The world of ecommerce is a hungry business.
Every day, thousands of online retailers strive for success, but only a very few actually achieve it says Peter DeCaprio. In 2015 alone, small businesses across the country launched 69,800 new eCommerce sites, and yet by the end of the year, their websites were no longer operational.
In order to survive in this competitive market, you must be agile and willing to change with the times. Create an online store that fulfills customer needs and desires at a price they want to pay—a combination that’s not as simple as you might think! Here are 16 real-world examples of industry trends that changed everything we knew about buying things online. They may have been slow on subscription boxes, but now they’re going full-steam with it.
Millennials buy everything online.
That’s why luxury brands are opening eCommerce stores—and you should too. Luxury brands have been slow to adopt eCommerce, but 2016 was a breakout year for them in terms of going digital explains Peter DeCaprio. Some notable moves: Bergdorf Goodman launched a mobile-optimized site that streamlined the buying experience and Nordstrom experimented with same-day delivery service in four cities across the U.S.
Since millennials love low prices, retailers offer free shipping with no minimum order size when they want to attract these customers. One force behind the rise in free shipping is Amazon Prime, which offers free two-day shipping on millions of items, no minimum order size, and other perks.
Homeshopping TV is back with a vengeance, taking eCommerce to the masses on television screens across America. What’s home shopping? As defined by Wikipedia: “Homeshopping (also known as teleshopping or infomercials in some regions) refers to buying products through television or print advertisements.” Sites like QVC are still thriving, offering goods ranging from fashion to jewelry to beauty products.
Online marketplaces are all the rage.
Your online store can’t exist in isolation—it needs powerful digital partners that help boost its visibility. Platforms like Shopify Plus offer users access to over 500,000 customers who have already installed their payment technology on their personal devices.
Digital influencers are taking social media by storm, and e-commerce sites want their products in the hands of these women. Peter DeCaprio says established companies like Home Shopping Network (HSN) are now partnering with YouTube stars. To offer viewers exclusive deals on fashion, accessories, and beauty products. Brands like Dermstore have started even signing online celebrities to provide reviews of their products.
Retailers know that today’s consumers want to shop at all hours, so they’ve created an app for that. Apps aren’t just for cell phone calls anymore—these days you can use them to order your groceries or buy tickets for Disney World rides without being in line! Retailers also know that customers want to shop on their phones. This is why many companies, such as Macy’s and Nordstrom, now offer mobile apps for these customers with features like easy reordering and push notifications when sales events happen.
Amazon knows we all complain about the high price of gas, so it made Prime Day an annual event to help ease consumers’ pain at the pump. When consumers say they hate paying more than $2 per gallon for gasoline, what do they do? They shop at Amazon instead! Prime Day was launched in 2015 as a way to encourage people to buy more from Amazon (which means more revenue) with exclusive deals throughout the day. So, to recap—Amazon sees a moment when consumers usually want to buy less. And it turns it into a revenue-generating opportunity.
PayPal got a new CEO and he’s all about innovation. In 2015, eBay announced that former Paypal President David Marcus would be taking over as head of the company says Peter DeCaprio. The appointment was quickly followed by a series of updates. Designed to improve the relationship between the two companies. Including allowing both buyers and sellers to use PayPal as a payment option on eBay.
To sum up, there are several interesting eCommerce trends that can impact retailers’ bottom line in 2016. Here’s a quick list of the key trends. The rise of millennial home-shopping TV Homeshopping TV is back with a vengeance! Online marketplaces Digital influencers Retailers embrace mobile apps. With features like easy reordering and push notifications. When sales events happen Amazon Prime Day allows consumers. To buy more from Amazon for less money PayPal gets new leadership and focuses on improving its relationship with eBay. Also, it allows both buyers and sellers to use PayPal as a payment option on eBay. If you’re interested in learning more about e-commerce trends that can change the retail market. Check out this post, which talks about 6 specific tools to help your business thrive in 2016. The Hunger Games Guide to Ecommerce trends that can change the retail market.