2020 has been a rollercoaster for everyone. Buyers and sellers have experienced fluctuations in the market alike. Fortunately, though, the final quarter has served businesses with good opportunities. With a stable market to work with, you can think of the future and brace for e-commerce growth in 2021.
The global pandemic has troubled successful business models throughout the globe. The ones who were dynamic enough sailed through the tough times. The world’s fastest-growing marketplace OnBuy is one such example that continues to woo buyers and sellers. The e-commerce realm witnessed its most significant growth amidst the height of the Covid-19 pandemic. The projected growth for ten years happened within ninety days. Furthermore, the retail giant has grown rapidly ever since its inception with a growth rate of 24000%.
The month of festivities has come to pass now. Maintaining pace with the current time is crucial which is why it is imperative for you to get along with the potential trends that will dictate the shape of e-commerce in 2021. The sudden shift towards online shopping has given competent sellers an idea of what products to sell in 2021. As of now, close to a 16.4% hike has been recorded in the global e-commerce retail. And this rate is only going to skyrocket in time.
Get set to enhance your selling experience in 2021 with the latest trends
OnBuy has been a perfect marketplace for new and veteran sellers. The latest festive season sales figures have painted a promising picture. Close to 84% of people started shopping online during the lockdown. As a seller, you can map the possible points where a spike in sales can be perceived; it’ll help you plan for e-commerce growth in 2021.
A whopping 150 million people started making online purchases since the lockdown began. This trend only got cemented with the passage of time. In the coming first quarter of 2021, things might seem to be moving at a slower pace than the current rate, but eventually, it’ll give rise to boosted sales.
Since e-commerce isn’t just limited to a particular domain, it has helped sellers in reaching customers across the globe. OnBuy’s 42 countries expansion plan is one prominent catalyst that a seller can take advantage of. Cross-border e-commerce sales increased by 21% in the second quarter of 2020, one more reason to become a part of the OnBuy selling spree.
Apart from the number-crunching process, let’s take a look at the potential upcoming trends that a seller should keep tabs on. Selling on OnBuy in 2021 can become a lot easier if you know the following trends beforehand.
Voice assisted products are shaping e-commerce
This is perhaps the most unique thing on this list for real! People these days demand shorter buying windows. Your website won’t work if it doesn’t load within 3-4 seconds despite looking great. The time frame is shrinking exponentially; everything has to be fast and precise. Since making a request orally is faster than typing the same, e-commerce is adapting to the change as well.
Smart homes, offices, studios, every workplace is using voice assist devices. 75% of households in major countries will be having smart speakers by 2025. This is perhaps the best and most exciting addition to the list of online shopping trends of 2021. People are using these devices in droves for entertainment and navigational purposes. Having such products in your store can be a crucial step towards experiencing e-commerce growth in 2021.
Selling via social media platforms is real
Social media platforms aren’t just famous for connecting people around the globe, but they’re also helping smaller businesses in building their brand value. Influence marketing is establishing its dominance on platforms such as Facebook and Instagram.
Since OnBuy doesn’t have its own inventory, you’re free to sell your products the way you wish to. And this is where social media handles come into the picture. A whopping 45% of people choose to purchase a product based on the user comments on a post. Now, this post can either be a personal one or an advertisement.
Furthermore, you can increase your customer base using your brand’s social media handles. With proper implementation of presentation and SEO techniques, you can make the best out of a single social media post than making physical sales. Utilizing your social media handles for business is a must now; master this, and you’ll be able to foresee significant profit margins even before selling on OnBuy in 2021.
Artificial Intelligence and Augmented Reality will assist you in selling better
While it might seem complicated to the standard customer or buyer, the concepts of AI and AR, when implemented correctly, can boost sales like never before. More than 200,000 stores across the globe will be using AI for every process by 2022. The initial results have been fruitful; a personalized view for every customer is possible in today’s day and age.
Youtube recommendations via advertisements, as well as advertisements seen on Instagram, follow the principles of AI closely. A user’s last purchase gives rise to the next demand in today’s world. Show this data while they’re thinking, and they’ll definitely buy it no matter what.
Similarly, augmented reality will enable the customer to experience a product’s visual result based on the customer’s situation and demand. For example, a customer these days can get an idea of how a pair of glasses will be looking on their face. You can add a plethora of similar features to your store upon getting your brand integrated with OnBuy.
The visual presentation will overtake the conventional selling techniques
An image works way better than a piece of text. The information relayed by the former is leaps and bounds more than what words can portray. As a seller, you can utilize the following tricks to the fullest in order to drive more sales to your brand on OnBuy:
- 360-degree images have become the next best thing now; dedicated photographers and editors have mastered this art and are using it to the fullest.
- You can inculcate the same into your brand and boost your sales with ease. Also, you can create a template that supports the format with no issues.
- Visual search tools are gaining the center stage these days. Companies are heavily investing in tools that’ll allow customers to search their desired product with a reference image as an input.
- Visual shopping advertisements have become more catchy and attractive. Customers often go for the products that are advertised in a flashy manner.
Competitive pricing is a necessity
Repricing software and plugins have seen a sudden surge over the past few months. Competitive pricing not only allows the seller to get hold of newer customers but also improves the brand’s reputation in the marketplace. One of the crucial points to notice about the e-commerce growth in 2021 is the growing number of sellers using repricing software to boost their sales.
OnBuy only charges a subscription fee and the payment portal’s commission fee. Since the retail giant doesn’t compete with its sellers to boost its own margins, it gives the seller an edge over other platforms to sell their products at a perfectly competitive price.
If your box looks good, It’ll sell
This is an underrated aspect of the e-commerce realm. Often packaging defines the key characteristics of your product. Hence, it becomes necessary for you to keep tabs on the current layout of your products’ packaging. In order to experience seamless selling on OnBuy in 2021, you need to keep the following points at the back of your head.
- Using templates that are trending is definitely going to work for you in the long run. This keeps the product’s appeal fresh even if it has been on the market for a long time now.
- Durability is yet another factor that comes into play when talking about the packaging side of things. Merely wrapping a product with a plastic sheet and putting labels isn’t going to cut it.
- Usage of colors also determines how customers will be reacting to your product upon the first contact. Try keeping the shades balanced as too much cold or warm themes won’t help you out.
- Going green has become the latest norm. It protects the environment and improves the reputation of the product and the brand itself. A lot of companies these days are going green when it comes to packaging.
In the end, it does matter
While 2020 knocked the wind out of businesses, some fought the waves and emerged victoriously. We can only hope that 2021 will bring more stability to the marketplace so that sellers and buyers experience a better workflow. Newer trends have emerged, and they need to be exploited to the fullest.
The aforementioned points will help you out if you follow them closely. Positive e-commerce growth in 2021 can only be perceived if your current strategies are rewarding you well. Change is a necessity, and you need to go with the flow. Speaking of change, you can become a part of the OnBuy marketplace with CedCommerce’s integration packages. And now, you’re ready to grow your business in 2021.
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