The eCommerce landscape is ever-changing because of new technologies and customer demands. Today’s good eCommerce strategy may no longer work by the end of the year. Whether you’re ready to start an online business or seek financing for Amazon sellers, it’s crucial to understand the growing e-commerce landscape. Here are seven things to know:
1. Ecommerce Automation
Some of the most impressive technologies, solutions, and efficiencies are a result of pursuing automation. Ecommerce automation is a constantly growing element of online enterprises. It spans marketing, sales, warehousing, and inventory automation. Virtually all departments of your eCommerce business have aspects you can automate to some extent.
Automation frees up your personnel time and resources and increases efficiency. You can find automation software for various business operations, including supply chain management, communications chatbots, automated reporting, reminders/notifications, and more. Ecommerce sellers must also review solutions and evaluate ROI before investing in automation.
2. More Conscious Shopping
Modern customers are smart/conscious about what they purchase. More people seek safe, environmentally-friendly, healthy, organic, natural, and sustainable solutions. For eCommerce sellers, it means lots of research before the client lands in your store. You can also learn from customer searches to identify new opportunities for growth and expansion.
If you provide sandwiches, adding a vegan option can expand your reach into the demographics. It’s also crucial to appear in social media, Google Maps, and other online resources customers use to research your products. As customers become more conscious and curious, businesses must provide high-quality products and services with obvious value.
3. Analytics and Intelligence
Business analytics is the driving force behind most decisions modern managers make. Thanks to advanced data collection and analyzing methods, you can track business information. Ecommerce sellers can monitor strategies, workforce changes, sales and inventories, and more to analyze them for business insights.
You’ll encounter several intelligence solutions, including universal databases, records, and internal software. More companies are leveraging analytics and intelligence to streamline and automate business processes. Analytics technologies also track performance and provide reports concerning your operations’ key aspects.
4. Evolving Customer Experiences
Augmented reality (AR) and virtual reality (VR) are no longer next-generation technologies. They are available for eCommerce sellers looking to improve customer experience. Many businesses already offer a virtual shopping experience via 3D videos and imagery. VR is next-level and thrusts customers into a virtual world with near-similar real-world shopping experiences.
AR uses real-life settings so that the customer can have a little shopping experience in the comfort of their home or office. Both technologies are still in their infancy but are fast-growing thanks to increasing interest and affordable AR/VR devices.
Ecommerce sellers can ponder the possibilities with VR, AR, and AI to design unique and fulfilling shopping experiences for their customers.
5. Changing Marketing Practices
Marketing practices are constantly evolving, and SEO alone is no longer sufficient to maximize sales. Ecommerce sellers have unique opportunities in things like private labels, interactive content, micro-influencers, paid advertising, and Amazon fulfillment. Video content is also the foreseeable future of eCommerce as customers shift towards more immersive experiences.
Shoppers would rather watch a short product clip than read a description and the majority of prospective customers make a purchase after watching branded videos. Social platforms already feature sections prioritizing video content because they attract more traffic than plain text. Ecommerce sellers can leverage such platforms to provide high-quality illustrations and product videos.
6. Outsourced Ecommerce Services
If you are starting an eCommerce business, you need help. Attempting to handle everything will leave you exhausted, and you might not be well versed with specific aspects. Working with an SEO strategist, web designer, virtual accountant, content freelancer, and the likes can reduce the strain. Today’s eCommerce sellers can outsource a wide range of services to third parties.
Popular outsourced services include customer service, web development, SEO, content management, marketing, and accounting. Running a business requires a general understanding of all components, but you don’t have to be an expert.
You can hire in-house teams when the company expands or if necessary, but outsourcing is just as efficient for startups.
7. Alternative Financing Solutions
Running an eCommerce requires adequate funds. You’ll need to invest in technology and automation, marketing, personnel, security, online presence, and more. If the venture is a startup, expenses can fluctuate significantly, even with a carefully planned budget. It’s common for eCommerce sellers to seek alternative sources of funds for their business.
With the growth of eCommerce, many financial companies have stepped in to provide funding to small and medium businesses. There are several parties ready to become investors in your venture. If you sell on Amazon, you can pursue financing for Amazon sellers. Others are comfortable offering financial support when needed, regardless of the marketplace.
Financing for Amazon Sellers
If your business model relies on fulfillment by Amazon, you can take advantage of the massive financing available for eCommerce ventures. Whether scaling up to meet growing demand or fancy new equipment/solution, you need funds and resources.
At Sellers Funding, we provide an all-in-one financial solutions platform for eCommerce merchants. You’ll get working capital, cash advance, payments analytics solutions, and more. We leverage technology and the changing landscape to help eCommerce sellers grow.
