The Growing Trends of Online Retail Sales
Online shopping through an e-commerce platform has become one of the easiest ways to purchase almost anything. More than 80% of online population has used internet to purchase something and more than 50% of online population shopped online more than once. From the infographic shown below, online retail sales are growing by more than 19% a year and will be of almost $1.4 trillion by Year 2015.
Source : knowledge.citixsys.com
Upward online retail trends are being seen in almost every industry when it comes to online sales. This simply means that now is the time for you to take advantage of this e-commerce revolution for your online business. Here are the 8 online shopping trends you should be incorporating into your online retail business plan for 2014:
#1. Digital Payments Will Continue To Increase
At least $90 billion per year will be spent out of a digital wallet instead of through ACH or credit card transfers. That’s according to data compiled by Forrester Research. Many think of Bitcoin as the primary digital currency, but providers such as PayPal or Square provide digital currencies as well. If your e-commerce website doesn’t provide a digital wallet option, you could lose a lot of business this year.
#2. Mobile Support Is Necessary
According to Thrive Marketing, smartphones are making a big splash into the retail e-commerce marketplace. The biggest movement is in the 65 and older age demographic, which saw a 127% increase in overall online shopping through mobile devices. Why is this important to know? People over the age of 60 make up a majority of the big ticket sales items purchased through online retail.
#3. Loyalty Programs Help People Come Back
One of the easiest ways to help your online retail succeed is through the creation of a loyalty program. These programs help to establish a relationship with a retail prospect and increase your chances of selling online. You don’t need a physical carding system either because your e-commerce website can run one directly from your sales platform.
#4. A Good UX Is Mandatory
As customers demand an easy-to-use online shopping website, the UX, or user experience, of your e-commerce website will become extremely important. Customers will want a fully integrated system that allows them to research items, easily add or remove items from a shopping cart, and even return unwanted items to your physical location. The better your UX, the higher your conversion rate is likely to be for your online retail business.
#5. It’s All About Value
Today’s consumer is very savvy and independent. They don’t want your e-commerce website to give them a hard sale! They want information about why your goods are better and they want proof. Give them that and your online retail will have the perceived value it needs to make a good sale.
#6. More Products Mean More Sales
Customers will continue to grow impatient and want to do all of their shopping at one online retail outlet instead of several. By providing more products within your niche, you’ll encourage more sales because you’ll be that platform. Add in same day shipping options and you’ll have a better chance to market your online business to local customers too!
To be successful at selling online, your e-commerce website must be trusted. To gain this trust, you’ll need to have good online reviews and a solid reputation that will convince customers that you are the best at what you do. According to Marketing Land, 90% of prospects will be influenced by this information about your business! By soliciting for good reviews through discounts, contest entries, or exclusive access, you’ll solicit more sales for your online retail establishment.
People are developing intimate relationships with their technology and this creates an expectation of speed with quality performance. Your online retail website can load in a second and the expectation is that you’ll deliver on an order as fast as possible too. Go beyond live chat boxes and other hotlines and outlets that provide immediate customer service. Look for ways to improve your order management, create visibility in your business from an online standpoint, and streamline everything so every customer can be served as quickly as possible.
The current online retail trends will continue and online retail sales will eventually become a vital importance and a must have for any retailer.