It is expected that in 2024, drop shipping will be one of the most profitable e-commerce industry trends. This is especially true for companies looking to enter the e-commerce sector but needing more money. In this case, the companies providing drop shipping services would act as the middlemen between manufacturers & suppliers and the customers. The service provider would process the transaction but ship directly to the buyers without you having to handle the product physically. The thing with this business model is that it can be started quickly and is also a lot less risky.
Apart from that, it has several advantages as well. You only have to buy the product once the buyer places an order on your site. You do not have to spend any money on storing inventory. This would mean that your overhead costs would also be a lot lower. As per the drprix.com business report, it was found that among 450 online stores, 16.4 percent were using drop shipping. On average, business owners that were using this model had experienced a growth of 32.7 percent in their revenue.
Multi-channel selling
These days, people use several channels to buy their favorite products online. The 2018 Omnichannel Buying Report says that 87 percent of buyers in the USA (United States of America) shop offline. 78 percent of the people quizzed in the survey said they boughtusually buy from Amazon. 45 percent said that they purchased from branded online stores. 65 percent said they also purchased from physical stores. 11 percent of these people bought on Facebook, and 34 percent went on eBay.The same survey also pointed out that people spend 69 percent of their extra income to shop from physical stores. 56 percent of Gen Z buyers get their products and services from brick-and-mortar stores. These numbers prove that it would profit e-commerce companies if they could cater to the needs of these shoppers, who never restrict themselves to one channel as such. This is why, in 2019, multi-channel selling could rise, and it could become one of the significant e-commerce industry trends.
Smarter processing of payments
This will also be one of the significant e-commerce industry trends of 2019. The final step in a customer's journey is the payment processing. In fact, this particular stage is so vital that it can easily make or break the whole deal. You need to understand that at this stage, the customer has gone through several stages, such as consideration and awareness, and has finally decided that she or he would buy the product from your online store. However, if the experience at this particular stage could be smoother and effortless, there is every chance you would lose a buyer.The Baymard Institute says that around 70 percent of shoppers let go of their carts. This would suggest that they had researched and considered all the products in great detail and added them to their cart. However, most of them simply did not buy them in the end. The same report has also found that in 28 percent of these cases, abandonment happened because the checkout process was convoluted and long-drawn.
Omni-channel personalization
You may think that you have won the battle just by being there on the various channels selling your product,. But it is not so. It is just half the battle won. You have to provide your consumers with a cohesive experience of your brand, and you can do this only by personalizing your interactions with them on each of these channels. This means you have to recognize them as the same person no matter what channel you are looking at. Otherwise, you may offer them experiences that are not relevant to them at all.These would either be extremely annoying or intrusive. It is common knowledge that if you wish to succeed in business, you have to offer your clients a certain level of personalization. In fact, in a recent study by Epsilon, it was found that 80 percent of the respondents liked doing business with brands that offered them a personalized experience. 90 percent of these people found personalization to be rather appealing. A study by Everage found that 98 percent of marketers have had better relationships with their customers because of personalization. 88 percent of these respondents also believe that their existing and prospective customers are looking for a personalized experience from them.
Customized packaging
Customers always consider packaging to be an essential part of the product itself. A study by Dotcom Distribution found that 68 percent of the buyers feel that a brand is regarded as upscale because of its packaging. Apart from this, 61 percent of shoppers also felt that personalized packaging made them feel more excited about the product they were buying. Based on the results of studies such as these, consumers these days are more interested in well-packaged products.This is something e-commerce companies looking to sell their products and make it big in 2021 should keep in mind. Customized packaging can make their store and brand, by extension, more recognizable. You can easily use third-party solutions such as Packhelp to help you with such issues as these. The packaging that they offer is durable, and they can also customize it concerning the size and scale of your business. You can customize your products on their app and check out the prices as such.
