketing content appealing. But what exactly does “personalized marketing content” mean? It means using the client’s name when corresponding with them, but it also means a lot more.
Using the client’s name is something that a lot of companies are doing now anyway. It is the very bare minimum that you can do when it comes to personalization. You need to think on a broader scale. You need to think about personalized offers that demonstrate that you know your client.
For example, instead of just sending out a promo offer of 15% off to all and sundry, segment your market first. What about offering 15% off to those living in a particular town? Or for people to use during their birthday month? Or on items that would make a great add-on to the things they would normally purchase anyway?
The more time you spend defining the target market for each particular offer, the better the offer that you can create. Campaigns will be a lot more successful as a result.
These first two key trends are just the appetizer. There are many more shifts for you to harness so your business will have the competitive advantage.
Take a look at the info graph below for all the key e-commerce trends that will help your business thrive.