In today’s world, the world is getting connected virtually like never before. Given the nature, convenience, and ease of use of online stores, e-commerce has become a preferred shopping platform for many. Currently, the number of consumers shopping online is increasing at a fast rate, and it will soon outperform the traditional brick-and-mortar stores. An online presence is of vital importance to reach your target audience. You need to have a great e-commerce strategy and reliable internet connection to survive in the market. It is not just an option, but it has become a necessity. If done right, the impact of adopting e-commerce has been huge for most businesses. Let us look at some of the key industries which have a thriving e-commerce presence as per the trends in 2017.
The e-commerce platform has been particularly beneficial for these industries. In fact, without e-commerce, most of them would not have been the spectacular success stories that they are now. In the highly competitive online world, it is crucial to study these successful industries before venturing out on your own. Online shopping trends vary based on region, generation, gender, and other socio-economic factors. The average trend suggests that the following categories have been extremely successful online.
Apparel & Accessories
This is the dominant e-commerce category as per the latest statistics of sales figures. More people are now shopping for clothes, shoes, and other accessories online than offline from large retailers, marketplaces, and branded stores.
Computer & Electronics
Computers and other electronic items like smartphones have always made it to the top of the charts for obvious reasons. This year they have been dethroned by Apparel and Accessories. Software and other Digital products also have a huge online presence.
Fashion, Beauty & Bridal
Fashion and beauty is currently huge in the online marketplace. It is the industry to watch out for in the near future. This category is growing at a very fast pace and has some exciting future prospects.
Books, Movies & Music
The category for books, movies, and music is another favourite with the modern online shopper. Purchases related to these are also increasing at a steady rate.
Flowers & Gifts
The gifting industry is making its presence felt in the online space and has become a major player in this area. People have opened up to the online world of gifting including Wedding Registries. Many innovative players have entered this market like POD websites catering to a dedicated set of designers and end users.
Besides the above mentioned categories, others businesses in categories like Home & Lifestyle, Automotive & Industrial, Wholesale, Health, Travel, Education, and Entertainment also have a decent online presence.
Major Factors & Trends
Besides being in the right industry at the right time, there are other important points to be considered before going live. The top factors which influence conversion rates on online sites are product pricing, shipping cost and speed, discounts, social media recommendations, and advertisements. Website speed, ease of navigation, and design are of utmost importance for a customer to consider visiting and continue to use a site. Products accompanied by images, videos and reviews have a higher chance of getting viewed and bought. Other crucial factors affecting an online sale are return and refund policies, delivery time, and inability to finalize a product without being able to try out a product live. Consumers also prefer to have more testimonials and product comparisons from e-commerce sites for an enhanced purchasing experience.
Social Media Impact
Social media has become an important tool in reaching out to the end user. With the help of social media brands and retailers can have an instant connect with shoppers. Quality content and sustained efforts can yield customer loyalty resulting in enhance sales. The most popular social media platforms as of now are Facebook, Pinterest, Instagram, Twitter, and Snapchat.
Emerging businesses should seriously consider having an online presence as it can elevate the business to a whole new level. Once the initial challenges and hurdles are met, it is cheaper to leverage and scale up the business using e-commerce. However, for achieving this, companies need to carefully make strategic plans and need to be precise in their execution. This is because scaling an online business is very challenging for even the most experienced e-commerce company. With this platform, companies can also avail the power of online marketing to generate a manifold increase in leads and sales. Online marketing can also assist in building brand awareness, increase visibility and improve consumer trust at a fraction of the cost compared to traditional offline marketing strategies.