E-commerce is an ever-changing industry, one that has grown by 30% in 2020. The past year has led to a shift in shopping habits, consumer wants and trends. To help prepare businesses for adopting the latest trends, we have gathered consensus on the key trends for the future of e-commerce in 2021.
As a result of the pandemic, consumers have a stronger desire for convenience and immediacy - 54% of consumers chose to buy items online due to convenience. Building your brand’s presence beyond just your website and across several channels will help to facilitate a more accessible, seamless and positive shopping experience for your customers.
One of the key benefits of omnichannel shopping is keeping your business actively present in the minds of your prospects and consumers. Unified messaging through cohesive marketing within different channels provides customers with a streamlined shopping experience which allows them to shop in whichever way best suits their needs.
Ensure that your social media, email marketing, targeted ads, website, video content, etc. are all working together cohesively to leverage data and customer relationships.
Augmented Reality (AR) is increasingly being integrated into e-commerce experiences as it stimulates in-person shopping experiences online. AR acts as a solution to the current problem of not being able to test or try on certain products and is a strategic way of gaining competitive advantage in the e-commerce market. The try-before-you-buy virtual experience has been implemented by large retailers such as Sephora, Kohls, Lacoste, IKEA, etc.
Shopify’s research data concludes that consumers often search for solutions, not brands! Implementing AR in your e-commerce store will help stimulate sales by acting as a solution for a problem that consumers are collectively facing during this pandemic.
Upgraded Checkout Experience
Your checkout experience can make or break your consumers’ purchase decision journey. Ensure that your business has a smooth checkout experience by implementing convenient features such as one-step checkout and “shop now, pay later” options through payment instalment companies such as Afterpay, Klarna and PayBright. After all, studies found that the most common reason for abandoned shopping carts was the price!
Upgraded checkout features such as one-step checkouts, automated coupons/discounts, and instalment options lead to an increase in sales, stronger customer loyalty, higher customer lifetime value, and an overall better customer experience.
Prioritizing Your Existing Customer
In order to increase the lifetime value of your customers, one of your main goals should be to identify and target your best customers. Earn consumer loyalty through integrating easily redeemable rewards and offering exclusivity.
We recommend implementing any of the following loyalty strategies:
- Loyalty tiers offering increasingly valuable rewards
- Personalized discounts through email marketing
- Early access to new products for loyal customers
- Referral programs
Last but definitely not least, the use of video content to promote and sell your products is a key trend to focus on in 2021! Website visitors are 64-85% more likely to buy a product online after watching a video. Videos give your business a chance to engage your audience and have greater conversion rates compared to standard banners.
Consider using TikTok and Instagram Reels to drive video engagement and play into your omnichannel strategy!
We know that keeping up with constantly changing trends can be tough, but we’re here to help. Get in touch with us today to elevate the way you do business!
AUTHOR: Rita Jokhaji
H&C Inc. Marketing Intern