Experts Say These E-Commerce Trends Will Transform the Industry
When e-commerce first appeared more than 40 years ago, no one could have predicted the influence it would have on purchasing and selling.
While there have been many landmarks in the history of e-commerce companies—from the introduction of online advertising to the explosion of online shopping as a result of Covid-19—looking to the future is arguably the most fascinating.
The e-commerce business is predicted to increase by approximately $11 trillion over the next four years, demonstrating that we are only at the beginning.
So, what can we anticipate in the future?
Nasdaq enlisted the help of 17 e-commerce experts to unearth the trends that are reshaping the business.
- If you run a traditional e-commerce store, poll your current consumers to see if, where, and how you might implement the try-at-home before you buy approach.
- Companies must first consider content. It’s more than just a sales pitch.
The higher the interaction and, eventually, the conversion rate, the more engaging and contextually relevant the material is. Invest time and effort into content programming before layering commerce options on top.
- Your present consumers are your most valuable asset. Build a relationship with them, and they will be your most powerful brand ambassadors.
- Take note of where your client base spends the majority of their time on social media and engage with them in meaningful ways that add value and develop trust.You will see a higher conversion rate if you focus on providing value, providing resources, and resolving their most pressing problems.
- An improved customer experience and a first-party data strategy go hand in hand. Brands have a chance to liberate customer data from silos and put it to work for meaningful, intentional business goals. Is your CRM keeping track of birthdays? That information could be used by your marketing department to trigger special offers, cross-sells, or upsells. It is more expensive to gain a new customer than it is to keep the ones you already have. Instead of focusing on acquisition, firms should strengthen their loyalty program and promote recurring sales.
- Think beyond the box and challenge yourself and your team to be innovative in your marketing. Try out fresh campaigns or concepts, and be prepared to adjust your plans as trends shift. Experiment and listen to your clients on a frequent basis to remain ahead of emerging trends.
- Integrate artificial intelligence into the management of your supply chain and business processes. Organizational dashboards that allow you to see and respond to meteorological, social, and economic disturbances are the way of the future.You will be able to better route and respond to client demands as a result of this.