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Saturday, April 20, 2013

Latest trends and techniques in the e-commerce industry

Showrooming is used to compare online and brick and mortar shop prices
Mobile commerce or M-Commerce has expanded rapidly in recent years

The number of online shoppers around the world is growing exponentially. A recent survey has shown that by 2016, online shoppers are expected to spend around $327 billion per year. This is estimated to be more than what is spent on prescription medications yearly. As of now, around 45 percent of shoppers, in the US, prefer shopping online, to shopping at retail stores. To attract more customers, e-retailers are coming up with many innovative ideas. Here are the latest trends in the e-commerce industry, which are adopted by e-retailers.

Social networking

Social networking is the latest mantra of success, and e-retailers are not staying away from it. These businesses are trying to increase their customer base by make the customers more involved in the business. For instance, the e-retailer ‘Modstock’ considers public opinion while refilling their inventory. They have come up with a ‘Be the Buyer’ program, which is an online poll on a social media site. By participating in this poll, customers can give their opinions on what items should be restocked in the company’s shopping website. This allows the customer to buy their choice of items, from the website. This ensures that the customers are happier, and it results in increased sales for the businesses.

Allow customization

Customers who shop online may not always find the merchandise of their choice. To prevent this disappointment, the online retailer ‘zazzle.com’ has come up with the idea of customization. Shoppers at Zazzle, can upload their own images onto the site, and create personalized merchandise. The shoppers can also customize the items, which are already present in the website. The can also buy the merchandise created by other users. Users can also open up their own shops at Zazzle and decide the royalty that they would like to receive on each sale. This opens up more opportunities for creative people, and drives more business to your website.

Personal subscriptions

Providing personal subscriptions to the user according to his needs and demands is a great way to spice up your business. This is what the ecommerce retailer ‘Birch box’ has been following. This online cosmetic store sends its customers, beauty samples worth 10 dollars every month. This marketing trend is helpful in strengthening the company-customer relationship. It also serves as a mode of additional revenue for the website, as companies have to pay the website to be featured in such samples.

Promote collaborations

Collaborating with big names in the industry will serve as an additional boost to promote your business. The online retailer ‘Rent The Runway’ is a great example, which showcases the benefits of collaboration. This is a website, which rents designer clothing to woman. The site has a loyal following of more than one million members, and it is described as the ‘Netflix for Fashion’. Women who cannot afford costly designer wear can rent these dresses at a price, which is affordable to them.

Using such innovative ideas can help to make your e-business a popular one. The e-commerce industry is dynamic and constantly evolving. Keeping up with the latest trends in marketing will keep you informed and help you market your business better

About the author: Mike is an expert in online marketing and strategies for new business startups and ecommerce sites looking to generate growth online.

Image credit: Angnod; CC BY-SA 3.0