Image by Mohamed Hassan from Pixabay
From how we work to tying the knot, the pandemic has changed a lot of behaviors, some of them permanently. As people have been compelled to do much of their shopping via the internet, the e-commerce market has been booming. While more consumers are shopping online for essentials as well as shopping for gifts, there are also more businesses vying for their attention, and their dollars. To get a jump on the competition, read our top five tips for boosting your e-commerce sales in the new year.
Premium Visuals
Finding the right gifts for grandma and anyone else can be difficult when you can’t touch the object. With fewer people visiting brick-and-mortar shops, quality photos are essential. This is why one of the biggest trends in e-tail is the 360º product view. A full rotational picture allows customers to interact with the image. This in turn improves the shopping experience and leads to higher conversion rates. Even better, creating 360º product photos is relatively easy and inexpensive, making it feasible for smaller businesses.
Dynamic Pricing
These days, the online market is crowded. One way to stand out is with dynamic pricing, meaning changing your prices moment-to-moment to undercut the competition and scoop up the customer dollars. To engage in dynamic pricing, auto repricing tools tracks the competition and alter your prices accordingly. This can get a little tricky, however, if your regular customers discover they missed out on a deal because they didn’t see it on an alternate platform.
New Payment Options
The trend for paying in 2021 is ‘Buy Now, Pay Later’ apps offered by lenders like Afterpay and Sezzle. Similar to a credit card, this method allows consumers to pay in installments over time. The upside for the retailer is that you get paid right away while the payment company deals with the consumer. The downside is a small fee charged by the lending company for the service.
Re-commerce
Resale was already trending up pre-pandemic, but the lockdown supercharged the niche. Selling previously-owned items enjoyed remarkable gains in 2020 and is expected to grow more than 400% over the next 3 years. This trend is partly due to financial stress and partly because people had more time on their hands. With nearly everyone trying a new hobby to fill those extra hours, a large percentage of people who’d never sold their clothes before are now open to the idea as a way to earn extra cash. This means e-tailers will have to offer competitive pricing to contend with the secondhand wave.
Diversity
Millennials have taken the lead as the biggest spenders in the market and one of their top priorities is inclusivity. Businesses who want to capture Millennial dough must present more diversity in their ads. This is especially important in the beauty and fashion sectors — and don’t leave out the guys. Skincare and beauty products for men are some of the fastest growing categories this year.
Use these e-commerce market trends to your advantage and give your business a competitive edge in 2021.
This content is a joint venture between our publication and our partner. We do not endorse any product or service in the article.
