As a business owner, it’s hard to imagine what e-commerce in the future will be like and how we can prepare our business for what’s coming next. Yes, we naturally launch, plan, and create future-focused strategies as a part of our daily job, but in terms of the much-larger picture we entrepreneurs can struggle with nearsightedness.
We have so much to juggle every day and we have to work so hard to keep our businesses alive for just the next year - it’s almost impossible to think for a second about how we’ll keep our businesses going in the long run.
Let me put it this way - when was the last time you carved out some work time to research the future of e-commerce, the future of marketing your Shopify store, and plan ways to prepare your business for the long-term future?
If your answer is, “Um, yeah, never,” you’re not alone. In today’s episode of the Product Powerhouse Podcast, we’re dedicating our conversation to thefuture - the future of e-commerce, current e-commerce trends I’m seeing, ways to ready your business, and resources to help you stay informed.
According to a 2022 report from Shopify, global e-commerce sales are expected to grow to $6 trillion by 2024 and to nearly double by the following year.
Why? A huge development in digital commerce has always been coming, but the pandemic fast-tracked that process and was the catalyst for thousands and thousands of new business online.
To put things into greater perspective, in 2014 ecommerce sales totaled about $304 billion. In 2021, that number grew to $870 billion. By 2025, it will grow into the trillions at over $7 trillion. All that to say, it’s not going anywhere.
So, what trends are we currently facing in the ecommerce space? Shopify highlights 3 major trends to watch going forward - let’s cover them!
It’ll keep getting more expensive to acquire new customers. More competition fighting for attention means it can get tougher to connect with new customers using traditional methods. According to the report, brands are already having to up their advertising spend to see the same amount - or less - traffic than before. Why? People are tired of adsandthere’s more competition.
Humanization, not just customization. The brands the grow into the future will be the ones prioritizing core values that connect with their ideal audience, creating communities around their brand, and focusing on transparency and authenticity.
And lastly, Shopify expects a rise in social selling - aka, shopping done on social media platforms. Successful brands will embrace and get creative with new platforms and features - eagerly looking for new ways to engage and connect with their community. Live, visual shopping is expected to grow, too (think, QVC and Instagram Live had a baby).
To stay relevant in the future of e-commerce, Shopify outlines several ways current brands can adapt and grow in the coming years.
First, build and nurture relationships to cultivate community by:
Second, lean into social selling by:
And lastly, prioritize your brand and invest in branding - the best long term investment for your business - by:
That was a lot, but don’t feel overwhelmed about the future of e-commerce and what it will take to stay relevant. The biggest thing that will keep you relevant and your business surviving is a learning mentality, growth mindset, and an outlook of positivity and curiosity. Learn as much as you can - get curious, not worried.
Here are some resources you can keep an eye on to stay in the know and keep an eye on the future of ecommerce:
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