The eCommerce business is on a roll these couple of years and people are making a lot of money selling things online. Clearly, this business is not going to stop in the next few years, as recent Statista predictions say that the global retail e-commerce revenue will go up to $4.88 trillion in the next two years.
You might think this is a good thing, but as the revenue and the competition are directly connected and if the revenue rises so does the competition. This is why e-commerce is difficult to start and it is hard to get recognized by the customers with all the different e-commerce businesses out there.
Although the possibilities for e-commerce business are getting smaller, it is not the end of the road and you can still pull off a valuable investment in e-commerce.
The one and only thing that keeps this business model alive are the trends. Spotting a future trend can boost up your sales and make you a lot of money. Yes, spotting trends can be hard and it requires a lot of experience in order to fulfill a successful deal.
In this article, we will talk about potential future trends for e-commerce and how you can stand out from the competition in order to succeed.
This business plan might be a bit older, but it still proves to work. It is a very profitable and simple process with huge potential. You will act as a connection between customers and suppliers. This simple business plan does not require huge up-front investments that can be hard to get to. You will only need a website with an integrated payment gateway and stable supplier to provide the products.
You simply get the product that you desire from your supplier, post them on your website, and each time a customer orders any product, you will order it from your supplier and ship it to their address. This way you avoid any storage and product handling which can minimize your costs. The process is so simple to set up using websites like Shopify paired with Oberlo which will handle all the dropshipping business for you. At this time you might be wondering why a customer will buy that product from you and not directly from the supplier. It is very simple, people nowadays do not have much time to browse the internet and they usually buy instantly when they see the product.
Dropshipping has an average revenue growth of 32.7% which proves the fact that this business trend is climbing up. Of course, it has some disadvantages like not knowing the quality of the product that will be sent, shipping time, high prices, but it is still one of the best e-commerce business modules.
2. Multi-Channel Selling
As we mentioned before, people like to buy things immediately without wasting any time to search the web. That is why multi-channel selling proves to be the future of e-commerce. When you think about online selling you usually think about Amazon, eBay, Dropshipping, Google Shopping, but we often forget the other platforms that can boost your revenue such as Facebook, Instagram, and Pinterest, which also support direct sales.
Some of these websites will allow you to sell your products online even if you do not have a website. That is why once you start with the e-commerce business it is best if you focus on all channels in order to drive sales.
3. Smarter Payment Processing
This is where the magic happens, and without a stable payment processing system, you will not succeed in this business. This is the final step of the customer journey, that is why you have to make the process as simple as possible and make your customers buy from your store without any effort. Almost 70% of shoppers abandon their carts due to the long or complicated checkout process. That is why a stable checkout process is a must, and you cannot start the e-commerce business without it.
4. Connection with customers
Just because there is a lot of competition in the e-commerce business, people started to separate one from another with including special prizes for customers or personalization. Knowing your customers is the first step of building your successful e-commerce business. You will have to work on user experience while they are on your channel and let the brand speak for itself.
Just bear in mind, the example of MLB. The Major League of Baseball generates millions of dollars in revenue, but how much of that comes from selling merchandise? For example, the Chicago Cubs, who are not even favorites at the moment in the odds to win the World Series, sold 5 times more items online than the other baseball franchises.
Nonetheless, the results in the field affect the sales, as this data from 2016 shows. The charts also show that the online sales tripled from 2015 to 2016 for both the Cubs and Indians, which shows the importance that this sector is getting.
People started adding personalized packaging in order to attract more customers and other creative ideas. That is why you must know your customer needs and provide them with something unique in order to catch their attention.
These are some of the e-commerce trends that you must keep an eye in order to be successful. This business module has huge potential but it is not an easy job and requires a lot of hard work. There are a lot of things that you will need to learn in order to build a successful business. You should definitely try your hand with e-commerce and see the results for yourself.