Trends come and go, but we are confident that the rise of eCommerce is only going to get stronger and stick around as a disruptor to the traditional retail environment for a very long time.
2020 and the COVID experience has seen a dramatic increase in new online consumers using search engines and online retailers in a whole new way, and it’s highly likely this behaviour will become the new norm for reasons such as convenience, immediacy, choice and price comparison..
At Megantic, our knowledge of the retail and eCommerce industry extends beyond organic search. We are able to advise our clients on how they can grow their online business through various tips and tricks that we want to share with you.
These are just a few of the areas of that we recommend you seriously focus on in 2021;
- Retailers will need to move to 360 degree product views to compete and sell nationally if you don’t have physical stores. It’s about recreating the in-store experience, online.
- Ecommerce will continue to accelerate beyond traditional retailers if they continue to overlook investing in digital…it’s a reality that all retail business owners need to face. But you shouldn’t be favouring one channel or strategy over the other, they are made to work in harmony for the best outcomes.
- We are seeing an average of 5% of merchant fees on Buy Now Pay Later (BNPL) options and retailers are going to keep losing out. For example, retailers have to pay 5% to BNPL + 2% To Credit Cards + 4% in Shipping + Overheads. Retailers need to get smarter with how they approach offering benefits to customers if there are opportunities to steer them away from the BNPL options, otherwise your margins are going to get smaller and smaller.
- The biggest trend that direct to consumer retailers need to focus on to compete for customers’ attention is to make sure they streamline their shipping and fulfillment processes.
Your orders need to be fast, free (where possible) and sustainability focussed. With so many options for eco-friendly packaging, you can’t go wrong with finding a system that will work for your budget. If you continue to use excessive amounts of plastic in your deliveries you will lose customers very quickly.
Stay true to who you are as a retailer, but keep in mind you are competing for market share with businesses and marketplaces who dedicate their time to perfecting their online customer experiences. Always think, how can I make the online experience as close to real life as possible and always put the customer in the centre of every decision that you make.