Ecommerce Strategies For Changing Business Landscape
Ecommerce is a goliath industry. Ecommerce is constantly evolving and ever-changing. As such, there are abundant opportunities, but it can also be easy to be left behind! Despite its harsh nature, the industry is growing. There has been a fast increase in ecommerce specific events, like Supercharged Commerce and ecommerce Show North, suggesting that traders are starving to grow their retail tool kit. Thus it is no wonder that people are always requesting about the future of ecommerce.
Global ecommerce sales amounted to nearly 3.5 trillion dollars worldwide in 2019, proving ecommerce is a productive option in this digitized world. That’s something big, and the good news is that it surely isn’t a fresh trend. There’s been an average growth rate of 25.6% in ecommerce sales over recent years. That’s evidence, if you ever wanted it, that ecommerce is booming, and it has been for a while. It’s too an industry that is ever-changing. Trends are continuously shifting in an attempt to shape the way that people in every single corner of the globe buy products.
No wonder, this crisis has created a very tough business climate. Companies are being presented with several different challenges as worldwide borders close, bricks-and-mortar companies closed their doors, and people are told to quarantine at home. A lot of companies face provisional or even permanent closures, with staff facing months of financial uncertainty.
Changes To Ecommerce Traffic
We have previously seen big changes in search behavior in the Fashion domain. It’s not rare for fashion brands to have a noteworthy proportion of their traffic coming through branded searches. In an example mentioned below, we can get to know how one UK-based fashion shop’s search traffic drop by about 40% after new actions were presented in mid-March to fight the COVID-19 virus (we’ve seen some other fashion brands fall by as much as 70% in the same time).
Why Invest In Ecommerce Now?
We’re seeing that ecommerce business is growing right now, and the accessibility to consumers coupled with the analytics it delivers to businesses means the trend is going to stick.
It can’t be overstated that the ability to capture and serve clients online is important to business success and durability. It was already true before the catastrophe and is proving to be even extra true now. And that goes for most of the business—retail, small business, big enterprise, and business to business (B2B). B2B ecommerce is likely to be the major area of ecommerce growth amid 2020 and 2025 and two times greater than B2C in 2020, according to Forbes.
If ecommerce website development is more of a sidebar in your business policy or nonexistent, now is the time to revolutionize and rapidly build and deploy an online service offering that will get you through this catastrophe and eventually become part of a well-integrated Omnichannel method.
Although it may appear like a scary undertaking right now, the silver lining is that numerous ecommerce and website CMS providers are offering additional features and provisions to make the process smoother and aid businesses going through a hard time.
Some other benefits of ecommerce to consider:
- Convenience: Your clients can purchase from you 24/7, from anywhere. It’s simple to find, link, and select products.
- Speed: It’s a lot quicker and simpler to set up and manage than B2B wholesale business.
- Cost: The working costs are also lower than with physical vending, and you can deliver better quality service for less.
Refining Your Ecommerce Strategy To Remain Competitive
As the Coronavirus catastrophe continues to bear, and as their behavior acclimates, businesses with a strong ecommerce offering can make sure that they are there when clients need them.
Nike, for instance, has managed to increase digital sales by 30%. This is because of their fitness and ecommerce apps being predominantly well incorporated.
As user behavior changes and results in more and more clients shopping online, so too will the market change to become ever-more economical as businesses seek to get the most out of this trend.
In this world, as clients are having to spend much more time shopping online, even minor changes to a site’s user experience and page load times will likely have a much superior impact on conversion rates.
Carrying out a careful analysis of how fast a site’s pages load within different devices will reveal prospects to increase site speed, many of which can be fairly easy to implement and hence represent rapid wins.
Remember, page speed is a ranking factor in Google, and there has been ample research circulated showing a straight inverse relationship amid the speed and the number of conversions. One such study by Amazon indicated that an increase in load times can even reduce conversions by 7 to 8%. Well, this doesn’t seem like a lot, however for Amazon at that time, 7% was $1.6 Billion! Optimization of page load times is a real opportunity to advance baseline income.
Similarly, making websites & ecommerce app development work better for present clients by examining their paths to conversion, and the consequent optimization of that journey will allow clients to have a better and more sustaining experience. This will certainly provide uplifts to the revenue produced and will possibly turn in brand affinity as well.
Ecommerce: More Than Just Another Way To Trade
At this instant, you might be focused on rapidly building and progressing out your digital competencies to meet instant customer demand and stay in the trade
The rich data and visions that ecommerce platforms provide can help you in making smarter choices for your business to increase income, cut costs, and become more customer-centric. These analytics let you make intellectual predictions, product assortment, client behavior, store-level group, and much more.
ecommerce platforms also provide features or integrations that let you take benefit of the most recent tech, like AI and automation, which allows you to make cutting-edge solutions putting you as a market frontrunner.
While the whole world is reeling from the effects of the Coronavirus epidemic, user behavior is being enforced to change, and customers are more and more moving online. ecommerce websites are in a place to be able to exploit this, but only if clients can found.
Even though tactics may need to be reformed to the new environment, we discover ourselves in, and companies should consider retaining investment in online marketing, analytics, and online content so that they can manage to remain economical and meet the requirements of customers.
In these indeterminate times, there are still chances; it just takes a slightly different outlook and method and a constructive attitude.
If you feel you want help in understanding the influence of COVID-19 on your trade, we - Seasia Canada have teams of experts who can assist you. If you have any queries or would like to talk with us about how we could support, please do get in touch.