It seems like e-commerce businesses are popping up left and right. But can we blame these digital entrepreneurs? Shoot, considering the industry accounted for 4.9 trillion U.S. dollars of the global economy in 2021, we do not blame them one bit. With positive growth projected, $7.4 trillion by the year 2025 there won’t be any slowing down.
We love to see growth in our global economy but this inherently means an increase in competition. You can be left questioning, how does my business stand out? Don’t fret! We’ve compiled 5 trends that you should be capitalizing on in 2022.
Paid Advertising: Social Media
In 2021, we saw US companies spending right under $57 Billion in paid social advertising through social media platforms. The reality is, if you’re not putting marketing dollars behind paid social media advertising, your competitors are. Exploring different mediums, whether it’s Facebook/Instagram, TikTok, YouTube, or Pinterest, can prove beneficial. Depending on your e-commerce business category, certain platforms can prove to be a better investment. We know that with updates released by a certain fruit company *wink* *wink*, the landscape has changed. Nonetheless, paid social advertising is a must.
Personalized Marketing & Products
When it comes down to it, as a business owner, you should always be looking to improve the customer experience. Studies have shown 80% of consumers are looking for a personalized experience. Multiple tools will allow you to elevate that experience for your customers through tracking and automation features. Personalized pop-ups, specified follow-up emails, relevant marketing offers, custom product offers, are all means to the ultimate goal. Your ability to make a personal connection can turn one-off customers into loyal brand enthusiasts.
As a new business, brand, or company your presence must be felt on social media. Outside of the previously mentioned paid advertising opportunities, you need to exist in the social media atmosphere. But let’s not get it twisted, simply having an Instagram account for your business is not enough. The content is important, the consistency is important, your tone of voice is important. Developing and executing a social media strategy is a must. Whether it’s sharing user-generated content, using livestream shopping capabilities, partnering with influencers, or creating a dedicated group for your enthusiasts; your social presence deserves resources allocated. Not convinced? What if I told you that social commerce sales are projected to reach $79.6 billion by 2025?
Additional Payment Options
Let’s keep it simple, more payment options equal more transactions. You invest resources into your website, social media, advertisements; your customer is now ready to make their first purchase and quickly they run into barriers due to a lack of payment options. You have now lost a sale and more importantly, you have lost a potential loyal brand enthusiast. Implementing a diverse payment technology will prove beneficial. You will not only reduce your cart abandonment rate but you will also encourage customers to spend more. Look into introducing interest-free finance techs like Klarna or Sezzle. Depending on your product, providing crypto payment options may also prove beneficial. At a minimum look into integrating options like PayPal, Apple Pay, or Google Pay.
Video. Video. Video
This might not be the first trend you invest in but once you have solidified the ones mentioned above this can be your next step. Envisioning products in the real world based on stagnant imagery is very difficult. You can interact with your product in a very personal way, you know how badass it is. While images can be effective when it comes to showcasing your offerings, seeing your products in action can become the difference between checkout and cart abandonment. Get creative in this realm, unboxing videos may be better suited for physical items, tutorials may be more appropriate for the software you are pushing. Again, you are looking to enhance the customer experience so ask yourself, what makes the most sense for my business?
Whether you already started your e-commerce operation or you’re looking to start your very first, it’s important to stay on top of emerging trends. Constantly pushing for a better customer experience will allow you to stand out from the competition.