The world of eCommerce has seen a flow of growth in recent years and shows no sign of slowing down. In 2017, the industry hit an unprecedented $2.3 trillion in revenue. Looking ahead, experts expect 2019 to close out with over $3.5 trillion in earnings, and near $5 trillion in 2021.
For eCommerce merchants, this upward trend is nothing short of exciting. However, the growth also means merchants can expect increased competition as more players flood in to capitalize on the opportunity.
For merchants wondering how to increase online sales and beat the competition, the answer lies in following industry trends.
How to Increase Online Sales: 3 Trends to Follow
In eCommerce today, it’s critical that merchants remain keenly tuned into the latest trends driving the industry as a result of advances in technology and changing consumer preferences.
Here are three top eCommerce trends we suggest you get a handle on to boost your sales and remain competitive in the months and quarters to come.
1. Focus on Mobile Experiences
Mobile is playing an increasingly vital role in the world of eCommerce. Today’s consumers heavily rely on their mobile devices to connect them to the world and simplify their lives — including the way they shop. In fact, Statista estimates that mobile eCommerce could account for some $3.5 trillion by 2021 (nearly 73% of all global eCommerce sales).
For eCommerce merchants wanting to learn how to increase online sales, the mobile trend cannot be ignored. In the months again, merchants are encouraged to find ways to leverage mobile as a means for amplifying their overall sales. As a starting point, we recommend investigating ways to provide personalized shopping experiences that are specifically designed for mobile.
Over in the Mobile Optimization Initiative, merchants are doing just that by experimenting with different treatments to boost their mobile-based sales. For example, one treatment that is doing particularly well on mobile is the Suppress Product-Level Breadcrumbs. Suppressing the product name in the breadcrumb trail has produced a positive lift in Revenue per Visitor (RPV) for all participating merchants so far. The lift is particularly high on mobile, with double-digit results across sites testing this experiment.
2. Offer Advanced Opportunities for Self-Service
It’s no secret that today’s consumers want convenience when buying online. In fact, according to a survey by Deloitte, convenience continues to factor as one of the key attributes shoppers look for when buying (alongside value and product).
One way merchants can cater to this convenience preference today is by offering self-service opportunities. According to customer support platform, Zendesk, 81% of shoppers prefer self-service tools over those of human-assisted support.
Examples of such self-service tools include:
- Knowledge guides: Online customer service guides that provide customers with speedy answers to their questions.
- Simplified site search: Search responses that are provided responsively, quickly, and personalized to a shopper’s browsing history.
- Intelligent discovery prompts: On-page pop-ups that provide customers with relevant items related to their search.
Together, these self-service tools, can not only help consumers find what they’re looking for with ease but can also help merchants present new and related products that customers might not otherwise find on their own.
3. Provide Broader and Relevant Payment Options
Another area where the consumer is changing the face of eCommerce is through payments. Given consumer demand for personalization, it’s no shocker that they also want options when it comes to how they pay.
Today, eCommerce brands around the world are branching out of the traditional credit-card only payment model to offer a variety of alternative payment methods (APMs), that cater to the local and regional preferences of shoppers.
A few examples of APMs include pay-later financing models, installment payments, and platforms that enable merchants to provide a variety of payment types. Braintree, for example, is a robust payments platform that enables merchants to provide a variety of global payment and digital wallet options such as PayPal and Venmo.
By offering APMs, merchants will not only excel at creating better customer experiences, but they can also expect to increase the average order value (AOV) of their site. In fact, a recent study by APM provider Klarna and Researchscape International found that merchants obtained up to a 58% increase in AOV by offering alternative payments.
The world of eCommerce is rapidly changing at all times. To learn how to increase online sales and increase your competitive advantage with trends like those above, head on over to the BigCommerce Mobile Optimization Initiative now.