The E-commerce space is hitting record highs, even after the roof-shattering sale records sites like Amazon had at the onset of the Covid-19 pandemic. As more companies go digital and allow employees to work from home, easy access to e-commerce for various purchases is becoming a household favorite.
Not only this, the demand for quick purchasing options without having to leave the house or the office, even for items that we never thought would be sold online, has only increased in the last year.
As such, the e-commerce space is expected to keep growing as demand increase. In fact, e-retail earnings are expected to hit the US $6.54 trillion by the year 2022. That’s about a year away.
It simply means that the e-commerce space has a lot of potential and opportunities for entrepreneurs. For your startup to survive this trend, you need to keep up with the year’s trends.
Key Trends To Keep In Mind When Starting an E-Commerce Business In 2021
Choose A Niche With Potential In Growth
The business world is always competitive, and never has that been truer than in the digital space, more so the e-commerce world. E-commerce sites are cropping up in every corner of the world, with an estimation of 12M to 24M e-commerce sites available globally.
If you are looking for ideas, ensure you go for a niche with high demand and potential for growth. Concentrate on growing your business in that space, rather than spreading yourself in every corner of the e-commerce world. You might end up not selling anything to anyone because you are not paying attention enough to ensure your customers in a particular space are satisfied.
Once you have an audience, you can gather their feedback to find commonalities between groups of different customer demographics. Use that information to narrow your services or products’ niche further to keep the customers coming and get more customers in that particular niche.
Social media pages and the whole internet concept have made the world a global village. You might be in Europe, but individuals in the Americas, Asia, or Africa have access to the internet. They can access your company’s website, online store, and even read reviews from other customers as long as they are online.
Now more than ever, companies must know how to manage the expectations of their customers and the relationship. Because customers expect you to understand what they need, your role is to state clearly what your business offers and what is exceed of you. Otherwise, customers will operate under the assumption that you will meet their every need, which will not end well for your business.
It is also important to keep the communication before their purchase, during, and even after to address any concerns they might have. The after communication coils even include a thank you note or an apology, just to show that you go an extra mile to care for your customer’s needs.
Some of the concerns you can address include:
- Delivery dates so the customer can plan accordingly rather than wait impatiently for the items.
- Shipping – communicate any expected delays in advance or any other relevant information, through emails or on the product and your web pages.
- Apart from the order confirmation and the shipping confirmation email communications, consider adding the delivery confirmation. If the customer is not at home and the package is left on their doorstep, they will stop being anxious and know they will find it home.
Apart from getting your niche right to serve your customers, you need to embrace customization of products or services to meet today’s market needs. With the current technological advancements, customizations of products that you sell are getting easier by the day.
Many customers are opting for more expensive but customized products because they reflect who they are. These products speak volumes about their personalities and lifestyles and make them feel special.
You can start with a few items, depending on your budget, and progress as you build a base of loyal customers. Such customers recommend others, especially when they see their customized goods and want the same kind of service.
Do Not Dismiss Sustainability
The new market, mostly full of millennials and Gen Z, is looking for more sustainable ways to live. That means they are also looking to support businesses that embrace sustainability in their operations.
Whether it is ensuring your employees and chain of suppliers are compensated rightfully or the ingredients used in manufacturing your products are sustainably sourced and are eco-friendly, natural, renewable, and biodegradable resources.
In the E-Commerce aspect, apart from ensuring the goods you source to sell are sustainable, it is also important to ensure that your packaging and the rest of your supply chain are also sustainable. This should not be private but public information on your website, where customers can see what you are contributing to preserving mother nature.
Instagram has become the new Google in the social media space, and your E-Commerce cannot afford to be left behind. If you are selling products, Instagram is more important to put your business out there.
But putting the business out there is not the only part you have to play. Marketing that business is what will propel your E-Commerce to success on Instagram. That includes building a catalog of well-defined products, the prices, deliveries, and even contacts for customers with further queries to reach out.
Starting a running a startup is not easy, whether online or on a traditional mortar and brick design. But in the digital space, you must put the extra effort to keep up with the thousands of other competitors. With the above 2021 trends, you are on your way to ensuring your startup remains successful this year.