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Archives for January 25, 2021

Boost Your Online Sales in 2021

January 25, 2021 by Peter Spoleti / Vertex Markets Inc. Leave a Comment

11 Ecommerce Trends to Increase Your Online Sales in 2021

Curious about where the eCommerce industry is heading and which eCommerce trends are driving online sales in 2021?

The Covid-19 pandemic has wreaked havoc on many industries, from restaurants to entertainment, but not eCommerce. In fact, online retail shops have been one of the few businesses to benefit as a result of Covid-19 and stay-at-home orders. 

Online sales had been increasing steadily for some time, but following COVID-19, the industry has blown up. American online shoppers are expected to have spent a whopping $709.78 billion on eCommerce in 2020, representing 14.5% of total retail sales. Just in the third quarter of 2020 alone, there was a 57% year-over-year increase in U.S. online revenue. 

Many online shoppers in 2020 were first-time digital buyers, representing a shift in consumer behavior towards eCommerce that is likely to remain even as Covid-19 subsides.

As an eCommerce business, 2021 offers enormous potential to grow your digital presence, convert your audience, and boost sales. 

eCommerce trends for boosting online sales in 2021

If you’re looking to ramp up your eCommerce sales this year, look no further. You’ll want to consider ways your online store can implement the following eCommerce trends, stay competitive, and continue growing.

1. Augmented Reality Creating Realistic Shopping Experience remotely. 

One of the biggest hurdles to online shopping is being unable to view the product in a real-life setting. Sometimes, even a close-up perspective can help customers make a final decision about in-home products, like carpets or mirrors. 

Augmented Reality (AR) solves this problem by helping shoppers visualize better. 

Consumers can use AR technology to envision how a product would look like in a real-life, personalized setting—whether it’s themselves wearing a piece of clothing or a furniture item in their living room. The end result is a customizable and interactive shopping experience that encourages sales. 

Plenty of eCommerce retailers are already making use of AR to engage consumers and boost sales. ABI Research forecasts that by 2022, AR will be responsible for 3% of worldwide e-commerce revenue, or a whopping US $122 billion in revenue. 

2. Omnichannel Selling Will Reach Customers Everywhere

Now more than ever, eCommerce sites need to make use of multi channel platforms to reach more customers and generate sales. 

One way to do this is by ensuring your eCommerce store is compatible with mobile devices, tablets, laptops, and more. It also helps to take advantage of multiple social media platforms— especially Instagram, TikTok, Facebook, and Pinterest. You may also want to explore partnering with a giant online retailer, like Amazon or Etsy. 

The more exposure you have, the broader and more powerful your reach. It may seem like a lot to manage, but omnichannel selling is expected to become easier and more accessible to online retail stores throughout 2021. 

As your eCommerce store grows, continue identifying new channels relevant to your customer base and integrate them into your selling strategy.

3. Potentially new Exposure with Voice Search

Millions of U.S. households use smart speakers like Amazon’s Alexa, Google Assistant, and Microsoft’s Cortana on a daily basis. People can play music, check the weather, ask questions, and even shop for products with a voice command. 

As smart speakers continue to grow in popularity, consumers will also make more online purchases through voice command. 

It’s important for eCommerce businesses to consider integrating their online store with today’s popular smart speakers. For example, many Amazon retailers have been able to successfully make online sales through Alexa. 

Be sure to stay on the cutting edge by optimizing your website to be a solution for voice searches related to your product through SEO.

4. AI Will Become a More Common eCommerce Trend

Artificial Intelligence (AI) will revolutionize nearly every industry in the coming years, and eCommerce is no different. Online retailers can use AI to optimize customer data, manage inventory, automate tasks, offer customer support, enhance marketing efforts, and more. 

AI can also assist with product recommendations and shopping guidance—helping online stores provide a personalized experience to consumers and boost sales. 

In order to stay ahead of competitors, it’s recommended online retailers begin implementing AI features sooner rather than later. Marketing, customer service, and workflow automation are a good place to start. 

5. Personalization Adds a Powerful Punch

Over half of U.S. shoppers surveyed by Bazaar voice and Research Now agreed that personalization is critical. Online retailers and marketers have taken notice—making personalization one of the biggest eCommerce trends to watch out for in 2021 and beyond. 

Online stores can use the customer data they’ve collected to provide individualized experiences. This can include tailored email notifications, relevant shopping discounts, saving past purchases, and one-on-one product recommendations. 

As one of the most important eCommerce trends, personalization not only contributes to a better shopping experience, but also has powerful effects on sales. One study estimates that personalization can contribute to a 25% increase in revenue. 

6. Chatbot can Help improve the Customer Experience

Chatbots enhance the customer experience by combining the very best of automation and personalization. 

Shoppers can use chatbots to ask questions and receive recommendations, all the while feeling as if they’re receiving one-on-one personal attention. Many chatbots are designed to resemble human conversations and engage users. 

Chatbots improve the shopping experience and are also a cost-effective solution for helping online retailers manage customer service. For these reasons, chatbots are becoming an increasing popular eCommerce trend. 

7. Payment Methods Make Shopping Flexible

Shoppers are expecting greater variety when it comes to both brick and mortar stores and eCommerce sites alike. 

Mobile payments have especially come to the forefront in recent years, no doubt from the rise of Apple Pay, Samsung Pay, and Google Pay. One 2019 estimate predicts that by the end of 2021, 73% of all eCommerce sales will be from mobile payments. 

E-wallets are another major eCommerce trend for 2021. Amazon Pay and Paypal store important customer information to allow for a seamless, quick checkout process – all the while reducing barriers to sales. 

Make sure your eCommerce site is mobile friendly and to incorporate as many new payment methods as you can. This will ensure a smooth checkout process and better conversion. 

8. Sustainability and Brand Values Position You For Success

Conscious consumerism is one of several eCommerce trends making the biggest impact in 2021. According to the Harvard business review, 65% of consumers want to shop from purpose-driven brands.

Brand values can be a variety of different things, but one value that’s becoming increasingly mainstream is environmentalism. 

eCommerce sites that take some of the following environmental steps could be in a better position to resonate with audiences:

  • Reduce wasteful packaging
  • Incorporate biodegradable packaging
  • Work with fair-trade organizations
  • Source locally
  • Find other ways to reduce their carbon footprint

Be sure to consider your consumer base and demographics as you build out brand value incentives and objectives.

9. Video, a great tool to Attract, Engage and Convert

If a picture can tell a thousand words, then the potential for video is infinite. Videos are an ideal way for eCommerce brands to relate their message, educate consumers, and capture an audience’s attention. They are also an especially powerful tool among Millennials and Gen Z. 

Expect to see more videos pop up in unexpected places throughout 2021. Aside from social media platforms, videos will also be increasingly incorporated onto eCommerce sites— including homepages, product pages, and more. 

Consider ways your eCommerce business can develop video content for multi-channel purposes and stay ahead of the competition. 

You can also leverage the power of social media on your website by integrating social videos on landing pages.

10. Drop shipping is Becoming a More Important eCommerce Trend

Drop shipping allows eCommerce stores to purchase products directly from a manufacturer, who then ships it to the customer. This way, online retailers never have to store inventory or handle products directly. Instead, you can drive revenue based purely on your brand’s reach and marketing.

Drop shipping has been a popular eCommerce business model for some time—with its global market size valued at about $149.4 billion in 2020. In 2021, drop shipping is one of several eCommerce trends expected to grow even larger. 

Drop shipping offers plenty of potential as a lucrative eCommerce business. Now that Alibaba has opened up new avenues for dropshipping sales, there are more opportunities than ever before. 

11. An Increased Focus on Boosting Conversion Rates

The key to growing your eCommerce sales in 2021 is by focusing on maximizing your conversion rate. The average conversion rate for most online shoppers in the United States hovers around 3%. 

Not every consumer that comes to your website will end up purchasing a product. The goal of optimizing for conversions is to drive this number up. You can do this by tweaking things on your website, such as the design, layout, copy, and more. Adding a new product explainer video could be the change you’ve been looking for!

As mentioned, investing in videos, omnichannel marketing, enhancing personalization, and introducing AI are some of the ways you can boost your conversion and drive more online retail sales in 2021. 

How to Capitalize on eCommerce Trends in 2021

How can your eCommerce business gain an edge? Start by investing into your online store so that it’s in line with the latest eCommerce trends of 2021. Investing in your eCommerce business now ensures you’re ahead of the competition when it matters most. 

Whether you plan on introducing more video content, working with a chatbot to improve customer relations, increase sustainability, or even incorporate more payment methods—you’re going to need more cash to foot the bill.

National Business Capital & Services helps eCommerce businesses obtain financing solutions to empower them to boost their online sales. 

Whether it’s a business line of credit or a loan for your eCommerce store, our expert Business Financing Advisors can help you get the funds you need to take your online store to the next level. 

Applying takes less than a minute—get started now!

Related Posts:

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Generating Leads with Email Drip Campaings

Small Business Financing Options

Filed Under: B2B, Business Development, Digital Marketing, Slider, Technology, Work From Home

Why is Bitcoin Plummeting?

January 25, 2021 by Paul Hoffman / Managing Editor Leave a Comment

investment research_Gamestop

Is the Bitcoin FOMO Trade Unwinding?

Bitcoin has been getting crushed. Cryptocurrency traders are now asking, is Bitcoin a buy? Should we sell Bitcoin? Will the new White House usher in more stringent rules? Will the fear of higher taxes drive up the popularity of cryptocurrency, and will crypto benefit from weaker global currencies?

Where We Are

The post-election momentum that helped Bitcoin shoot to the $41,962.26 peak on January 7th has given way over the past two weeks to a 24% decrease, including yesterday’s 9% plummet.

Bitcoin, digital currency

Twelve Months of Bitcoin on a Percentage Basis

The recent decline has not retraced even half the gains experienced since November. Still, traders are watching with poised trigger fingers as Bitcoin tends to trade on technical factors — a drop through perceived support levels may confirm a further march downward.

Catalysts

Former Fed Chair Janet Yellen, who is expected to head the U.S. Treasury Department, responded about cryptocurrencies when questioned at the Senate confirmation hearings on Tuesday, January 19th. Senator Hassan (N.H.) asked her about “the potential for terrorists and criminals to use cryptocurrency to finance their activities.” The former Fed Chair and macroeconomics professor responded that the U.S. should be aware of emerging tools for terrorist financing, “…we need to make sure that our methods for dealing with these matters, with tech terrorist financing, change along with changing technology, cryptocurrencies are a particular concern.” Yellen further defined her concern by saying, “I think many [cryptocurrencies] are used, at least in a transaction sense, mainly for illicit financing, and I think we really need to examine ways in which we can curtail their use and make sure that anti-money laundering [avoidance] doesn’t occur through those channels,”

The presumptive future cabinet member is well known by cryptocurrency followers for her distaste for Bitcoin. Many still have an incident etched in their memory of Yellen being photobombed by a man holding a “Buy Bitcoin” sign while she was speaking against it on Capitol Hill in 2017. 

 

Fed Chair Yellen Quotes:

December 2017: “It is not a stable store of value and it doesn’t constitute legal tender. It is a highly speculative asset.”

October 2018: “I will just say outright I am not a fan, and let me tell you why. I know there are hundreds of cryptocurrencies and maybe something is coming down the line that is more appealing but I think first of all, very few transactions [that] are actually handled by bitcoin, and many of those do take place on bitcoin are illegal, illicit transactions.”

Crypto is Not the Treasury’s Biggest Target

Crypto advocates claim Bitcoin is a superior currency because it is not prone to government-induced inflation. Their position has gained a level of credence over the past 12 months as central banks increased the money in circulation at record rates against the backdrop of lockdowns. The U.S. dollar has been falling relative to gold, the Euro, and the Yen.

However, cryptocurrency is not a high priority for Yellen. At the Senate hearing, she said her initial focus would be helping workers and businesses that have been hurt by the pandemic. Issues like unfair trade between the U.S. and China took a higher priority.  So while crypto holders and traders should pay attention to Yellen’s distaste for the electronic currency, there are no expected immediate plans to place controls on it. More positive is that another Biden appointee, the SEC Commissioner Gary Gensler, has taught cryptocurrency classes at MIT and is expected to advocate for its usage.

Take-Away

For quite some time, Bitcoin and other currencies were rewarding those that remained bullish on them. Through much of last year, there was an acceleration in interest in owning cryptos. As with other markets during the past nine months, the fear of missing out (FOMO) contributed to its dramatic rise.  Will fear step in and create the snowball effect now on the downside? As long as the regulatory climate is murkier, the enthusiasm and direction is more likely take a pause.

Sources:

Bitcoin Price Shoots Past 20,000

Janet Yellen Says Cryptocurrencies are a Concern

Janet Yellen, Bitcoin (Coindesk)

Photo: “Bitcoin Sign Guy” , 2017

market research

Filed Under: Banking, Finance, Investing, New & Trends, Technology

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