Ensuring your e-commerce business is finely tuned is likely on your to-do list all year round. We’ve researched five different opportunities that will help you add more to your bottom-line. Adopting some – or all – of these trends will put more revenue in your stream.
1 – Cross-Border Online Shopping
There’s a huge opportunity available for entrepreneurs on both side of the border: as reported by InternetRetailer. 80% of Canadians purchased something online in the past six months, with an average spend of C$447 on two or more online purchases.
In another study conducted by Ipsos commissioned by Bronto, revealed that 77% of US consumers are open to shopping online with merchants outside of the US; 42% had already made cross-border purchases.
Canadian retailers will continue to benefit from the currency difference, while American retailers can provide more selection to a highly engaged audience, at better prices due to economies of scale.
No matter which side of the border you’re on, tap into the estimated $159.6 billion left on the table due to underperforming payment forms.
2 – Personalization
Creating a bespoke experience for each customer that enters your online store is an essential component of an effective long-term relationship, but it’s also a gateway to your ability to predict future sales; embrace changes in styles and trends; and deliver a truly personal buying experience.
An effective personalization program provides opportunities for dynamic remarketing, real-time offers, and predictive recommendations, and additional benefits for your marketing efforts. Personalize your website with some of these 16 tools shared via Smartinsights.
3 – Chatbots
Whether you’re a fan of artificial intelligence or you fear an imminent technological singularity, one of the major trends of 2017 is the adoption and implementation of chatbots into our daily online lives.
Building on personalization, there’s a substantial focus on implementing chatbots to make the right first impression for site visitors.
Dominos and Pizza Hut are already doing this well, and so is Starbucks, but the bots aren’t just for the big players; small businesses can use them to provide intelligent answers to many of the questions customers and prospects are already asking, 24/7.
And by tuning the chatbots for cross-/up-selling, sales processing, and more efficient processes, smart e-tailers will add more to their bottom line, without the hassle of HR issues.
4 – Uber-izing the Last Mile
One of the challenges facing all e-tailers is quickly delivering physical goods into the hands of the consumers that paid for it, at low- or no-cost. There have been some interesting suggestions – Amazon Prime Air or JustEat’s self-driving robots, to name a few – but there is still an opportunity for a disruptive delivery service.
With a prediction that online sales will make up 10% of all retail sales this year, you can expect to see a heavy focus on innovative delivery models in the near future.
5 – Loyalty Rewards
Customer retention and increased sales are the key motivations behind loyalty programs, and savvy marketers are banking on this in the year to come: eMarketer reports that over half of US marketers plan to allocate more than half of their budget to customer loyalty in 2017.
Today’s consumers are looking for additional value from their retailers, as well as improved services. If you have a product or service with the potential for repeat purchasing, a loyalty program should be on your radar.
LoyaltyLion offers a selection of case studies that explore the results of loyalty programs for ecommerce that have achieved substantial returns, such as 14:1 for Hazel & Olive, 18:1 for CheapUndies, and 39:1 for Eternal Creation.