If there is one thing that the initial months of 2022 have shown us, it is that rapid adjustments to our marketing and sales strategies are necessary in times of uncertainty. Businesses have been forced to make rapid changes. Because of the cancellation of trade exhibitions, conferences, and in-person sales meetings, several sales and marketing initiatives have been thrown into disarray.
However, despite the fact that we are adjusting to a new standard, there is one location that is witnessing an extraordinary increase in the volume of traffic: websites that deal with online shopping. Customers are increasingly resorting to the convenience of buying online to get not only the necessities but also other products that they are unable to obtain from establishments that are temporarily closed. For a great online shopping experience, go ahead and visit https://loungeout.com.au
To put it another way, if you do not already have an online business, now is the ideal moment to decide to invest in one. And if you already have a web presence, you ought to make sure that you are ready to deal with the surge in the number of customers as well as the heightened level of competition.
1. Mobile dominates internet purchases- In 2021, it is anticipated that global income from mobile retail would have increased to $3.57 trillion, up from $2.91 trillion in 2020. When you consider that 125 million people in the United States possess and use cell phones, this should not come as a surprise. It is noteworthy to note that customers not only use mobile devices to make purchases but also to research things they are thinking about purchasing.
However, the mere fact that websites can be accessed from mobile devices is not sufficient evidence that businesses are equipped to be successful with mobile commerce. Only 12% of customers, for instance, believe that mobile commerce is easy; this indicates that there is a large amount of opportunity for development.
2. Electronic wallet technology is an absolute necessity- It is no longer optional to provide your clients with the ability for using eWallet functionality, which is also popularly known as a mobile wallet. In 2017, cashless platforms contributed about USD 3.04 trillion in payments. It is estimated that by 2022, digital payments would reach a staggering USD 6.6 trillion, more than tripling in size in only 5 years.
Customers benefit from a heightened sense of safety and simplicity of use when using an electronic wallet, which in turn helps businesses increase their overall conversion rates and revenues. They no longer have to enter their credit card numbers on websites or provide their debit cards to cashiers; in addition, many eWallets allow or require users to go through a secondary authentication process before using the wallet.
3. The popularity of online subscription services continues to grow- The use of subscriptions as a mode of payment for goods and services purchased online is becoming more widespread. It is anticipated that the income generated by the eCommerce subscription industry would increase by 68%, totallingUSD 478.2 billion by the year 2025. Additionally, the Subscription Economy Index shows that the growth of subscription services has increased by 403% over the previous eight years. There are three distinct categories of subscription services offered by eCommerce retailers: access (offers lower price perks), replenishment (which facilitates automatic purchases), and curation (which delivers individualised experiences). To ensure the greatest likelihood of success for your subscription model, place it in one of these three categories.