Global eCommerce revenue is set to surpass $6.54 trillion by 2022, which is almost double its $3.53 trillion total in 2019. This shows that eCommerce has never been more active as an industry and that it has been growing at an accelerated pace.
We’re not likely to see a decline in eCommerce revenue any time soon. This is primarily because the industry makes the lives of end-users more convenient, which is perfectly in keeping with the current times.
It seems as though people have never valued convenience quite as much as they do today, so anything that makes our lives easier has a great chance of being lucrative.
Competition is another important factor when it comes to economic growth. The market for online shopping companies used to be wide open, and the first generation of eCommerce businesses had a vast scope ahead of them.
Today, the situation is quite different, with thousands of eCommerce businesses worldwide, all competing to sell products to the same customers. With the competition as tough as it is nowadays, enterprises require a more modern approach if they hope to conquer the market.
If you own an eCommerce business and are looking for some marketing trends to follow when promoting your products, you’re in the right place. The trends that we will talk about in this post might be just the thing to give you an edge over the competition.
Social Payments and Mobile Wallets
By 2021, mobile sales are predicted to account for 54% of eCommerce sales, reaching a total of $659 billion. With so much money being spent via mobile devices, it is easy to see why making mobile wallets available on your website could boost your business.
Again, this comes down to convenience, as an ever-increasing number of customers choose to pay via social payments and mobile wallets because it is quicker and more comfortable. These payment options seem to be where the industry is headed, with giants like Facebook integrating new payment features into its instant messaging app WhatsApp.
Social and mobile payments are easy to set up and convenient for your customers. Making payments this way requires only a few clicks or taps, which is guaranteed to attract new customers to your online store.
TikTok
Thanks to its very specific demographic, TikTok has recently caused a lot of buzz in the eCommerce marketing world. This video sharing platform has had more than 1.1 billion downloads in only a couple of years, becoming a massive hit among teens and young adults.
Most TikTok users are in the 13-24 age group, which means that it is an easy platform to use if you’re catering to that demographic. The platform's main goal is entertainment, but businesses are starting to recognize its potential for marketing as well.
Create a channel for your brand and start by developing meaningful videos that will promote your brand by generating engagement. Another option is connecting with influential TikTok users to market your brand for you.
IGTV
Instagram TV has recently emerged as a new marketing channel allowing companies to generate engagement and gain visibility. With more than one billion active monthly users, Instagram is the third biggest social network in the world, behind Facebook and YouTube, each with around 2 billion users.
That means IGTV has a massive audience, which makes it an excellent opportunity for marketers. You can use the platform to show your products to your exact audience.
If you’ve been wondering why there seem to be more videos than ever before on Instagram, it is because videos get 38% more engagement than images.
Instagram TV gives eCommerce businesses a direct way to connect with their prospective customers. People spend increasingly more time scrolling through their Instagram feed. Your business could benefit from that by developing a strong video content strategy for the platform.
Customer Reviews
A third of Americans say that they would consider switching companies after only one instance of subpar customer service. And you can expect every unsatisfied customer to share their experience with at least a few people.
This is why trust is such a crucial factor for eCommerce businesses. Your customers will only buy from you if they trust you. A way to gain that trust is to show transparency and willingness to accept feedback.
Embedding reviews on your website will allow your customers to express their opinions about your products and services. This, in turn, will create trust among new visitors to your website, once they see that you care about what your customers think.
Keep in mind that this could go both ways, especially if your products are not up to par. Therefore first, make sure to keep the quality standards of your products high, thereby encouraging your customers to share positive experiences.
Bottom Line
Ecommerce has gone through many changes over the years, and it is one of the most dynamic industries you get involved in.
The trends we mentioned in this post are likely to make a big splash in the world of eCommerce in 2020, and we recommend taking a closer look if you want to keep your business competitive.
That said, there are many ways in which you can boost your online sales. Sticking to proven methods like periodic deals or discounts on specific holidays could still bring substantial results.
Focusing on your customers’ needs is the best way to build trust and generate success over the long term.
