eCommerce Trend Predictions for 2020
ECommerce Trends for 2020
ECommerce is looking promising for both retailers and consumers. Confidence in eCommerce continues to grow, logistics continue to expand and the strategic decisions are bettering the lives of their customers-- giving them back time, which always feels in short supply.
Omnichannel retail is a great solution for all parties, as it integrates physical and digital shopping. Consumers recognize your brand and interact with your brands in many facets of their lives. There are multiple touchpoints such as social media, mobile shopping and walking around in brick and mortar shops. What will 2020 look like for your eCommerce brand?
Let's take a look at Reviewbox's 5 eCommerce Predictions for 2020
It's Still All About Customer Service
Consumers repeat buy from brands and stores with exceptional customer service. Brands will need to address blending automation and personal interaction to stand out amongst competitors. Generally, consumers read reviews before purchase and do review comparisons online. Decisions are influenced not only by the product performance but by the customer service noted in reviews.
Everyone has the opportunity to speak about your brand through social media. Managing the conversation and providing superior customer service can protect your brand image and brand health. Consumers crave real conversations with your customer support teams. Bots and AI can guide the initial conversation through live chats online. These interactions deepen the customer relationship, drive engagement and boost sales long term. Being able to engage consumers and reply to reviews needs to be a standard operation and part of every brand's tools.
Social eCommerce is Here to Stay
You'll be seeing more influencers and brands partnering up for a mutual purpose. Struggling brands that want to recapture their audience will need to look at their purpose and tell their brand story through a social lense. Brands that do social good continue to stand out and capture new customers. Over 33% of people say they like to shop from a brand that speaks to them by doing social good.
Partnering up with other brands that speak to similar social values will increase sales growth and allow for more creativity. Cobranding is a social strategy that can boost awareness and strengthen relationships while creating positive associations for everyone involved. Brands will continue to partner with influencers to boost awareness for their brand from a trusted source. Influencers drive traffic and help convert leads for brands. Hashtags, shoppable stories, and photo tagging is an incredible avenue to have multiple touchpoints with your consumers.
Voice Will Continue to Grow
Voice is the biggest technological transformation happening right now. The battleground between Amazon Echo, Google Home, Tmall Genie, and ApplePod continues to grow exponentially in the US and China. Voice capabilities have the potential to revolutionize the retail market. It's accessible to a wide audience and provides direct insight through the queries. People search through voice for an exact answer unlike search through Google or Bing. 62% of people who use voice are likely to buy through a voice device. A convenient aspect of voice systems is that it allows older individuals to feel empowered, unlike past technologies. Voice is becoming more integrated into how we manage our calendars, interact with our TVs and phones, and is here to help your brand move forward.
Every online brand is doing its best to stand out in eCommerce. Every brand needs to analyze its prices, look at historical data amongst competitors and react to data changes in order to drive sales and optimize profit. Undercutting the competition is not enough, your brand needs to bring value to the consumer with your product. Your brand is looking for the sweet spot of attractive pricing to the consumer and generating enough revenue for profit. It is essential that your brand incorporate eCommerce data in order to define a pricing strategy that meets expectations.
A dynamic pricing strategy ensures you stay competitive. External forces are always in flux and so having the ability to monitor, update and react to changes allows your brand to maximize sales.
Consumers are Seeking More Fulfillment Options
Prime delivery day, free shipping thresholds and BOPUS (Buy Online, Pick Up in-Store) will dominate omnichannel retail. Consumers are becoming more conscious of their environmental impact with prime delivery, and Amazon now offers the option for customers to pick their optimal delivery day with Prime. Brands should still offer free shipping, as it influences buying decisions and is a great way to capture an online audience. FBA (Fulfillment by Amazon) is a great way to establish brand trust as Amazon is the top online service. Other fulfillment options for your business if you aren't on Amazon are FedEx, UPS, Whiplash
40% of people have already used a BOPUS service. This is a great way to reach your consumer in this immediate satisfaction culture we live in. BOPUS offers flexibility and reliability to consumers. They are able to go online, select their items and pick it up typically the same day.
ECommerce is here to help your brand grow. What piece of the puzzle will you take? Having software that can monitor multiple touchpoints, alert your team to changes and allow you to engage with your audience should be an inherent piece of the puzzle. Take notice of these trends, make sure your digital teams and eCommerce teams are ready to address them, and you'll see your brand succeed in 2020.
By now, you know the importance of having analytics tools in place to make data-driven decisions with your team. Not monitoring your digital marketplace leaves your brand at risk for loss in sales, missed content opportunities and could leave you unaware of your brand's health.
At Reviewbox, we offer the best all-in-one tools to monitor and engage your digital marketplace.