As we are well into our second month of 2016, it is important to know what to expect for the rest of the year regarding retail trends. Now is a great time for retailers, as sales are expected to grow 3.1%! For many of our readers who are ecommerce retailers, sales are expected to reach 327 billion dollars by 2016, which means now is the time to capitalize on any trends and opportunities that could benefit you and your business. Here are our top 3 ecommerce retail trends that can affect your business in 2016.
In the ecommerce industry, it is important to keep up with the devices that consumers are using to purchase goods/services. In recent years, customers now prefer to use mobile devices like smartphones and tablets to purchase items. Studies have shown that consumers spend 66% more when shopping online via mobile than those who shop in physical stores. With around 4.8 billion individuals using smart phones and over 142 million dollars made in sales via mobile devices in the U.S., this trend is not going away. We have a great blog post here to help you make your ecommerce website more mobile friendly. Improve your customer experience through an effective mobile site, and you will more than likely see an increase in sales.
Power of Millennials
Millennials, individuals who are born between 1978- 1995, are the new generation of shoppers with enormous purchasing power. There are about 2 billion millennials worldwide, and by 2025 they will make up 75% of the workforce. Currently, these individuals account for half of the spending in retail – which that means that businesses who can tap into this demographic will be extremely profitable. You can tap into this market by making sure your website is optimized for all channels, staying current and consistent with social media outlets and creating a fun, unique shopping experience for you customer base will leave them very loyal to your brand. You can get the most out of social media marketing with our tips on Pinterest, Vine and Instagram.
For those who don’t know, Omni-channel can be defined as a business creating a seamless experience for its customers by providing consistent content through multiple channels, whether it be desktop, mobile, telephone or at a brick-and-mortar store. Since we talked about the purchasing power of the millennial generation, it is very important to note that 68% of millennials demand an integrated and seamless brand experience, regardless of what channel they are using. This means that business owners need to learn to adapt their website for multiple devices, and maintain a consistent brand voice across channels. To connect your brick-and-mortar sales with online purchases, consider enlisting and inventory tracking software that offers Point of Sale technology.
Now that you know what to expect, you can take the necessary steps to guarantee a successful year. It is important to stay true to your business’ mission statement/goals and adjust slightly to the new trends to keep up with the competition. Have fun, and happy selling!