- January 7, 2019
- Posted by: Melbourne Accountant
- Category: eCommerce
When it comes to running an ecommerce business, you need to work with a Melbourne accountant that understands the unique challenges and requirements that come with running an online shop.
Nobel Thomas Melbourne Accountants have been working with small businesses across Melbourne that operate both brick and mortar stores and online shops. FOr 2019, here are 3 top trends that you can expect to greatly impact ecommerce.
The ecommerce industry has been experiencing steady growth over the past few years. In fact, Statista predicts that global retail ecommerce revenue will amount to $4.88 trillion by 2021.
So, in the coming years, we should expect to see continuing growth with more businesses joining the market.
This, however, translates to more competition. And for ecommerce merchants, this means staying on your toes to get ahead.
You need to be well-versed in the latest ecommerce trends, which are often a result of advancements in technology and changes in consumer preferences and behavior.
In this post, we’ll discuss the top emerging ecommerce trends you should follow in 2019 to beat your competition.
Ecommerce Trends in 2019
Trend #1: Dropshipping
Dropshipping can be a profitable business model for ecommerce businesses that don’t have much capital to start with. It involves acting as the middleman between the manufacturer or supplier and the customer.
You process the purchase, but the product gets shipped directly to the buyer without you actually handling the physical product.
This business model is easy to start, involves less risk and has many advantages:
- You’re only going to buy the product after a customer places an order
- You don’t have to spend money on storing inventory
- You’ll have lower overhead costs
Businesses using this model experienced an average revenue growth of 32.7% and had an average conversion rate of 1.74%.
Due to these obvious benefits, we are likely to see a lot more of dropshipping in the future.
Dropshipping is particularly useful for selling bulky items that can take up a lot of space in warehouses and stores.
But as profitable as it is, there are a few challenges involved with dropshipping:
- Since you have no control over when and how the seller ships the product, the shipping duration may be much longer than desired.
- Plus, unprofessional or unethical sellers could negatively affect the customer experience. So it’s crucial that you properly vet your sellers and set up proper shipping and service rules.
Trend #2: Multi-Channel Selling
People aren’t using just one channel to make their purchases online.
To grow your business as an online merchant, you need to make yourself available across all of the channels that your shoppers use. Aside from your own website, this could be on social media and brick-and-mortar stores as well as other online stores.
Consider using popular channels like eBay, Amazon and Google Shopping. And don’t forget about popular social media platforms like Facebook, Instagram, and Pinterest, which also support direct sales.
One of the main reasons why ecommerce merchants shy away from multi-channel selling is that they have difficulty managing all of these channels.
But ecommerce platforms like BigCommerce can provide a highly effective solution to this.
You can use it to sync your inventory with the popular channels that your customers frequent, and process every order from a uniform location.
Trend #3: Smarter Payment Processing
The payment process is the final step in the customer journey, and it is a vital stage that could make or break a conversion.
The customer has gone through multiple stages, including awareness and consideration, and has finally made the decision to buy your product.
But if the experience at this stage isn’t effortless and smooth, you could still end up losing the potential customer.
If you’re planning to get ahead of the competition, this is one aspect that you must tackle in 2019. You will need to offer a smoother checkout process with an easy payment option that will ensure quick conversions.
Additionally, shoppers will abandon their purchases if there’s no local payment option.
So if you’re planning to expand your business globally, you will need to offer a better payment solution for shoppers in other countries.
Consolidating your payments into a single platform can be an excellent solution to these two problems. This makes it easier for you to manage all your payments regardless of currency and platform.