Emerging markets play a huge role in the eCommerce Retail Industry. According to predictions, these markets will account for 20% of global retail sales by 2022. You can do many things to position yourself for the changes ahead. For example, you can use mobile commerce to market to mobile users or customize the experience for your customers.
Mobile eCommerce
Creating a mobile-friendly website is essential for increasing sales and improving the user experience. Mobile-friendly websites offer better accessibility, competitive pricing, and customized products. As smartphones become a mainstay in our lives, mobile commerce will become an essential part of the eCommerce Retail Industry.
Mobile-friendly websites will help consumers compare prices from different stores. Since a majority of mobile users take up to an hour before deciding whether to make a purchase, mobile commerce has the potential to shorten the purchasing cycle. In addition, consumers will be more likely to buy a product if it is convenient to purchase it on their mobile device. As security measures improve, more consumers will trust mobile shopping apps.
Mobile commerce will continue to evolve over the next few years. While the first wave of eCommerce saw customers shopping online via desktop computers, the growth in smartphone usage has increased significantly. By 2020, more than 2.2 billion people will own a smartphone. Moreover, over the past three years, a quarter of all Google searches have been made on mobile devices, a rise of more than 50%.
Mobile commerce is the fastest-growing online sales segment and is set to continue growing. According to Stylight stats, mobile shopping represented 26% of the eCommerce industry’s revenue in 2018 and isn’t expected to slow down anytime soon. Furthermore, a RetailMeNot study says that mobile commerce will account for almost 20% of all eCommerce transactions by 2020.
Voice search
Voice search is a growing trend and game-changer for the eCommerce retail industry. Recent research has shown that almost half of the US population uses voice search to find products. Moreover, 32% of US consumers own a voice-activated speaker. These stats are impressive, highlighting the benefits of using voice search.
Currently, 20% of all mobile searches are voice searches. The number of voice search queries has increased dramatically since 2013. It is a convenient way to find what you’re looking for, and voice search is becoming increasingly popular. To make the most of voice search, eCommerce websites must ensure their sites are optimized for the technology.
Voice search is an emerging trend that uses AI and machine learning. It is used mainly for queries like checking the weather, asking about time, or Googling general knowledge. However, it is catching on fast in the eCommerce retail industry. Many companies like Amazon are leveraging voice search to make the process quicker and easier. This way, customers can make purchases right at the moment.
When using voice search, it’s essential to consider the voice user’s intent. The search engine will extract relevant answers from the FAQ and put them in a featured snippet. Additionally, it will also read out information from the FAQ. Structured data is a crucial strategy for optimizing content for voice search. It will help website owners suggest information to the search engine.
Voice search makes shopping more personalized by using recommendations based on individual preferences. For instance, Alexa and AmazonFresh can recommend food items for users based on their diets. This makes repeat purchases more manageable. Studies show that personalization increases sales by 20%.
Multiple channels
Multichannel retailing is a powerful strategy that can help retailers grow their revenue and attract attention from a broader audience. By making your store available on more platforms, your customers will have a more significant opportunity to browse, compare prices, and research. Maximizing your visibility on all channels can make a more substantial impact on sales and margins.
Adding social media channels to your eCommerce store is another way to increase customer engagement. Many consumers use social media to connect with businesses, and being active on these platforms will give your business the authority customers need. Social media can help you establish relationships with your customers and prospects and use them as an additional channel in your retail strategy.
Multichannel retailing is a natural trend in the marketplace. It reflects significant changes in consumer buying habits. In addition to boosting revenue, multichannel retailing also allows you to collect essential data from your customers. If you want to stay ahead of the curve, you need to adapt to the changes in the marketplace.
Multiple channels are a great way to reach a broader customer base, improve the customer journey, and build resilient distribution. However, you must be methodical when adding new channels. It may also add additional workload to your team. For instance, adding new channels can increase your inventory management, improve product information, and monitor sales after the launch. While marketing is integral to your eCommerce strategy, sales operations involve managing inventory, creating compelling product listings, and adjusting prices to stay competitive.
Managing inventory across multiple sales channels is a significant challenge in multichannel retailing. The list must be updated across all channels, including a physical store, an eCommerce platform, and a third-party marketplace.
Globalization
Globalization has impacted the retail e-commerce industry in many ways. More people are connected to the internet, allowing consumers to purchase from around the world. This has led to the growth of eCommerce on a truly global scale. As a result, customers expect seamless shopping experiences and fast delivery. Successful globalization involves understanding language and cultural differences and building relationships with local suppliers.
For example, in the past, a few Western companies expanded into emerging markets and enjoyed enormous influence over consumers across the globe. However, the growth of cross-border eCommerce has lowered barriers and put consumers in charge. Whether they prefer to buy from a local company, shop from a global mall, or shop at a worldwide store, consumers can choose what is best for them.
Global eCommerce sales are expected to exceed $6 trillion by 2023. Moreover, the number of digital consumers in Latin America will surpass eighty-five million, representing 22.3% of the global market. Similarly, the US eCommerce market is predicted to reach $875 billion in 2022, up from $46.2 billion in 2010. The United Kingdom is projected to be the third-largest eCommerce market, with a share of 4.8%.
One of the biggest challenges for online retailers is ensuring that their products are translated into their local languages. The language barrier is often an issue when exporting products internationally, and a professional translator is essential for reliable communication between international organizations. While it may seem daunting, professional translators help overcome this issue and help online businesses grow.
