the buying or selling of goods and services
E-commerce, the buying or selling of goods and services over online services such as the internet. It’s widely known that internet usage has increased drastically over the last 2 years, due to the Covid-19 pandemic. A BBC News article has shown that internet use in the UK has more than doubled in 2020 due to the pandemic. The digital world has been fast-forwarded and the future of commerce is governed by new rules, new priorities, and new expectations. Here are the 5 key trends you should act on in 2021.
E-commerce boom fuels online competition.
Nearly 150 million new shoppers came online during this pandemic, bringing e-commerce sales to an all-time high. With the increase of customers, comes the increase of competition – meaning e-commerce is more competitive than it’s ever been. To succeed, brands must take an omnichannel approach ; using product and customer data to improve the user experience.
New consumer behaviours reshape the future of retail.
The pandemic has changed the way we buy, 48.8% of internet users will continue to shop online. With a high demand for convenience, brands are making it easier for you as the customer to check out. Converting in-person shopping into virtual experiences and experimenting with 3D modeling and augmented reality allows for consumers to shop hassle-free.
Fulfillment emerges as a competitive differentiator.
Businesses face a balancing act around fulfillment. 64% of consumers want their orders shipped for free while 75% of consumers would pay more for eco-friendly products. In response, brands are turning stores into fulfillment centres, automating inventory management and streamlining the returns process
Brand building challenged by marketplace dominance
50% of all global e-commerce sales happen on marketplaces, where search is often unbranded. That means that brand building is more difficult but more important than ever before. In order to stand out, businesses are injecting life into their marketplace product pages. They’re also building relationships across other channels through customer service, personalisation and community.
Retention becomes a top priority as acquisition costs spike
Digital advertising is getting more competitive, and as brands prepare for a world without third-party cookies, the cost to acquire new customers will surge. To retain customers, brands are finding new ways to reward their most loyal buyers. Exploring subscriptions and communicating with customers directly are common ways that brands will get through to their consumers.