No crystal ball here, but we want to share with you some interesting and informative facts we’ve found about what the future holds for online businesses.
The future looks bright for small online businesses! We will examine not only where ecommerce is headed in the future, but also share supporting statistics to show why consumers are turning to online businesses to find the products to fill their lives.
Why Consumers Turn to Ecommerce
Consumers are choosing the ease and convenience of shopping at online business to make everyday purchases. They enjoy the ability to with the touch of their finger tips have access to multiple products choices, customer reviews, special sales, and the overall control they have in deciding which products they want to buy and from where. They also love the availability of shopping online as they can access products anytime and from anywhere. If they want to “step” into an online boutique in New York they can from the comfort of their own home. They do not have to travel there to complete their transactions. This is leading to the boom in ecommerce and what will cause it to continuously grow!
Reaching Consumers in the Future
No matter the size of the online business, large or small, the business will need to adapt to future changes in the industry going forth. It is important to stay abreast on the latest technology to reach your online shoppers. Here are some critical areas to focus on in the future.
Mobile marketing will continue to be a crucial part of the success of any online business as it allows shoppers to have access to their website and products while on the go. Alexandra Wilkis Wilson, Co-Founder and CMO of Gilt was quoted as saying, “Mobile commerce is critical to success.”
Consumers of all ages are adapting to new technologies quicker than ever and according to a recent study by Pew Internet Research Project, nearly half of all Americans now own a smartphone. There has been a 28.5 percent increase in smart phone users since 2011, while there is still a great potential of growth in this area. 86 million Americans are using their smartphones to shop online according to comScore who reported this is in recent study. What this data shows is not only there a tremendous amount of consumers to reach through their smart phones, but there is still growth and development in this market. Reaching consumers through their handheld devices will be a vital part of running an online business in the future.
Online businesses definitely need to get social with their current and potential customers. Platforms such as Facebook, Twitter, Pinterest and Google+ are a must when it comes to drawing shoppers into your online store. According to Ad Age, in 2013, Internet advertising expenditures surpassed newspaper ad spending for the first time. Internet ads now account for 21% of all advertising dollars, second only to television at 40%. eMarketer reports 33% of consumers cite social networks as a way they discover new brands, products or services. Social media marketing can be beneficial in reaching a targeted community of consumers especially when it is taken into account the amount of time is spent by such a large variety of consumers on a daily basis.
Social media is not only a great way to reach a potential consumer, but to also communicate with your current customers. It is important to share important news, exciting new products and offer incentives to your social audience. Think of your social media platforms as your “in-store greeter”, welcome new customers in and thank current customers and invite them to return to shop again!
Create an true impact with a powerful promotional message through video content on your social media pages. According to SocialMediaToday.com landing pages that included videos see an 86% increase in conversions. You will want to utilize informative content marketing to reach your customers while drawing them in even further through a powerful video message. In the past text and photos were sufficient to market your online business through social media and newsletters, but in the future a video will help drive more traffic to your online store.
Strong Pace for Ecommerce through 2017
eMarketer Inc. projects “E-retail sales in the United States will grow at a compound annual growth rate of approximately 14% over the next four years. By 2017 online sales are estimated to reach a whopping $434.2 billion. As mentioned above mobile devices will play a larger role in generating web sales. As it is also reported by eMarketer that smartphones and tablets now account for 11% of e-commerce sales. It predicts that share will reach 25% by 2017. EMarketer says it bases its forecasts on historical data from the U.S. Commerce Department and on data and trend analysis from e-commerce experts.”
While they also report from their latest forecasts, “worldwide business-to-consumer (B2C) ecommerce sales will increase by 20.1% this year to reach $1.5 trillion. They are reporting this growth will come primarily from the rapidly expanding online and mobile user bases in emerging markets, as well as, the increases in mcommerce sales, advancing shipping and payment options, and the push into new international markets by major brands. “
One of the most successful times of the year for ecommerce is the holidays! This is due to the fact that consumers would like to avoid crowded stores, busy parking lots and heavy traffic when shopping for holiday gifts. The Monday after Thanksgiving, which is referred to as “Cyber Monday”, has become the most important online shopping day in the U.S. Online business have taken the concept of Black Friday to the internet as they bring consumers into their online stores with special deals. In 2013, U.S. online shoppers spent 1.74 billion U.S. dollars on this day, making Cyber Monday 2013 the biggest online spending day of all time.
By examining this information you can see the future is bright for ecommerce! You do not need a crystal ball to see the impact the ability to shop online has given consumers. They are using the power of the Internet to shop at online businesses to find products to fit their needs. The key for the future is for online businesses to provide easy and convenient online shopping experiences; while marketing and socially reaching their consumers by opening the virtual doors to their online store on any type of device at any time!
To find out more about ecommerce and becoming the owner of an internet based business go to www.Pure-Ecommerce.com.