3 Trends Retailers Can Capitalize On This Holiday Season
A string of shopping festivals and the onset of gift-buying season means one thing: the busiest time of the year for e-commerce businesses.
1. E-commerce 3.0: winning through immersive experiences
E-commerce 1.0 was all about building a website and product catalog for people to purchase. E-commerce 2.0 centered on building omni-channel retail and understanding more about customer buying patterns through data analytics.
Now we’re living in an era of e-commerce 3.0, which applies approaches like livestreaming and augmented or virtual reality to create immersive customer experiences. The goal? Better brand and product understanding and better service to those browsing online. In fact, close to 50% of consumers say they would pay extra for a product if brands could offer more immersive shopping experiences.
As more small businesses build their e-commerce presence, China’s live commerce successes are now being replicated elsewhere in the region. The intent to shop on social media platforms is going up, as high as 88% in countries like Thailand.
2. Dig deeper: Consider subscription models
Shopping online may have lowered the barrier to making a transaction but engaging with your customers so they keep coming back for more can be tricky. Consumers are inundated with a sea of product information every day. A simple search of ‘camera’ on a leading online retail platform yields 70,000 results, and let’s not forget the programmatic advertising that consumers are exposed to once the search occurs. In short, consumers are easily distracted.
Subscription models can help increase returning customers. When it comes to e-commerce, small businesses in Asia are also capitalizing on this trend. Just look at the popularity of monthly wine hampers in Australia, beauty boxes in Korea, and premium fruit baskets in Japan.
3. Supply chains: Agility and resiliency will be key
In the old days, e-shoppers’ focus sat squarely on price. But in today's on-demand economy, where instant gratification means the world to consumers, personalized delivery services count. When and where the product should arrive and whether it can be collected from a convenient drop-off point are critical to driving sales.
That means companies need to build more robust delivery services and resilient supply chains to meet consumer needs. It’s no exaggeration to say that your e-commerce success depends on how strong your supply chains are. Just look at how many times ‘supply chain’ has been mentioned in earnings calls among S&P 500 companies lately - a whopping 3,000 times in one month!
This need is particularly pronounced with COVID-19 restrictions still in place in many countries. What does that mean for retailers like you? Collaborating with a reliable logistics company that can flex its network to reach your customers in whatever circumstances is critical. You earn an extra bonus point if your consumers save on delivery costs. And that’s exactly where we’ve been investing in – fast and convenient international delivery services at attractive prices.
This holiday season is set to be another epic one for small businesses and e-commerce merchants. A chain is only as strong as its weakest link - so make sure that logistics support is your point of strength . Make this a time of festive cheer for your customers and your business.
For more tips and advice on shipping throughout peak holiday season and beyond, visit us here.