If we've learned anything during this pandemic, it's that things can change overnight. Changes we thought we'd have years to plan for and consumer behavioral patterns we thought we'd be able to maintain indefinitely have all changed.
This period has ramped up previous efforts to innovate and has forced online retailers to rethink the way they approach consumers. So it’s safe to say tha the pandemic has accelerated the transition to a more digital world and sparked changes in online shopping habits that are here to stay.
Here are 6 major shifts in the e-commerce space
1.Advanced collection of data
Data analytics can now reveal in-depth consumer purchasing habits such as preferred products, prices, payment methods, buying priorities, and so on. This data is useful in helping better understand your audiences' unique desires and needs, which can then be used to develop effective offers and marketing strategies to entice users.
2. Improved supply chain management
Online retailers can use AI solutions to monitor goods all across the supply chain. Smart solutions are able to ensure product quality as well as track delivery times to improve the efficiency of transportation logistics.
This can also be used to keep customers updated throughout their order process, – from order confirmation to order fulfillment. It's a good way to boost customers' confidence in their purchases while they wait while giving them a sense of control.
3. A strong focus on competitors’ performance
With increased e-commerce demand, online retailers will face wider crowds coupled with greater competition. Agile marketing, distribution, and promotional planning will be critical.
Offering a unique array of inventory that appeals to your customers’ demographic and physiological needs will also be a significant factor in retaining existing customers and attracting new ones.
Online retailers will need to formulate a strategy in real-time by staying updated on competitor insights and market movements.
4. Smooth online check out
Customers who encounter a lengthy or limited check out process are more likely to abandon their shopping carts. To avoid this, offer multiple payment methods and ensure that your page speed is optimised so that users can check out quickly without hiccups.
5. Price compliance
The pandemic has shifted demand-supply dynamics. Price gouging has become common in many countries as a result of increased demand for certain goods. To earn your customers' trust and loyalty, your pricing strategies must not only be profitable but also comply with industry regulations.
This applies to both online and offline retailers, but is especially critical for e-commerce businesses because customers can easily compare prices online. As a result, offering market-based prices will be essential to remaining relevant. This brings us back to the previous point about staying up to date on your competitors' market movements.
6. Stronger collaborations
When times are tough, people need to come together to lend a helping hand – and this is true for e-commerce stores that aim to provide customers with an all-in-one shopping experience. Presently, there’s a rising trend of different niches joining forces to provide additional value to their audience.
For instance, a fitness studio and a vegan restaurant both attract health-conscious consumers. When they form an alliance – be it through joint promotions or joint platforms – it gives their audiences more to look forward to while also giving each niche the opportunity to attract new customers.
Get your team equipped
To fully comprehend these changes and strategically apply them to your business model, equip your team with our New Retail and Retail Management training programme.
In this programme, you’ll gain valuable insights on digital transformations, the utilisation of current platforms, and a guide on how to develop growth-oriented strategies.
For more information on how to kickstart your New Retail journey, contact us here.