1. New Payment Methods Are Increasing(online selling platform)
You must accept new payment channels as an online merchant. Currently, in addition to the standard debit and credit cards, the majority of eCommerce firms also accept wallets like Apple Pay, PayPal, Google Pay, and Samsung.(online selling platform)
There has been an increase in Bitcoin payments in 2020. This trend will intensify over the course of this year and beyond.
For online vendors, it provides enormous advantages like minimal or no transaction costs and no reverse transactions.
This new payment mechanism is already being tapped by by astute web retailers. For instance, Overstock and Coinbase collaborated to allow users to pay using Bitcoin.
Be ready to see a large number of online retailers incorporating cryptocurrency payment alternatives this year.
Additionally, this trend will offer extra protection and instruct online buyers on how to use this new payment method safely.
2. More attention will be paid to dynamic pricing(online selling platform)
Did you know that using dynamic pricing might help you draw in new clients and maintain your competitive edge? According to Matter Economics, “it’s a personalised pricing approach based on people’s desire to pay.”
The demand for a given product can be dramatically increased with the correct pricing strategy. If you overcharge for your product, you’ll turn away clients and hinder sales.
The optimum price that your clients are willing to pay for your goods is mostly what you should charge. You should also think about what pricing will provide you the biggest profit margin.
Use dynamic pricing software, such as Prisync or Omnia Retail, to decide on the ideal price for your products as consumer needs continue to evolve.
To help establish a benchmark pricing that will satisfy everyone, the majority of these tools offer a wealth of information and in-the-moment insights into your industry, rivals’ prices, demand, and the perceived value of your product.
3. Consumers Are Interested in Environmental Issues(online selling platform)
Green consumerism is really gaining ground. Brands must pay attention to this movement and recognise it. 50% of digital shoppers claim that environmental considerations influence both the products they purchase and the stores where they do so.
An eCommerce brand may stay afloat and relevant in the eyes of consumers by using sustainable practises.
Make sure your internet sales plan is environmentally friendly when establishing it.
For instance, adopt the practise of obtaining goods from fair-trade sellers, manufacturers, and organisations if you sell things on Amazon FBA (Fulfilment By Amazon).
This is an excellent method to develop a greener eCommerce environment.
4. Customers Will Support Independent Businesses More
In actuality, customer purchasing behaviours have altered.
According to a Shopify study, 57% of shoppers are open to buying from unproven brands. They desire to make the initial move to connect with someone. Isn’t that incredible?
According to all signs, online customers are shifting their business to independent and small companies that were impacted by the pandemic. Even medical businesses that deal with empty capsules and other associated products are already reporting steady sales.
They desire to assist them. Compared to the pre-COVID-19 era, 37% of people now choose to support independent businesses by shopping there.
Most independent businesses provide excellent customer service. Customers are changing because of this. Additionally, there is a rising demand for distinctive goods and handcrafted things.
For instance, during the pandemic, over 2.2 million Etsy sellers experienced an increase in daily sales, particularly since some of them switched to selling homemade face masks.
5. The Future of Personalization
Sales are fueled by personalised online experiences. When visiting any online store, 50% of customers want to see just that.
You cannot afford to treat your audience the same as everyone else if you want to provide the best possible customer experience. They should be commended and honoured.
If they receive poor product recommendations, online shoppers will probably go on to another store. Recall that the consumer’s past purchases or browsing habits influence recommendations.
Personalization needs to be taken more seriously.
Make everything you send to your consumers relevant and tailored, from the eCommerce emails you send to them to the web campaigns and information you share with a consumer group to your interactive infographic and video material (use a video maker like Promo.com to speed up the process).
6. The Predominance of Visual Commerce
Visual information is processed by the human brain 60,000 times faster than text. The future of eCommerce is visual marketing because of this.
There are many difficulties involved with online product sales. There is no direct physical contact with the customer during online transactions. That’s why it’s difficult unless you engage your customers through visual commerce.
The next generation of conventional static images is visual commerce. Mattress companies are now using interactive components in their ads to better engage with customers.
Since getting enough sleep is important, internet vendors in this sector should be inventive with their visual marketing, especially when running advertisements.
Smart online retailers now frequently use various visual aspects such as interactive material, user-generated content, compelling movies, and augmented reality in place of static product photographs.
It’s time to capitalise on this visual commerce trend if you want to increase your online sales. This is why:
Before making an online purchase, 75% of US internet users look for visual content. So if you use visual commerce, there’s a probability your marketing efforts will result in increased sales.