There is hardly anyone who will doubt that eCommerce is the future of retail. While physical outlets will continue to have a strong presence, eCommerce platforms are expected to have the lion’s share of the total retail market. Right from huge multi-brand shopping platforms to niche e-stores, online shopping has been shaping up interestingly in the last few years. As per experts, the total valuation of eCommerce is expected to surpass $6.1 trillion. An important factor behind this growth is the big boost that eCommerce received during the COVID-19 pandemic.
With such incredible growth potential on offer, it is not a surprise that an increasing number of brands are fortifying their digital strategy. Many marketers are now bringing forth innovative ideas to distinguish their brands from others, thereby leading to the creation of some new and interesting eCommerce features.
Voice Search
Smart speakers or voice assistants have become an indispensable part of the lives of many individuals. People are using smart speakers for numerous tasks, ranging from ordering groceries to creating shopping lists. Though, one task for which these smart assistants are widely used is to conduct the search for information online using voice commands, i.e., voice search.
This trend is not only expected to continue but also grow as the number of individuals with access to smartphones and the internet is increasing steadily. Businesses will need to optimize their content and keywords to make them voice-search friendly. This optimization will ensure that whenever a user is looking for a product using voice search, the products offered by the company will appear at the top.
New Marketing Channels
eCommerce has been evolving at a rapid pace in the last few years, and this has led to the emergence of a mix of new channels. Companies are now promoting their products and services through advertisements on leading social platforms. With the availability of shopping options on these platforms, the growth of eCommerce has gathered a considerable pace. In addition to social commerce, live shopping is also gaining popularity across the world.
As a result, more than 20% of shoppers in the US have admitted to having used live commerce on more than one occasion. Connected TV advertising will also see considerable growth in the same period. Many eCommerce platforms are exploring the potential of this new channel, where ads will be displayed on platforms like Hulu and YouTube TV. In fact, the famous footwear brand Hoka reported a whopping 68% growth in its website visitors after a TV advertisement campaign.
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Sustainable Brands
An increasing number of consumers, especially from the millennial and GenZ group, are worried about the impact of climate change. They want to be associated with brands that care for the environment and follow sustainable practices. In fact, brands that exhibit their concern for the environment in their marketing strategy reported 580% faster growth as compared to their competitors and saw their conversion rates increase by 20%.
One of the easiest ways to exhibit sustainable practices is to invest in sustainable packaging. Many brands are now only using but are clearly labelling their packaging as sustainable to appeal to environmentally conscious customers.
Personalization Leading to Success
eCommerce platforms must always strive to deliver incredible shopping experiences for their customers to stand apart from the competitors. Many platforms have integrated custom algorithms that help them constantly monitor the shopping activities of their customers. This information helps these platforms optimize their marketing campaigns wherein they can recommend products which they believe will meet customer requirements. But customers are now growing tired of algorithms recommending them products instead of real people.
They now seek personalization with their shopping experiences wherein they want someone who cares about their preferences. This can include sending custom discount codes, personalized offers, or others. In fact, 76% of customers reported that their purchase decisions were impacted by personalized communication from brands.
Brands must gear up their digital strategies to ensure that they are a step ahead of their competitors. A lot of innovative strategies are being adopted by marketers to further establish their online presence.
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