If you are looking for a new business idea, or exploring ways to grow your business, here are some trends to watch for:
The power of online shopping
While many businesses have suffered a lot with the global pandemic, including retail stores, e-commerce is set to be one of the biggest, if not the biggest, beneficiaries from Covid-19. Based on a report by dropshipping website Oberlo, experts predict that the impact of the coronavirus will not just be a short-term boost to e-commerce but one that’s here to stay. This is because people will get comfortable with the comfort and convenience it offers and the benefits of contactless payments. E-commerce penetration rates, which are currently at 15 percent, are expected to increase to 25 percent by 2025, reflecting the growth in preference for online shopping versus in stores.
The world is mobile
Not only is online shopping growing, but especially mobile shopping is driving a big part of e-commerce growth. Most people already use their mobile devices to browse ideas on future purchases. Now, as trust in online shopping is increasing, consumers feel more comfortable shopping on mobile devices than ever before. What does this mean to you? That you need to make sure that your online store is optimized for mobile devices as well
Social media is your ally
Social media has changed the way we live our lives and how we shop. Social media’s role has evolved from being a channel for inspiration but also to allow for brands to be discovered by new users, and to let people buy directly through social media platforms. While Instagram has introduced Instagram Checkout, and Facebook has introduced the Buy button, both platforms are constantly updating their features to meet the comfort needs of online buyers. Tik Tok is said to be testing features that would allow users to add shoppable links to their profiles or videos, and we are curious to see what they are up to.
Whether you are running an online store, or you are looking for an idea for a new business, these trends will help you improve the shopping experience for your customers and take your business to the next level.