Did you know that in 2017, the e-commerce industry has amassed $4.13 trillion in sales? Factoring in inflation and the possibility that more and more people have access to mobile devices, you can expect that number to rise each and every year.Since 2020 has just begun, what are the things that you can expect in the e-commerce industry in 2020? Read on to find out.
To be clear, the subscription-based business model is not a new thing. However, it has certainly become more and more popular in this day and age simply because people nowadays have more disposable income than ever before. That being said, if you are going to adopt this business model, it is important that you also offer something exclusive in return. That means that you not only offer a base package but also add some extras to entice people to actually sign up. For example, Adidas has implemented its Creator Club program where people can sign up through different tiers and they can expect rewards and perks based on the tiers they’ve chosen.
People do not have the means of looking at a product you are selling without you presenting them with images and videos. One of the perks of being in a real store is that people can actually interact with the product. Well, you can still do that in the form of video product descriptions. By making videos showcasing the products that you have on offer, you can essentially provide a much better perspective that will help your customers make that purchase decision.
Businesses that implement sales and promotions in a timely manner are sure to enjoy a lot of profits. I mean, who can resist huge discounts, right?
Of course, you will have to do the math so that if you are going to have a sale that you are still making profits despite the price cut. People really love getting discounts and added perks so if you can implement sales on a more frequent basis, then that is a good thing.
Provide an Avenue for User-Generated Content
Social proof is a powerful thing in business in that people are more likely to believe a brand if they see other people praising it. That being said, provide your customers with an avenue to share their own user-generated content on your platform.
This means that you should allow them to post pictures or make videos about the products that you have on offer. By implementing such, you can convince other people to buy from you as well.
Promote Your Content, Not Your Store
The thing about being successful in the online world is that you should not promote your business as you would your brick and mortar store. What I mean is that instead of using ads to promote your store, you should create your own content instead.
There is a reason why content marketing is still popular in this day and age simply because you are not trying so hard to promote your own business using traditional methods, but rather, you promote your business by way of presenting something valuable to your potential customers (like articles about how your products could help your customers).