Because of the pertinent need to stay home, online shopping has become such a big way to shop. In fact, online shopping has become the new normal.
That is why Shopify announced the top five trends that are most crucial for eCommerce businesses in 2021.
Number One: Ecommerce Boom Fuels Record Online Competition
Your competition is fierce so you need to step up your game. What makes your business special? What does your business do differently? These are some of the essential questions you need to be asking yourself to win over new customers and keep them coming back.
In just a few short months of the pandemic starting, online sales skyrocketed, creating 10 years of growth within the industry within just three months.
“As countries locked down and retailers were forced to close, ecommerce reached an all-time high of 16.4% of total global retail sales. It’s not just Gen Z and millennials driving this trend—older shoppers have also moved online. According to a global survey across 11 markets by Shopify, 84% of consumers shopped online during the pandemic,” (Source from Shopify)
While brick and mortar retailers have taken a bigger hit, online retailers all over the world have shown a growth in online sales.
Experts predict that in 2021, eCommerce sales will grow to be more uneven. Some regions are expected to take a plunge in online sales, but that is mainly due to vaccines being available and the resurgence of more in-person shopping.
Because of the competition growing stronger, it’s crucial that you pay attention to the customer experience.
Take note of everything your customer sees when first landing on your website. Think about what makes your business stand out and retain these customers. Depending on how you’re treating them is how they’ll treat you.
For more information on raising your competition: Watch this video created by Shopify.
Number Two: New Consumer Behaviors Reshape Future of Retail.
More essential items are being sold online than ever before. Groceries, shampoo, health items, and other home essentials are being delivered right to the consumers door, making online shopping the healthier way to live life.
Because of this, the pandemic has shaped the consumer’s mind to find the source that is most convenient. The consumers will decide how loyal they’ll be to the company, based on how satisfied they are with their experience. So remember, if there is a more convenient way to serve your customers, do it!
This information proves why companies should start branching out with creative technology. For example, AR technology in retail has been expanding over the past few years. By testing out different shopping experiences, you mind find new ways to market your product to the customer.
This survey shows that shopping online will be more than just a current eCommerce trend. Build your strong company-customer relationships now.
If you would like more information on new consumer behaviors: Check out this Shopify video.
Number Three: Fulfillment Emerges as Competitive Differentiator
There are just a couple of consumer demands that need to be fulfilled right off the bat:
- Shipping needs to be free at a certain threshold to attain customers. In fact, 64% of customers look for free shipping on most orders.
- Customers also look for more flexible options like curbside pickup or automated returns… Remember to offer these sorts of perks to create loyal customers.
- Most consumers look to brands who are more socially responsible.
From the customer’s perspective, if you are willing to take initiative socially, you are more than capable of taking care of your customers needs. So think of this eCommerce trend more as your promise to the customer.
If you want to know more about fulfillment emerging as a competitive differentiator, visit this Shopify page for more information.
Number Four: Brand Building Challenged by Marketplace Dominance
Did you know that half of eCommerce sales globally are through marketplaces? So instead of big retailers, most shopping is done through vendors like on Amazon, Etsy, and now even Walmart.
Even though it is great that anyone has a greater opportunity to start selling products through their own store, industry professionals have concerns of the impacts to the industry.
However, some challenges that your business faces might be easily solved with one focus: Better branding.
Although building a brand is incredibly hard, this is one of the key components that will make or break your business.
If you are looking to build your brand, see how your business can be more socially responsible. People gravitate towards brands with a purpose so make sure you are fulfilling yours.
If you would like to learn more, watch this Shopify video about Brand building.
Even though there has been a major boom in online shopping, customer acquisition costs have also risen. In the beginning of the pandemic, acquisition costs plummeted but as the industry boomed online, so did the need for targeted customer acquisition.
Although this eCommerce trend may cost you money, it could be one of the most valuable things your business can invest in.
Is 2021 a good year for eCommerce?
Shopping online has brought an ease to everyone trying to stay home and stop the spread of this pandemic. Because of this, shopping online has been more popular than ever.
If you would like to learn more about strengthening your eCommerce business, take a look at our eCommerce posts on Fyresite.