Online Selling for Businesses in 2020
November 2019Online Selling has a vast impact on businesses over the years.
Meeting consumer demands and satisfaction is the most important aspect of running a business.
With online retail risen to 15% in 2019, sales made online account for now over $27.5 billion in eCommerce Revenue, with competition intensifying. Retailers stepping into the Online market, grabbing attention and loyalty of over 7.6 million households shopping online currently. Here are some shopping trends that will assist in nailing your eCommerce Strategy.
In reference to Australia Post, 2018 was the official ‘Year of the Sale”, with a period of weeks within November/December accounting for almost 15% of all eCommerce transactions, including Black Friday, Cyber Moday, being Australia biggest week in eCommerce history.
Online retails fear of missing out on the potential sales if they don’t participate in these types of events, as more consumers prefer to buy on sale, with discounts on the rise.
As the online retail has risen, an increase of web traffic and fulfilment of demands progress, online retailers need to carefully plan the offset of financial impact from discounting their prices.
Fast Delivery Service
The wait, for your purchased item can be intense for most, give shoppers the option of fast delivery. According to delivery service company, next-business day deliveries have grown to 32% in the year 2019, with consumers expecting a quick turn around service and savvy retailers offering quicker dispatch.
Delivery services also indicate a 38% increase in shoppers when retail commence in a three-hour delivery window, next to same business-day.
Do note when drawing up your financial report, that an increased speed also means increased shipping costs, which can erode you margin, Think about what the economics of the offer, some shoppers are willing to pay the extra for express delivery, if you have margined the delivery for standard free delivery.
Allow Shoppers the feel of Control
Give them the option to browse how they feel, as little as displaying the number of products they want to see at one time, to allowing them to refine the search by small variance such as colour, size, gender, etc. Shoppers tend to jump online when they are in need for a particular item, this is where refine search becomes their best friend.
When it comes to shipping, give them options, “standard, express and/or even click and collect”.
Consider Long Term Payment Options
While paypal is still the most preferred online payment method, new payments have rolled in to the online industry meeting customer current demands. Financial services like Afterpay and Zipay, give customers the option to purchase items and pay in repayments that best suit customers budgets. These financial services have grown in the past year by 17% and many retailers have invested into this option to attract customers into loyalty.
Consider your marketplace strategy
Consider which will be the dominant force market. Depending on your products and the price, assess whether your best option is either attend to the national market or to market globally.
Whilst accessing your market place, consider your financial plan as well as if the fashion or trend is appropriate. For instance a animal shelter can sell animals to consumers within state or interstate, however you cant sell globally.
How will consumers find you when the internet is as broad as our Universe?
The internet is a broad place and over time competition is getting larger, and consumers are finding it easier to find the product which best suits them. So you’ll have to make sure they can see your product first. Search Engine Marketing, think it, breath it. SEM is going to be your best friend, that depends on how you choose to display your product online. You can get your website built by professionals such as FunkyWebsiteDesigns.com.auor you can become a vendor on OnlineSupermarket.com.au, and let them worry about your SEM, if you plan to expand quicker you can do both, but that varies depending on your budget.
There is no point having a website if no one can see it. For instance, say you own a Hair Salon, you want to sell hair shampoo, a customer logs onto the internet and browses for hair shampoo, how do they find you? Search engines like google will need to crawl your website, therefore you must focus on getting the right keywords that you believe consumers will use the most when looking for your product.
It cannot be stressed enough about how important SEM is to keep your online business alive. And there are many platforms to keep your online sales frequently.
Contact us today to find out more on how we can assist you to taking the first steps to getting you all set up online. firstname.lastname@example.org