ATLANTA, GA / ACCESSWIRE / November 9, 2020 / The social and economic turbulence we have experienced in 2020 has proven that navigating uncertainty requires responsiveness and the ability to adapt quickly. Entire industries have been forced to evolve as traditional business methods have shifted to accommodate social distancing requirements. As a result, businesses have experienced an emphasis on the importance of digital channels for customer engagement. For sales and marketing teams across industries, professionals have had to come up with creative ways to integrate new, modern solutions to attract a customer and guide them through the conversion funnel from the comfort of their homes.
In spite of the challenges society has faced as we navigate the "new normal," innovative business leaders have discovered opportunities to not only survive the pandemic, but thrive. For example, eCommerce websites have experienced an incredible boom in site traffic, as consumers have become more likely to complete purchases online versus in traditional physical storefronts. In fact, while traditional sales have declined, eCommerce has seen a 129% year-over-year increase in the U.S. and Canada according to Forbes. Other convenience industries like meal and grocery delivery have witnessed a drastic increase, as consumers prefer to minimize physical contact due to COVID-19 risks. In the US, the food delivery industry increased by over 20% year-over-year.
In other words, establishing an eCommerce marketplace for your business is critical to your brand's success under these new social conditions. Long-time entrepreneur and c-suite executive, Deepak Agarwal, offers his expertise on building a thriving business in the eCommerce landscape.
"When developing an eCommerce presence, you need to be prepared to adjust your strategy to account for online consumer behavior and compete amongst a broader pool of competitors," said Deepak Agarwal. "In a constantly changing economy, the current environment calls for maintaining a pulse on emerging trends to ensure your business stands out amongst the competition."
After years of experience in the eCommerce and retail space, Deepak Awargal shares his perspective on the top technology trends that businesses should consider as they look to capitalize on the opportunities presented by eCommerce.
Focus on Mobile Usability
It's no secret that technology and smartphone devices have become a massive part of the success of many businesses. Rather than using an Internet browser, more than half of U.S. shoppers reported turning to a mobile app to accommodate their shopping needs. Deepak Agarwal, who is best known as the CEO and founder of the multi-category online retailer NoMoreRack.com, asserts that optimizing your online website to be mobile-friendly isn't enough, as 2021 will become the year of mobile shopping apps. In other words, online businesses should start looking at building an up-to-date mobile app that is specifically tailored for the shopper audience with the capacity to offer discount promos and notifications for new product releases to attract a larger customer base.
Enable e-Wallet Functionality
Digital wallets, or e-wallets, are electronic devices, online services or software programs that allow shoppers to make electronic transactions with other parties via digital currency in exchange for goods and services.
These days, e-wallets are gearing up to be top of the list for eCommerce trends due to their functionality and easy accessibility. Digital wallet global transactions are expected to reach around $14 billion by 2022, making it a promising tool for eCommerce. As consumers look for a variety of easy payment options when online shopping, virtual wallets can be a great tool in helping customers more easily hit the purchase button.
Deliver a Customized Experience
With the aid of many customer service providers and chatbot technology, there is a realm of possibilities to deliver a direct, personalized point of contact to all of your customers. Through a specialized team of customer service professionals, or with the aid of a well-implemented chatbot, businesses can delegate the tasks of addressing customers questions, complaints, and offering them personalized experiences to every single individual that interacts with your online store. This method will not only help boost sales, it will also provide insight on who your audience is and how you can continue tailoring your messages accordingly for best performance.
Social Media Drives Online Sales
The discoverable aspect of social media is critical especially for small "niche" businesses that are trying to get more recognition without spending large amounts of money on marketing campaigns. "Discounts, interactive contests, and even online games can be a part of the discovery process," notes Deepak Agarwal. For example, learn from the Asian market. Up until now, Asia has been considered to be the leader of business development through social commerce. In fact, social media platforms, such as Instagram, account for one-third to one-half of all e-commerce transactions in Thailand, while11.6% of total retail e-commerce sales in China are driven by social commerce. Needless to say, social media should not be overlooked when talking about promoting your online business as it can become an opportunity for growth, partnerships, and brand ownership.
Video and Virtual Reality On the Horizon
Retailers can now turn their heads to virtual reality by building virtual showrooms or virtual stores, which can offer customers a whole new experience that matches or rivals heading to a physical store. The whole concept of "try it before you buy it" has become very popular in the eCommerce space, and with the help of video and visuals, this can provide the customer with a preview of what they will be acquiring before even pressing the checkout button.
As new trends develop for the upcoming year, Deepak Agarwal suggests that businesses dedicate time and thought to integrate emerging solutions into their promotional strategies. With the increased usage of mobile devices, online browsing and social media, online retailers need to be aware of the ever-changing space and consider taking the necessary steps to improve consumer's shopping experience.
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SOURCE: Deepak Agarwal
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