Today’s Lunapost trend topic is about strategies for selling online. Between B2B, payment systems, localization, and social networks, what is essential for an eCommerce in 2018?
Here are some tips for those working in this field!
Trend topic – eCommerce: B2B
In 2017, B2C eCommerce (“Business to Consumer”) generated $2.3 trillion, while B2B eCommerce (“Business to Business”) amounted to around $7.7 trillion—almost three times as much.
Many insights from B2B eCommerce analyses are similarly relevant for B2C. Chat and voice have become the preferred customer care tools for clients, while dynamic pricing is one of the factors that most impacts sales.
Furthermore, 98% of buyers conduct online research before completing a product purchase. This is why elements like SEO, product information in the correct language, product demos, and so on are becoming critically important.
Trend topic – eCommerce: localizing
Selling abroad becomes a key aspect of eCommerce strategies in 2018—especially for specific products. Those dealing with handcrafted items, or products where geographic origin is important, cannot overlook these considerations.
Successful eCommerce businesses often sell very little domestically but compensate with results from international markets.
According to statistics, 75% of users would never buy from a website in a language different from their own. But this doesn’t just mean “translation”; it means localization.
Localizing an eCommerce site means providing the customer with a shopping experience fully aligned with their language and culture. This includes everything from SEO strategies to payment systems, language usage, semantic level, email service, and customer care.
Trend topic – eCommerce: payment systems
60% of users say they would not complete a purchase if their preferred payment method is not supported by the eCommerce site.
This issue is closely linked to the topic of localization discussed earlier. When selling internationally, this factor cannot be overlooked.
In the USA, the top two payment methods are credit cards and digital wallets (PayPal, Apple Pay, and similar); in Eastern Europe and India, cash on delivery remains the preferred method. To remain competitive in China, integrating Alipay is essential, as it is used in 86% of transactions.
A thorough analysis of the habits and culture of the target country is required to simplify the payment experience as much as possible.
Trend topic – eCommerce: social shopping
The latest updates on Facebook, Instagram, and Pinterest have made social networks essential channels for online sales. The goal is to allow users to experience the shopping process without leaving the platform (and switching to another app).
In certain sectors (fashion, design, and food—especially the most “visually” involved), these platforms have become a major source of traffic and revenue.
How does this impact eCommerce businesses? It’s not just about image (a high standard of photo and video material is now essential), but it also requires an omnichannel strategy.
A recent article from Corriere Comunicazioni highlights that Italian companies selling on Amazon generated €350 million in revenue in 2017 alone, creating over 10,000 jobs.
The key is to offer users as many touchpoints as possible with your products. Depending on the device used and their preferences and habits, everyone should be able to access your products where, how, and when they prefer.
These are the main takeaways on the latest trends in eCommerce. In such a competitive field, it’s crucial to keep an eye on your competitors (not just the main ones or direct ones) to stay “up-to-date,” and above all, avoid becoming “static.”
The biggest mistake is doing nothing.
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