What Does the Future Look Like for eCommerce?
The eCommerce market is trending upwards. Online sales are at an all-time high and are projected to grow rapidly over the next few years. According to Shopify.com “worldwide ecommerce sales topped $3.5 trillion USD in 2019, an increase of approximately 18% from the year before. Ecommerce is expected to nearly double by 2023 to more than $6.5 billion.” These stats are just for the US.
On a global scale, Shopify.com states “Global ecommerce sales are expected to top $4.2 trillion USD in 2020 and reach more than $6.5 trillion by 2023. More than 2.1 billion shoppers are expected to purchase goods and services online by 2021. Increasingly, these online shoppers live outside the U.S.”
Top 10 eCommerce Companies of 2019
So, who are the top dogs of the eCommerce world?
According to Magenticians.com the top ten successful ecommerce businesses as of 2019 are:
- Ali Baba
- Home Depot
These companies hold a large share of the eCommerce business that is done worldwide.
How Does the Market Affect Your business?
The more you understand about the top eCommerce businesses, you can begin comparing their models to what you are currently doing for your eCommerce business. It’s going to be very difficult to compete with these giants’ head to head in the market. Search for ways that you can improve on what they are currently doing. Remember, some of the greatest businesses in the world were created through the ability of individuals that were able to “build a better mouse trap.”
What has worked for you in the past? Collect as much data from past years as possible. What trends can you find in your own ecommerce business success? The more data you can collect, the better your chances of projecting what you might need to implement in the future are.
If you are just getting started in the ecommerce arena again, look at what other companies who are in the same field as you are doing and implement it with your own flair. Again, always look to “build a better mousetrap.”
Offer a Personalized Product
By creating a personalized product your customer will come back again and again. Look at what the top ecommerce businesses are doing in regards to personalizing their products to their consumers.
A fine example of this would be Coca Cola’s “Share a Coke” campaign. The organic marketing and growth that Coca Cola experienced from personalizing the buying process is staggering. By the completion of the campaign they had seen the following reaction from consumers:
- More than 500,000 photos were shared using the #sharecoke hashtag.
- Consumers created and shared more than 6 million virtual coke bottles.
- Coca-Cola gained more than 25 million followers on Facebook.
Now, I know that your company may not have the same resources that Coca Cola have. However, the principle is the same. Consumers crave a personalized experience. Coca Cola’s customized ad campaign will be remembered for years to come. Evaluate how your eCommerce company can personalize the customer buying experience.
Create and “Experience” for Your Customers
What is one memorable experience you have had while shopping either in a retail store or online? I bet there is at least one that stands out. When that company created that experience for you, they made you feel like they truly valued your business. Most people love to feel special. Creating “experiences” for your customers will set you apart from your competition and it will leave an impact on your customer.
I once had a client that would hand write a small note for each of the orders that left her facility. When this no longer became feasible, she would choose customers at random to ask them how their buying experience had been and how they could improve. If she ever came across a disgruntled customer, she would soothe the situation with a genuine apology and usually some sort of free product. When she began her business, she chose to hold a standard of customer service that was far above those of her competitors and her company has continued thriving to this day.
Never underestimate the power of the spoken word. If you can provide your customer with an experience that impacts them in a positive way, they are more likely to tell others about your product and your company.
Content is King
This principle is vital. If you want to be found online, you need to invest the time necessary to write valuable and sharable content. The more content you write, the better your brand will grow. The most successful eCommerce companies have expansive followings on various social media platforms including:
These platforms provide free advertising for your business. The larger your following the more your business will organically grow. Find something unique and interesting about your business and get going. Write blogs, make videos, post pictures etc. As you begin to tap into the social media network, you will find a natural increase in sales.
Use the Best Tools You Can Afford for Your Website
If people can’t visit your website and tell you exactly what your business is about in under 5 seconds you need to simplify! Visitors to your website want to know what you do and how you can help them in under quickly and easily.
Make your website easy to navigate and easy to make purchases. Be clear and concise with your wording. The less confusion your potential customers have while on your website, the more sales you will have. As content becomes
Make sure the information on your website is current. People want information and they want it NOW! Staying current and up to date on things is something your customers will appreciate.
I mentioned making the purchase process easy. The easier it is to buy something the more likely people are to buy it. Not many people enjoy bouncing from one page to another just to buy a product.
Whether you design your own website or have a web developer do it for you, use the best tools you can afford. Remember, regardless of how high end your website may be, if it lacks content then it will have a very difficult time being found online. Be prepared to update and adapt your site to meet the growing needs of your consumers.
HAVE THE RIGHT BUSINESS IN YOUR CORNER
As an eCommerce business, you can be doing everything right from what is listed above but if you skimp on how you ship your product it could greatly affect your business in a negative way.
As a premier, Utah fulfillment company, Launch Fulfillment provides ecommerce fulfillment and shipping services to local ecommerce businesses. Your customers want their products as soon as possible therefore you want to be able to provide expedited shipping at a reasonable price.
Outsourcing your shipping logistics to a local 3rd party fulfillment warehouse like Launch can provide you with the opportunity to move more product through aggressive freight shipping and parcel shipping. Bigger opportunities for your eCommerce business are just around the corner when you hire a shipping warehouse that has your best interest in mind.
Do you really want to worry about boxes, shipping labels, shipping software and the time and energy put into fulfilling all of your customer’s orders? I would dare say you have other more important things in your business that merit your attention.
Don’t skip this option or think that it is the least important aspect of your business. Having a reliable 3rd party local fulfillment center to process and fulfill your ecommerce orders is just what you need to take your business to the next level.
To sum it all up, the market is headed in a good direction and ecommerce sales are going to continue to rise. Make sure your business and website are current. Collect data on your stats as a business and the stats of the businesses that are market leaders. Apply the principles you learn from the top successful companies to your business and see what works best.