1. The Impact of Young Consumers on the Business Landscape
The impact of the coronavirus pandemic on ecommerce is undeniable. Following the coronavirus outbreak, more than half of consumers (54%) boosted their internet spending.
Despite the fact that consumers of all ages are shifting to online buying, the younger generation is mostly responsible for this ecommerce development.
According to survey data, two out of every three (18%) young consumers aged 18 to 34 are now spending more money on things purchased online than they were before the epidemic (Shopify, 2020).
For the older age groups, the rise is a little more subdued. Consumers aged 35 to 54 raised their online shopping spending by 57%, whereas consumers aged 55 and more only increased their spending by 41%.
As an ecommerce business owner, you should target the younger generation in the future to enhance your sales potential.
Consider stepping up your social media marketing efforts to achieve this. More than half of young consumers who buy from independent firms learn about them through social media, a higher percentage than any other age group.
2. Social Media’s Changing Role in Ecommerce
The number of people using social media to shop is continuously expanding. With the advent of Facebook’s “Buy” button and Instagram Checkout, social media is becoming increasingly important in the world of ecommerce.
The way we live our daily lives, including how we buy products, has altered as a result of social media. This is an excellent time for businesses to consider how to boost their social media presence, which is a terrific way for businesses to get discovered. Because customers are spending more time on various forms of social media, ecommerce businesses can enlist the support of Instagram influencers to improve their chances of being discovered by their target demographic.
Additionally, businesses can simply integrate their online storefronts with social networking sites using platforms like Shopify, allowing users to buy directly from them through social media. For example, Instagram and Facebook are continually improving their features to fulfil the comfort needs of online shoppers.
And who can forget TikTok, the newest and fastest-growing social media sensation that has swept not only the hearts of teenagers but also Hollywood?
The video-sharing app has been testing a new feature that will allow users to embed shoppable links in their profiles or videos. This implies that people who click the link will be sent to the URL within TikTok itself, rather than having to exit the app.
These social media sites serve as sources of inspiration and provide opportunities for brands to be discovered as users read through their feeds. As social media becomes more integrated into our daily lives, its ability to impact ecommerce trends will only grow. As a result, marketers must focus their social media strategy on the buying experience.
3. Buyers are influenced by environmental issues.
Green consumerism is on the rise, and companies must respond. Poor environmental records influence nearly four out of ten internet customers’ shopping decisions (GlobalWebIndex, 2020).
As an ecommerce company, you should aim to develop more environmentally friendly methods. Consumers have become more environmentally sensitive than ever before, and for the right reasons.
Online companies must take action to ensure that their methods are ecologically friendly. To assist build a greener ecommerce environment, this includes activities such as sourcing products from fair-trade organisations.
Millennials are leading the way toward more environmentally friendly shopping behaviours. There is a growing demand for brands to start caring about our environment, whether it’s through free-range beef or vegan beauty products. Customers are growing to feel more responsible for the environment, which puts the pressure on firms to meet their eco-friendly needs.
4. A desire to do business with small businesses
Consumers’ purchasing behaviours and brand preferences have shifted as a result of the increase in internet shopping.
A increasing number of consumers are becoming more open to shopping from independent firms, despite the focus on sustainability and environmental standards. More over half of respondents (57%) say they are open to trying new brands for the first time (Shopify, 2020).
The epidemic, which devastated many small companies and prompted many people to buy from and support them, has fueled the growth in support. In fact, more than a third (37%) of consumers who purchase with small businesses say they do so now more than they did before COVID-19.
Among the top reasons for buying from independent firms are a desire to encourage entrepreneurship (said by 33 percent of consumers), an interest in distinctive items (cited by 33 percent), and a desire to receive good customer service (cited by 33 percent) (31 percent).
Source: ecommerce business , ecommerce store
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