Inflation is the number one concern for small businesses, driving up raw material and shipping expenses. Today’s macroeconomic factors, when combined with labor shortages and supply chain bottlenecks, make it more difficult for firms to develop and succeed. businesses now have the opportunity to analyze emerging trends and test new business tactics to help them adapt and grow while increasing sales and consumer engagement. Here are four E commerce trends that will continue to grow and provide opportunities for firms to capitalize on in order to power their success.
Omnichannel sales methods will be critical for reaching new Customers
Developing an omnichannel sales strategy is no longer a choice; it is a need. With economic uncertainty projected for 2023, firms must reach consumers where they are (both in-person and online) while driving product exposure. According to a recent QuickBooks survey, 97% of consumers like to shop both in-person and online, and 80% of small businesses believe online revenue will be more essential during the 2022 Christmas shopping season than it was the previous year.
Retailers should look beyond their own websites for new selling opportunities in order to establish an effective omnichannel strategy. This includes using online markets like Amazon, eBay, and Etsy, as well as social media platforms like Facebook, Instagram, and TikTok. In addition, digital-only businesses should explore identifying critical moments or holidays to host or participate in in-person sales events in their neighborhood, such as festivals, community pop-ups, and farmer’s markets, to name a few.
Diverse online revenue will increase, but frictionless payment experiences will be key to success
Consumers use more online channels to shop than ever before in today’s digitally linked society. At the same time, when shopping for things online, customers use a variety of digital payment methods, such as credit cards, PayPal, Venmo, and ACH. Consumers expect online checkouts to be simple and frictionless while accepting a variety of payment options as part of the now ubiquitous online shopping experience, and this expectation will only expand. In fact, more than eight out of ten small businesses agree that they must provide their clients with seamless online and in-person buying experiences.
Businesses need integrated payment systems that allow customers to pay across different channels and accept multiple forms of payment to streamline the checkout experience. This not only benefits customers on the front end and makes a company more competitive on the back end, but it also provides greater insight and visibility into cash flow.
Companies will try out new sales models
To improve earnings, I expect that more businesses will investigate not only new sales channels but also new sales methods. For example, we anticipate that many small businesses will take advantage of wholesale opportunities to sell directly to other enterprises. Businesses on both sides of this paradigm are already benefiting, from retailers’ assistance in differentiating their offerings to product-based enterprises’ assistance in reaching a larger customer base.
Furthermore, in other industries, such as beauty, we’re witnessing an increase in direct-to-consumer sales. The direct-to-consumer (D2C) approach allows businesses to sell products directly to customers without the use of an intermediary, providing businesses with more direct insights and expertise based on customer patterns.
Direct client communications will become increasingly important in order to succeed
According to a recent QuickBooks report, up to eight out of ten small businesses say marketing has been difficult this year, and nearly one in four claim they lack marketing experience. While small businesses and stores may lack the massive marketing budgets and devoted teams that large corporations have, they do have one significant advantage: their authenticity. Companies that interact with clients in their own distinct voice through a range of channels, such as email or social media, are more likely to be successful. Consumers, in fact, indicated a preference for supporting locally owned and run firms.
Companies can offer information about special prices or promotions, stock updates, a behind-the-scenes look at what’s going on, and more. Small shops can increase consumer interaction by leveraging marketing tools and automations to help firms grow this communication while building and retaining their distinctive brand voice.
Retailers and businesses of all sizes are aware that difficulties may arise as we deal with an uncertain economy. Businesses can prosper even in the face of these difficulties by embracing innovations such as multichannel sales, integrated payments, alternative sales methods, and direct consumer connection.
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