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I analyzed Shopify’s 2022 Future of Commerce Report.
Here are the 10 main points to remember if you want to earn more $$$:
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Here are the 10 main points to remember if you want to earn more $$$:
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#1: Rising customer acquisition costs
Advertising costs are steadily rising on all platforms.
So, we need to find more sustainable income streams that won’t cost a fortune and have a better ROI.
Advertising costs are steadily rising on all platforms.
So, we need to find more sustainable income streams that won’t cost a fortune and have a better ROI.
#2: A focus on retention and customer loyalty
One way to cut down on your ad spend is by retaining current customers.
Retention costs less than acquisition.
In layman’s terms, you get more bang for your buck.
One way to cut down on your ad spend is by retaining current customers.
Retention costs less than acquisition.
In layman’s terms, you get more bang for your buck.
#3: More competition than ever
The low-entry barrier of difference eCommerce models means that there’s now more competition than ever before. And, it will only go up in the near future.
The low-entry barrier of difference eCommerce models means that there’s now more competition than ever before. And, it will only go up in the near future.
As a result, now we have more competition than ever, so you have to focus on sticking out and differentiating your brand from the rest.
#4: Investing in brand building
As Shopify’s report suggests, one great way to beat the competition is by focusing on your long-term goals and building a brand.
As Shopify’s report suggests, one great way to beat the competition is by focusing on your long-term goals and building a brand.
Although brand building doesn’t bring you instant monetization, it’s crucial for achieving a long-term success and being able to sell at a higher price point.
#5: Live commerce experiences
Shoppers expect a lot nowadays, and one of those things is live shopping.
More and more brands use live shopping to simulate an in-store experience.
Shoppers expect a lot nowadays, and one of those things is live shopping.
More and more brands use live shopping to simulate an in-store experience.
As a result, they’re seeing skyrocketing engagement numbers and a tremendous boost in sales numbers.
Live commerce is a great way to stick out from your competition.
Live commerce is a great way to stick out from your competition.
#6: In-store shopping demand rising
This one might not be suitable if you’re selling abroad, but if you sell locally, it’s doable.
This one might not be suitable if you’re selling abroad, but if you sell locally, it’s doable.
Because of the rising costs of advertising and customer acquisition and the increasing desire for personalized shopping experiences, digital native eCom stores are now exploring brick-and-mortar retail.
In fact, Shopify reported a 22% growth in the number of merchants using Shopify POS globally.
To test your region’s in-store consumer demand without an enormous investment upfront, you could use pop-up up stores or events.
Consumers are craving a human touch and a personalized approach, and in-store shopping allows that.
Consumers are craving a human touch and a personalized approach, and in-store shopping allows that.
#7: Omnichannel commerce is the new norm
When I talk about omnichannel, I mean allowing your customers to shop everywhere, on all channels.
However, I don’t just mean online. Customers today want an omnichannel shopping experience that merges online and offline.
When I talk about omnichannel, I mean allowing your customers to shop everywhere, on all channels.
However, I don’t just mean online. Customers today want an omnichannel shopping experience that merges online and offline.
Creative shopping events involving multiple on and off-line channels could work well.
Plus, buyers expect brand consistency through all channels.
Plus, buyers expect brand consistency through all channels.
#8: Faster shipping expectations
Customers in 2022 expect fast shipping and transparent prices.
Nobody will wait 2 months for a product. So, if you source from AliExpress, find suppliers with warehouses in the US.
Customers in 2022 expect fast shipping and transparent prices.
Nobody will wait 2 months for a product. So, if you source from AliExpress, find suppliers with warehouses in the US.
Also, be transparent and upfront about the shipping timeline. Delayed deliveries will cause you to lose customer loyalty.
One way to achieve this is by outsourcing your fulfillment and shipping to a dropshipping agent close to your customers or a 3PL (third-party logistics) provider.
#9: Consumers prefer sustainable businesses
Online shoppers are becoming conscious about the environment and climate change issues. So, they spend their money buying from companies that are sustainable or give something back.
Online shoppers are becoming conscious about the environment and climate change issues. So, they spend their money buying from companies that are sustainable or give something back.
They want the brand’s values to align with their own.
What is a sustainable business?
- Slow, local fashion
- Artisan products from local artists
- Eco-friendly packaging
- Reusable products
- Sustainable supply chain
- Organic, bio, vegan, clean ingredients
What is a sustainable business?
- Slow, local fashion
- Artisan products from local artists
- Eco-friendly packaging
- Reusable products
- Sustainable supply chain
- Organic, bio, vegan, clean ingredients
It can be all of these, one of these, or a combination of them - depending on your product.
Keep this point into consideration and implement it.
Keep this point into consideration and implement it.
#10: A strong brand community is KEY
With the death of third-party cookies, gathering data needed for personalization became impossible without a loyal community.
With the death of third-party cookies, gathering data needed for personalization became impossible without a loyal community.
Internet users and shoppers are exercising their right to privacy, and more and more regulations are set in place to help them do so.
So, how do you get data?
By building a loyal community, sharing value, and being transparent about your values and actions as a brand.
So, how do you get data?
By building a loyal community, sharing value, and being transparent about your values and actions as a brand.
That’s the only way forward.
Plus, as we already know, with rising advertising costs, customer retention becomes crucial to success and better profit margins. And what better way to retain customers than a loyal community and repeat buyers?
Plus, as we already know, with rising advertising costs, customer retention becomes crucial to success and better profit margins. And what better way to retain customers than a loyal community and repeat buyers?
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Follow me for daily tweets and threads on TikTok ads, entrepreneurship, and eCommerce
@richstemecom
