To say the Internet has progressed at a rapid pace would be one of the greatest understatements of our time! It’s crazy to think of where we are right now in terms of online retail sales compared with ten years ago. Who would have thought that same-day delivery would be possible? Or, how about try-before-you-buy apps like Klarna? With that being said, let’s take a look at some trends that are dominating the world of online retail sales and how these trends apply to your business.
Transparency and availability – In the customer’s mind, there are not any sales channels. Constant availability is expected. The online world has meant that businesses are effectively open 24/7. This transparency has also transferred to the way in which we market our goods too. Customers are naturally sceptical about the companies they choose to purchase from. Review platforms have meant that there is no place to hide. First class shipping and logistics combined with innovation and high levels of quality are now a must.
Subscription e-commerce – There is no denying that subscription e-commerce has become exceptionally popular. Buyers today are increasingly looking for shopping that is tailored to suit their likes and delivered directly to them. Because of this, subscription e-commerce has become exceptionally popular. The Craft Gin Club is a great example of this. This industry has grown from $57 million to $2.6 billion in sales in two years.
Online retailers need to react quicker than ever before – Another trend that is shaping the retail world today is the fact that only retailers must have the capacity to react rapidly to seasonal fluctuations and volatile changes in capacity usage. This means that there needs to be a great level of flexibility in terms of picking and storage. You can read about ways to drive greater business efficiency in this regard online at Bito. They discuss the different ways you can amend your logistics to cater to how the retail world has changed and is changing, including using fully automated picking and storage systems when processing large numbers of similar items.
The rise of experience – Another significant trend in the world of retail is the rise of experience retail. Consumers have been slowly moving away from simply shopping for the purpose of buying products. Instead, they are seeking an experience that is more engaging. Millennials have largely driven this trend, as they prefer experiences over things. So, what does this mean for you? It means that remodelling an e-store is not enough. For your brand to survive, you need to create an experience that is engrossing.
Hopefully, you now have a better understanding of the way in which the retail world is shaped at the moment. This is important because it dictates how you run your business from the ground up; from the way you store your products to how your website is designed. If you don’t move with the times and make constant adjustments, you are only going to be left behind.