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While the pandemic and its effects have continued into 2021, life is slowly returning to a pre-pandemic state, with a few large changes. But what are the consequences for eCommerce? And what changes to consumer behavior can we expect to see in the coming months? Here are our predictions for the year ahead.
When it comes to eCommerce, there are three essential elements: the right products, the right sales skills, and the right marketing campaign. You already know that personalization on your eCommerce store helps your sales, so let’s take a look at the top trending products:
Currently valued at over $110 billion, the toy market continues to grow, bringing joy to children of all ages.
With year-on-year global order growth of over 1,000%, shoes are a hot trend for eCommerce sellers around the world.
With new and innovative multipurpose writing instruments appearing on the market, customers can’t get enough pens and pencils at the moment.
The pandemic has caused customer relationships to change. Instead of following the marketing strategies that worked so well in the past, organizations need to find new ways to communicate with their customers about more than just products and services. Organizations need to provide value and be helpful, so they remain relevant for their customers. Just don’t forget to tell your customers about your actions.
Why do your customers shop with you? What do you offer that your competition doesn’t? The lowest prices? Largest selection? Free delivery to your door? Better service?
Now is the time to work out exactly why your customers are loyal to you and to use these insights into expanding your customer base.
The uncertainty of the past few years are leading customers to increasingly look at the value, availability, and convenience of their favorite brands and deciding to vote with their wallets for cheaper alternatives. Help maintain brand loyalty by building on your strengths.
The past couple of years have seen online fashion weeks and virtual product launches via social media and online meeting platforms. Experts believe that these digital components, and others, will be a vital component of in-person events when they restart. Imagine the possibilities from incorporating AR applications or virtual reality tours in your next event. Whatever you decide, just remember that innovation is key when it comes to in-person events.
While longer-distance leisure trips are being delayed by consumer fears in the face of contradictory pent-up demand, affluent consumers are finding their freedom with technology and service providers that allow for unlimited movement. With their connection to their mobile devices, these consumers are looking for new experiences that can be enjoyed on-the-go. How can your eCommerce store give consumers the experience they are looking for?
With the changing rules banning the use of third-party data, this year all eCommerce stores will be relying on their own data.
You could use your data to create a one-size-fits-all sales campaign that utilizes your direct marketing channels like email, in-app notifications, and SMS messages. Or you could take your strategy a step further and use your data to personalize your content, making your messages more engaging than ever before.
With its current worth of €24 billion, and a projected $51 billion by 2023, recommerce - renting, reselling, and thrifting - is booming. The stigma of buying secondhand items has lost its stigma thanks to the increasing passion for sustainable commerce and the growing purchasing power of Millennials and Gen Zers.
So, how can your eCommerce store remain competitive? Proven, effective strategies include promoting your sustainability efforts, being smart with your pricing, and focusing on correctly managing your categories to identify key value categories, optimize certain products, and use your resources more effectively.
When it comes to eCommerce, the impact of social media can not be underestimated with (potential) shoppers turning to different platforms for advice, tips, and trends. Currently, TikTok is leading the pack, leaving the others to adapt in order to keep up. TikTok offers a highly personalized content recommendation system to help companies connect with an engaged audience.
Another important social media trend is social selling, which is becoming more common as apps include features that enable social media users to purchase items without leaving their platform.
How will your eCommerce store take advantage of TikTok and social selling opportunities?
While changes in consumer behavior will influence your future digital strategies, it is also important for you to fully understand the reasoning behind your customers’ decisions: how do they (want to) buy from you? What are they buying? And why do they decide to buy?
Personalization strategies ensure your customers see the most relevant content for them in real-time, helping to increase your revenue and take your sales to the next level.
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