5 E-commerce Trends That You Need to Know in 2020
Of the worldâs total internet users, 40% accounts for online shoppers, which makes it a total of 1 billion online buyers. As per the latest survey, the total sales in the eCommerce industry in the US is more than 11% of the retail sales in the third quarter of 2019.
The eCommerce sector is soaring to greater heights these days and will become even more successful in the upcoming days.
But itâs quite surprising that the online retail space is changing at a fast pace since most of the companies are eager to cater to the customerâs needs.
Minimalism is the key. Focussing on simplicity has enabled more and more brands to come up with high-grade products. It has to be noted that, keeping it simple wonât provide you with choice overload- the practice of presenting the fellow customers with so many choices that ultimately land them into confusion and lags the decision-making process.
The companies that presented the users with not many options started off with just 2â3 products. Letâs take the case of Bonobos, as an example. This direct-to user company began with just a pair of pants and three years later they had managed to maximize their revenue by more than $9.5 million.
According to a survey conducted in the US, 35% of the adults prefer minimalism and the product popularity is influenced by not just the number of products, but by the way in which they are manufactured and promoted.
Simplicity is so much more than just product offerings and brand identity. This principle is being increasingly applied to various streams including website design, which has significantly increased commercial sales.
A brand starting off with just a single product doesnât mean that is all they have to offer. Many successful businesses adhered to the principle of simplicity and have come out with flying colors!
2. Promote Influencer Marketing
One interesting way to acquaint people with e-commerce is through influencer marketing, employing notable people from specific industries to endorse your products.
According to a recent study, it was found that 49% of consumers look forward to influencers when making decisions regarding the products. That is, most people rely upon influencers for product recommendations just like how they ask their friends.
The net worth of the influencer market has drastically increased from $4.6 billion in 2018 to $6.5 billion in 2019 and the worth of social media influencers is estimated to be between $5 and $10 billion by 2020. Influencer marketing has become a key source of revenue such that in 2019, more than 320 new influencer marketing platforms have come up to simplify the process for various brands and businesses.
3. Offer Customised Shopping Experience
Personalization has become increasingly popular these days. Giving customers a personal touch can help improve your brand recognition. Personalization provides customers with relevant products and increases the probability of sales conversions.
This is proven to have boosted the revenue by 10% since the customers are drawn to the brands that offer personalized products. Retailers today communicate directly to consumers through a channel âEmailsâ. Some customers might have engaged with your website but did not complete the purchase. In such cases you can send customized and attractive email messages, using email customizer to remind those items in their cart.
4. Extensively Employ User Generated Content
User-generated contents like customer photos, reviews and ratings help to build customer trust. It also increases engagement and time-on-site. It can also be used as a strong social proof for your brand.
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