Ecommerce has been experiencing immense growth in the past decade but since early 2020, its meteoric rise has intensified competition and pushed ecommerce service providers to go the extra mile. What’s more, global events – be it the pandemic, Brexit, the Suez Canal crisis, the rise of 5G, or even climate change – have all had an impact on ecommerce.
Over time, purchasing habits change, supply chains can get disrupted, and new technologies such as AI can transform ecommerce. There’s a lot you need to keep track of to be a successful online seller. That’s why, we’ve chosen 7 vital trends and statistics that can help you boost your numbers this year.
1. India could be home to 228 million ecommerce shoppers by the end of 2022
With more people than ever staying at home due to the COVID-19 pandemic, the country has seen a 45% increase in the current consumer base. According to a study conducted by Recogn (the research division of WATConsult), YouTube and WhatsApp are leading platforms for ecommerce service providers. It’s also interesting to note that younger consumers prefer platforms such as Instagram and Facebook whereas older shoppers prefer WhatsApp and Facebook. So when you’re planning your next ecommerce advertising solution, remember where your audience is.
2. Mobile ecommerce accounts for 61% of online retail traffic
Smartphones have undoubtedly become the go-to online shopping tool for consumers today. But there’s an interesting twist to this statistic. While a majority of the traffic comes from mobile phones, online sales are still largely completed on desktops. What this means is ecommerce sites that are not mobile optimized will eventually lose out where it really matters – the checkout. So focus on making a user-friendly, mobile-friendly interface to grab your customer’s attention and increase your chances of them becoming paying customers.
3. Purpose-driven brands have higher market share and 3x growth compared to competitors
With more brands using narratives such as ‘vocal for local’, ‘shop local’, and ‘support small businesses’ in their marketing, it’s clear that businesses driven by purpose and a unique voice are becoming more common. A study by Deloitte showed that today’s consumers make choices based on how brands treat employees, communities, and the environment – giving brands more incentive to follow ethical practices. In addition to higher market share and multi-fold growth, purpose-driven companies also report higher customer and employee satisfaction. So if growth is on your agenda, make your ecommerce advertising solution all about purpose.
4. Almost 50% of users abandon shopping due to unexpected expenses
Cost is perhaps the second most important factor for the success of ecommerce, after convenience. Your customer’s smile may turn upside down when they think they’ve found a great deal, only to be confused by extra costs such as taxes, shipping, or other service fees. They may also abandon their carts due to long checkout processes, mandatory account creation, slow delivery, and lack of trust or clarity. Ecommerce solution providers should focus on maintaining cost transparency and highlight benefits such as easy returns, free shipping, etc.
5. 3D images of your products can boost conversion by 250%
The ability to pick up items and inspect them by hand is something online stores cannot replicate. Buyers are naturally less likely to buy something if they are not able to get a feel of the item. But with good product photography and a 360° view, you can get closer to the real deal.
6. Fast shipping vs. free shipping: 85% of consumers choose free
Of all the keywords that drive the popularity of ecommerce, ‘free’ is probably the most powerful. Free shipping has proven to be the biggest edge ecommerce has over traditional retail. Many studies even prove that consumers choose online shopping solely because of these benefits and aren’t willing to pay for shipping, even with expedited delivery times. However, free shipping isn’t always a practical solution for ecommerce service providers, especially for international orders. One solution here is to harbor local fulfillment centers located closer to customers.
7. 9 out of 10 customers are more likely to make a purchase when guided by an associate
While influencer and celebrity plugins do help boost sales, they can be costly as an ecommerce advertising solution in the long run. Instead, a surefire way to increase sales and retain customers is authentic and efficient customer assistance. Brands that employ a trained team of associates to quickly answer questions and recommend products will instill greater trust and confidence in the brand. 2022 will continue to be a year of evolution and transformation, especially so for the ecommerce sector. And with each emerging trend, there’s a world of learning to be discovered. What will make the difference for your brand is how quickly you can catch on to these trends and make concrete changes to your marketing strategy. If you’re ready to get started with ecommerce marketing services that will empower your brand in a sea of uncertainties, talk to us today.