It looks like the whole world has turned to online purchasing in the recent period, and as a result more and more entrepreneurs venture into opening up their own online shop. Now, is it just a subjective perception that “online” is going big, or is it a statement supported by facts? Let’s look at some of the numbers:
The predictions are that by the year 2021, worldwide retail eCommerce sales will reach $4.9 trillion. In the US alone, consumers spent $601.75 billion online with U.S. merchants last year, which is a 14.9% increase to 2018. Ecommerce has grown steadily in the UK as well, reaching £137.38 billion in 2016, and growing each year at an 11-14% rate.
Those are humungous amounts of money, first thing that comes to mind is “probably I can cut my slice of the pie?!” 😀 And yes, you definitely can.
On top of it, only 36% of the Americans’ shopping budget is spent online, and 64% is spent in-store, the Entrepreneur reports. Which shows that there is room to grow and there is room for everybody.
Now, you also need to know that Amazon accounted for more than a third of all eCommerce in the United States. So, there are the big fish. The established and trusted ones. And 48% of online shoppers navigate straight to a large ecommerce marketplace when buying something online. So let’s be sober about it. That already cuts your chances in half if you are just starting up. Nevertheless, you still have 52% of the consumers to acquire on the two-third of a multi-trillion worth marketplace. ;-D It’s probably worth trying. 😀
Ok, so how do you get there? How do you establish your place in the online space?
First of all, you need a solid, functional eCommerce website.
What are the features of a good eCommerce site?
SECURITY (SSL and secure payment)
An overwhelming 84% of people will not make a purchase online, if they are dealing with an unsecure website. So that’s one of the must-haves.
OPTIMIZED FOR CELLPHONES
Almost 30% of mobile shoppers will abandon their purchase if the shopping experience is not optimized for mobile devices. And 61% of people have a better opinion of brands that offer a good mobile experience.
Makes sense, right? It’s just easier to use your cellphone when purchasing something while relaxing on your sofa after work.
Using videos on landing pages on average increases conversions by 86%. Not bad, huh? Something to remember when building the website: people love videos.
89% of shoppers claim that they have stopped buying from online stores after they have experienced poor customer service. At the same time, 70% of complaining customers responded that they will do business with your company again if you resolve the complaint in their favour.
Customer service has shifted to social media platforms. Customers find it faster and therefore more convenient.
YOUR SALES TERMS
A smooth and convenient system is vital, as your customers are looking for free shipping whenever possible and convenient returns policy. This is to be worked out as well.
And then you need a marketing campaign around it to make your products and your brand known. Especially if you are a new brand with no customer background, you will have to work on making yourself known. This includes ads on Google, Facebook, Instagram, TikTok, you name it. Collaborations with influencers, regular posting of news, videos, reviews on users’ experiences. Not to forget reviews — around 70% of people consult ratings and reviews before making a purchase.
There is email marketing, there is SEO, but you can go local-and-offline with radio/newspaper ads and advertising signs. The possibilities are vast, and it needs to be determined tailor-made what will work in your sector, with your products. But whatever the steps to make your brand known, it all starts with a good eCommerce website.