E-Commerce is a constantly evolving industry, with new technologies and strategies entering the market each year. To stay competitive, e-commerce leaders need to stay ahead of future trends and implement their insights into business operations. The future of e-commerce will continue to shift and change how retailers conduct sales. In this article, we’ll explore five insights into the future of e-commerce and ways that you can apply this information into your own business operations.
Rise of E-Commerce Only Stores
More increasingly, companies are opening that only have e-commerce stores, as opposed to having an e-commerce site to complement their brick and mortar store. In many cases, this means that small businesses either never opened a brick and mortar store or closed it when they realized the sales potential of shifting their businesses online. You can expect more e-commerce-only retailers to continue to open in coming years, as new business owners fail to see the value in having a physical storefront.
Increased Online Shopping Competition
More e-commerce stores naturally means increased competition online. This means that SEO becomes even more important, as businesses will need some way to differentiate themselves and connect with customers. Instead of one arts and crafts store online, there could be dozens of retailers that sell similar products and want one of the 10 first page rankings on Google. A moderate use of SEO and reliance only on organic search results won’t likely be enough to be found.
Order Fulfillment is a Big Differentiator for Customers
Fullment is what sets a successful e-commerce business apart from an unsuccessful one. Customers want products to come quickly and in good condition, with excellent packaging and customer service. If they have a bad experience, they are much more likely to place subsequent, future orders with your competition.
One way that customers check for order fulfillment history is by reading online reviews and checking out your company’s social media profiles before placing their first order. Any customer reviews that describe slow shipping times or unresponsive customer service can hurt your company’s reputation and ability to generate sales.
Big Brands Dominate
Big brands dominate the e-commerce landscape, with seemingly endless amounts of ad dollars and market share. Competitive prices, trust, and free shipping continue to lure customers into purchasing from their sites instead of the competition. Being able to truly compete with these businesses requires smaller e-commerce sites to either offer the same terms or some other value differentiator to potential customers. This can be a customer loyalty program, free gifts with purchase, or some other value that incentivizes customers to shop with them instead of through the big brands.
Aim for Customer Retention to Reduce Costs
Securing a customer from a cold lead is expensive. The only way to reduce costs associated with digital marketing on a per customer basis is to retain customers longer so they continue to make purchases without your company having to spend money acquiring them. As much as possible, it’s a cost-effective idea to use customer retention strategies to keep existing customers happy and spending money with your store.
E-Commerce is an extremely important aspect of selling products and services online. At KitelyTech, we can help to create, maintain, update, and optimize e-commerce sites in a wide range of industries and sectors. Call our development team at (312) 254-8248 for a quote on services for your e-commerce site.