With so many online retailers keeping their eye on this holiday season, the competition is likely to be fiercer than ever. Online spending growth is expected to outpace brick-and-mortar expenditures, but many online retailers are still struggling. Whilst eCommerce sales, revenue, and audiences are poised to grow, success isn’t guaranteed and the companies who have done their due diligence to prepare will see their hard work pay off.
Fashion, specifically, retail, is changing. With retail stores closing, marketing tactics of “discoverability” – for example, placing new products next to customer favorites – are seeing diminishing returns. According to a Morningstar report, malls across the United States are closing in record numbers, citing ecommerce as a primary reason.
Think about the last time you went mattress shopping. Was it via a referral program and a few clicks later, a mattress folded up in a box arrived at your front step? Or was it in a traditional brick-and-mortar store? What was the latter experience like? Did you get the hard sales pitch about how a particular mattress would suddenly help you capture eight solid hours of sleep each night, and did that salesperson awkwardly hang around as you tested out a mattress? Even worse, if you actually ...
The situation is a familiar one. Your email inbox begins to fill up with emails that read “Labor Day Sale!” and suddenly you’re typing in the coupon code LBDAY16 for 20 percent off your purchase. Chances are, if you manage an eCommerce shop, your customers have also used vouchers or coupon codes at some point to make a purchase. It’s a great way to capture first time-buyers and bring back your most loyal advocates for repeat purchases.
It's hard to imagine a time when items weren't available to purchase online or through a mobile app, but we're only two decades into the eCommerce era. This instant-access age is book-ended by static brick-and-mortar stores and the unforeseeable future that awaits all new trends. According to eMarketer, eCommerce purchases are predicted to account for 8.8% of the total retail market worldwide by 2018.