The pandemic paved the way for an e-commerce boom. And it doesn’t stop.
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March 20, 2021 4 min read
The opinions expressed by the entrepreneur’s contributors are their own.
In the 90s, online stores weren’t the norm. These days you will have a hard time finding a company that doesn’t have an online component. Because of this massive popularity of ecommerce, it’s no surprise that several ecommerce founders are among the richest people in the world.
E-commerce was strengthened last year. Restrictions due to the pandemic have forced many of us to shop online. Restrictions on personal movement due to Covid led to a boom in online retailing in almost all sectors. With so many people filling their online shopping carts, many entrepreneurs have started building ecommerce websites. On platforms like Shopify, the share price rose 57.11% compared to 8.1% on the general market.
This favorable trend will continue in 2021 as the market has many new converts. And with so many exciting things to expect in the years to come, work now to identify the top trends that will shape the future of e-commerce in the year ahead.
Related: These are the ecommerce retail trends for this year
1. Boom in competition
If you were in a niche market before the pandemic, you probably aren’t now. Entrepreneurs have opened their eyes to the power and potential revenue of e-commerce stores, and the rush to meet demand has resulted in new names in each market.
Watch out for an increase in competition. Now move on with a fresh look at your website and targeted ads.
2. Change in consumer behavior
Those consumers who have stepped off the main drag – many who had previously shunned online retail – are a different breed than your usual customers. They expect one-to-one communication, a personalized experience, and impeccable customer service. Personalization and big data are crucial here. They dynamically show users what they are more likely to buy based on their navigation history and previous purchases.
Now is the time to step up your game if you want to break into the market.
3. Authenticity standards
The online world is full of counterfeit designer handbags, jewelry, clothing, and all designer products that can be made cheaply yet look great.
Counterfeit items can be very convincing, which is why top designer branded resellers adhere to strict authentication standards and publish guides so that the consumer can get a better idea of what is real and what is not.
This is a positive development for e-commerce as it gives everyone involved a better understanding of authenticity and a feeling of peace of mind for buyers.
4. Customer Fulfillment
Customers want to feel like they are receiving the right treatment. They want to feel that their demands and needs are being met by the e-commerce outlet. Not only does this become something they want to see at the end of the deal, but it becomes a selling point.
If you can’t convince a consumer that they are getting the fulfillment they want from you, they will go elsewhere. This is a good time to start drawing up your marketing campaigns and taking care of your social trust.
Related: E-commerce is booming. Here you can find out how you can take advantage of these benefits
5. Brand building
Brand building is nothing new, but it has suddenly become so important. Your brand must reflect you and your product as well as its trust and authenticity more than ever, simply because the competition is growing. People are first time shopping on your website because you probably have a nice product and can beat your competitors’ prices, but they won’t be back on your website unless you tell them a story. An e-commerce brand is more than just a logo and slogan. It’s the way people perceive and feel your company.
Big names are making waves in many markets and you want to be able to keep your seat at the table. Gather your team and see how you can build a stronger brand.
6. Retention via acquisition.
After all, more competition means more competitors who want to steal your customers. Customer loyalty could be the main goal in 2021 as the main roads reopen and people are tempted to return to their old ways of doing business. Tech has done a lot in the past few years in increasing customer loyalty through sophisticated remarketing and automation platforms that continually remind users of a brand they visited or made a purchase from. And no doubt technology will continue to move in that direction and improve retention techniques.
Do whatever you can to retain the new customers you have gained by giving them the attention they deserve.
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