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The current state of the market allows us to single out several significant tendencies:
- Direct-to-consumer competition is rising. Although retail business doors have reopened, ecommerce sales aren’t slowing, resulting in an influx of DTC brands competing for customer attention.
- Advertising costs are skyrocketing across platforms. Digital advertising costs are eating up marketing budgets, putting performance marketing models in jeopardy.
- Customer acquisition and retention are tougher than ever. As more businesses are online, it’s harder and harder to find new customers. Paid ads are getting really expensive.
- Brand building is and will be the major way of attracting and retaining customers. Businesses can also overcome the ever-growing competition by investing in brand building.
Deriving from these trends are the important thing to keep in mind.
Positive customer experience is everything
Some trends never fade, and one of them is positive customer experience. The most successful companies have come to realize that customer service is not something that comes and goes but something that should be an inherent part of their culture. Eighty-four percent of individuals state that the experience provided by a company is just as critical to them as the product they’ve purchased from that company. If a company wants to survive and thrive, its customers should feel valued and appreciated throughout the relationship.
Related: What the Future of Ecommerce Looks Like
New commercial opportunities on social platforms
Social media paved the way for the next generation of ecommerce giants. The social era has seen a shift in the ecommerce industry — with online shopping habits pivoting around video, photography and Facebook. Ecommerce is migrating to social media platforms and relying on them for all important interactions. The graph here displays the US consumers’ usual behavior when shopping through social media.
Now, with most internet users utilizing their social media accounts, ecommerce companies should take note of the shift and prepare for seamless integration with this change. Brands should embrace experimentation: Diverse platforms and rapidly evolving features lend themselves to unique customer experiences, encouraging brands to reimagine consumer engagement.
The boom of Q-commerce
Shoppers want to buy faster and have it delivered cheaper. Q-commerce is a razor-sharp form of customer engagement using social media and other digital channels. Inspired by Amazon’s success with digital stores, Q-commerce is changing now the rules of engagement.
There’s a myriad of tools that fuel the sales ecosystem. Amazon has taken the lead as the primary facilitator of such tools, and they are changing the course of ecommerce as we know it. And Amazon brands need to be as focused on leveraging Q-commerce.
Related: Say Hello To Q-Commerce: The Era Of Hyper-Local Delivery Is Here
Interaction with your community
I’m more than sure that businesses should be more active with their community. This idea of ”always be interacting with your audience” is here to stay. Not only is social media important to earning new customers, but it’s helpful when your business is trying to create hype or is looking for feedback.