MasterCard CEO Michael Miebach said that companies' years of sales growth could shrink to months if they kept pace with the competitive digital market.
This requires entrepreneurs today to keep abreast of the prevailing trends in e-commerce.
And e-commerce sales in the United States during the third quarter of last year exceeded about $214 billion, and accounted for 13% of total sales there.
In a report published by the American "Entrepreneur" website, writer Ihor Dibowitzky said that these numbers reveal that e-commerce has now become a typical part of the shopping experience for people of all ages.
And shoppers can receive merchandise at the click of a button without having to leave their homes.
He stressed that entrepreneurs must follow the latest trends in e-commerce to reach their companies the desired success, and among these trends are the following:
Personalize the product and marketing experience
From simply sending a welcome email and then mentioning the “first name” of every customer who signs up for or chooses to receive notifications from the company’s newsletter, customers now expect a seamless, omnichannel experience;
Thanks to technological advancements such as machine learning, online tracking, and smart website features, customers are able to experience a highly personalized and personalized shopping experience. Even platforms are able to personalize products - at scale - which enhances sales opportunities and increases profits.
Selling on social media
Studies show that shoppers are more likely to make purchases online, based on recommendations from their friends about a particular site, than any other means.
This explains the influx of funds over the past decade into the field of social selling.
Big commerce co-founder Eddie Machaalani stated, “The increasing use of social media platforms on smartphones and their participation in retail sales has contributed to the emergence of social selling, and anyone who wants to improve their online sales should take advantage of recent trends. ".
The writer added that customers no longer have to make purchases directly from the website;
Social media platforms provide multiple channels for e-commerce, for example, applications such as Instagram and Facebook allow purchases directly through the platform, transforming from social networking sites to smart platforms that enable consumer companies to strategically market their products.
Adopting corporate transactions instead of traditional advertising
Corporate transactions have proven to be more than just a trend and have become a huge commercial sector.
A common marketing strategy is to use influencers who have a high level of influence, authenticity and an impressive level of experience in a sector, and that influencer must have a valued consumer opinion in order to be successful.
“If you deliver a great experience, customers tell each other about it,” said Amazon founder Jeff Bezos. “And that opinion has a very powerful influence.”
In this context, Shopify - which specializes in e-commerce and is one of the largest online retail sites - published an article by writer Lorne Afford, in which she spoke about her most important advice to entrepreneurs in following the latest trends in e-commerce, including the following:
Multi-channel customer support
Customers, past, current and prospective, may need to communicate in some way with the Company to inquire about customer service.
While some prefer live chat options, others prefer phone calls, email, social messaging, or text.
By integrating chatbot tools, business owners can ease some of the customer service burden, while continuing to improve the overall customer experience by integrating chatbots directly into e-commerce platforms as well as into social media messaging.
Multiple Payment Options
Several online retailers have recently integrated tools that allow consumers to choose payment plan alternatives without any additional fees.
And by providing shoppers with multiple payment options, digital stores are likely to see increased conversion rates while continuing to gain customer loyalty.
However, retailers with headquarters and face-to-face services need to also plan to adopt remote payment methods, by employing more advanced card-reading systems.
Augmented reality as part of the shopping experience
Augmented reality has proven to be a pivotal factor in changing the rules of retailing for online stores and consumers alike, as this advanced technology allows shoppers to see the product they want to buy, which helps them in the decision-making process.
This method helps eliminate one of the biggest differences between these online stores and traditional stores, as customers can now try the product before they buy it.
Augmented reality is very popular in the fashion and home décor industry, thanks to the personalized experience it provides, enabling customers to see what products will look like when they wear them or in their homes.
Faster distribution channels and newer markets
Several large markets have emerged thanks to retail giants like Amazon and Walmart, but that can be both a blessing and a curse for smaller e-commerce platforms.
Although these companies provide an additional distribution option that caters to a wider audience, they put sellers in a pricing bind due to additional fees and costs.
However, this trend appears to be burgeoning and e-commerce companies should reconsider whether those markets are suitable for their products.
This means that small online stores will have to find creative ways to beat the big players.
In this context, Joel Anderson, former CEO of Walmart, said that "you can't just create a website and expect people to flow into it, if you really want to succeed, you also have to create movement in it."