The online shopping landscape is exploding. By 2024, a staggering 21.2% of all retail sales will happen online. The US B2C online market is said to rake in a jaw-dropping $2.1 trillion. These numbers paint a clear picture: the future of commerce is digital.
As an e-commerce business owner, navigating this dynamic environment requires a strategic mindset and a firm grasp of key pointers that can propel you toward success.
Key pointers for holistic e-commerce strategies
Having holistic e-commerce strategies is crucial for growth. Here are some factors to keep in mind whilst drafting your e-commerce strategies.
Global Inflation
The one thing that connects business owners worldwide is their shared problem of tackling inflation. Inflation has been a leading concern for customers worldwide and an important factor for businesses as well. Good e-commerce strategies take into account the impact inflation would have on purchasing power and decision-making for its customers. Even cash-rich businesses face the need to invest in technologies and e-commerce solutions that help them advance their businesses and minimize the impact of inflation. It’s crucial to your e-commerce strategies that you look into the inflation rates of the nations you plan to target and, based on the information you find, possibly adjust your price plan.
Rise of mobile
M-commerce or mobile commerce is a trend that’s going to stay. Including mobile commerce in e-commerce strategies has become essential for business owners. Shopify merchants’ mobile shopping accounted for 69% of online sales in 2022 compared to BFCM. By 2024, mobile sales are predicted to make up 42.9% of all e-commerce purchases.
New marketing channels
Growth comes with constant adaptation to changing times, trends, and mindsets. Sticking to just one avenue might end up becoming damaging for your e-commerce strategies. Over the last few years, social commerce has gained a lot of attention. By 2025, sales are expected to triple in this sector. Live shopping is an extension of social commerce which has also gained traction and popularity. Connected TV advertising is yet another exciting and impactful advertising medium that e-commerce owners and marketers should include in their strategies.
A slowly stabilizing supply chain
The pandemic caused significant disruption to supply chains and made people aware of vulnerabilities to political unrest, natural calamities, and regulatory changes. Due to supply chain problems, we even saw manufacturers like Volkswagen reduce their delivery goals in 2023. According to McKinsey, major production disruptions happen in manufacturing every 3.7 years on average.
Using native languages for cross-border business
More than two-thirds of participants in a survey on cross-border e-commerce stated they would never purchase from a website that didn’t translate its content into English. Going native with the language of your website could decide the fate of international sales. It produces a positive consumer experience from start to end.
