The e-commerce industry, “motivated” by the coronavirus, continues to show steady growth. From 2017 to 2020, the volume of the e-commerce market exceeded $4.5 trillion and, according to experts, this is far from the limit. According to Statista, online sales turnover reached $5.2 trillion in 2021 and will grow to $8.1 trillion by 2026.
The main advantage of this area is simplicity and comfort for customers, speed, and safety. Today, any online user can choose and pay for a new refrigerator or a branded bag, having a smartphone, mobile Internet, and 10 minutes of free time, regardless of location.
If earlier shopping on the Internet was mainly the lot of young people under 18, now they are actively used by everyone who is from 25 to 45 years old. Moreover, this trend is not caused by the “advancement” of buyers, but thanks to the efforts of marketers who are increasingly focused on increasing the age threshold. Another trend is to buy using mobile devices rather than laptops or desktops. Mobility and availability of purchases additionally “spur” the market.
The main e-commerce trends that determined the development of the industry in 2021 and do not lose their relevance this year are:
- short-term forecasts: the possibility of long-term forecasting has sunk into oblivion “thanks” to the coronavirus and related restrictions;
- automation of all work procure to pay management software;
- constant accounting and control of communication with customers;
- the effect of presence on the Internet, which feels close to offline stores;
- developed customer service;
- omnichannel models of customer migration from offline to online and vice versa, as well as their development;
- analytical tools for the activities and capabilities of companies;
- promotion in social networks, using e-mail, native advertising, and articles in the media;
- new technologies and training;
- clear identification of the company in the market;
- measurability of tools and indicators;
- business relations of a new format.
According to experts and participants in the e-commerce market interviewed by the PRNEWS.IO online platform, important trends are also:
- data collection;
- quality of customer service;
Promotion tools: effective and not so
Speaking of commerce tools implementation that helps to effectively retain, attract customers, and develop a business in the field of online commerce, today these are:
- promotion through social networks;
- work with influencers;
- contextual, native, and targeted advertising;
- online webinars, conferences, and other online events;
- video content on YouTube;
- digital, performance marketing;
- content marketing (media promotion);
- direct marketing;
Experts recommend that companies move away from vendor-lock solutions and intermediaries in the relationship between the brand and the client, and, on the contrary, concentrate on developing their own IT component.
According to the results of the last year, the most ineffective promotion tools were named:
- offline, banner, and radio advertising;
- niche exhibitions;
What do online shoppers want?
Consumer needs have changed a little over the past year. It’s still:
- variety and convenience of payment options;
- quality service;
- low cost and high-speed delivery.
Modern shoppers respond better to personalized offers. In many cases, they stopped ignoring various communication channels and began to be more demanding in interaction with the brand at various levels (down to the appearance of the courier and his manner of communication).
According to PRNEWS.IO experts, along with online trading, the banking sector is also transforming: “In the competition for customers, banks are taking unprecedented steps. Previously, in order to purchase, for example, a refrigerator on credit, it was necessary to make many movements and spend a lot of time.
Fortunately, in the last two or three years, most banks have digitized as much as possible, calculated the credit rating in advance, and allocated a certain amount to a specific person, which will be issued quickly and without questions.
Online buyers, through the prism of their own online shopping experience, have become more demanding of brands, which, in turn, should motivate businesses to introduce new tools, expand the range, improve service, introduce adequate pricing, and improve logistics.
Factors such as automation, quality control, omnichannel, and information contact with the client where it is convenient will not lose their relevance.