AAre you interested in opening an e-commerce business? If so, preparation is essential for success. As many as 80 percent of e-commerce businesses fail within their first year. That said, if you keep your company afloat, you’ll be tapping into an industry that’s surging.
E-commerce accounts for 11.9 percent of all retail sales, compared to just 3.5 percent in 2008. To push your business to the top and to take advantage of the escalating potential, try utilizing the following e-commerce trends in your fledgling company.
Asian Markets Are Booming
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Since it’s the world’s most populated country, it’s no surprise China is taking the e-commerce stage by storm. Experts in e-commerce have predicted that China e-commerce markets will be bigger than those of France, Japan, Germany, the UK, and the US combined in just three years. In fact, they estimate the country’s e-commerce industries will be worth $1.7 trillion.
China isn’t alone in their domination, as Japan is fast on their heels. While it’s fourth in the world’s e-commerce markets, interest still seems to be growing, with 83 percent of residents shopping online regularly.
So what does this mean for your business? You should tap into these surging markets to increase your profits. If Asians are more than ready to buy online, catering to their needs could help boost your revenue.
Social Media Is Hot
A huge chunk of the population uses social media. Instagram alone has 400 million daily users across the globe, which accounts for 50 percent of all adults who are on the internet. While these users are posting photos and sharing status updates, they are also using these sites to make purchases.
A study from 2016 estimates that 18.2 percent of social media users have made purchases through these sites. What’s more, 93 percent of Pinterest users regularly use the platform to plan out their future purchases. Therefore, if you’re not utilizing social media in your e-commerce approach, you’re missing out. Whether you list your items on the Facebook marketplace, post ads on Instagram, or create a board of buyable pins on Pinterest, all these methods should work to increase your sales.
Customer Experience Is a Priority
With so many different e-commerce sites out there, customers have a wealth of choices. If one site isn’t meeting their needs, they can just hop over to another online store to make their purchase. This is why customers will expect a smooth, painless customer experience during any transaction. They will want to find the product they’re looking for quickly, add it to the cart, and make the purchase without having to type in endless amounts of information.
How can you streamline this process? Partner with a service that can integrate all aspects of the customer experience, from marketing automation to payment processing. The less hoops your customers have to jump through, the better.
These are just a few of the current trends in e-commerce. Investigate more trends, integrate them into your business plan, and you might just see your nascent store transform into a global superpower in no time.
Image Credits: eCommerce from chainarong06/Shutterstock