The more information you have on consumers, the better you can market your products.
In marketing and in life, being ahead of the game pays off. You gain a head start on the competition, can take more risks, and ultimately change the game. No one has ever set a trend in the back of the pack, that is for sure. For highly-skilled marketers like our team at Adapting Social, the more we can know about consumers the better because we can fully analyze their needs and wants. This will allow us to have a stronger understanding of how we can interact with them ahead of time; ultimately leading to one of our 500 clients selling their products.
In order to learn more about how people will be shopping in 2019, we did a deep dive into the world of e-commerce and came across these interesting factors that will impact the way that your business offers products.
1.79 Billion Global Digital Buyers
According to Statista, there was a whopping 1.79 billion digital buyers around the world in 2018, a substantial increase from 1.66 billion in 2017. These statistics indicate that by 2021, 21.8% of the world’s population will be purchasing products online. This an absolutely huge amount of potential buyers so if you are not currently selling products online; you must. As of right now the digital buying and selling marketplace is fierce and this intensity will only continue to grow; meaning that getting started online is more important now than ever.
Men Spend 68% More Online
You might want to hold on to your hat for this one, men are actually spending more than woman online. Gone are the days of the “women spend more” stereotype. As the times change so are the purchasing patterns of men. On average, men spend $220 per transaction versus $151 per transaction for women. Male consumers are actually purchasing more expensive products than women, so the amount of time they are online doesn’t reflect the number of actual purchases that they are making!
If you are selling a product directed to a male audience, you will actually increase conversions by showcasing related products or even package deals.
In 2018, e-commerce sales accounted for 11.9% of all retail sales worldwide. This statistic needs to be an eye opener for those that don’t believe in online selling because this means that a tenth of all sales are digital. Having a fully optimized online store connected to your website is more important now than it has ever been. Believe it or not but online shopping is actually expected to be 17.5% of retail sales worldwide by 2021, so getting started now is essential.
When considering all of the factors that lead someone to make purchases online rather than in a store, one specific aspect always stands out; the fact that those that shop digitally buy 24/7, 365. There are relatively no limitations that can stop transactions from taking place.
Even though your online store never closes, your customer service department does so it is crucial to make sure that you list the hours that you are open online to assist customers with any concerns or questions they may have.
Since e-commerce is rapidly expanding and more people are buying, trust is essential for your brand to truly make a name for itself. A great way to build that trust is by allowing consumers to actually get in touch with those in the business to create an exceptional user experience. By building a relationship with consumers you will be able to keep them on your website for longer which will lead to greater conversions.
Since times have changed from 2017 to 2018 we fully expect the same going into the new year. It is crucial for you to anticipate these changes and create a strategy that includes making the most of e-commerce since it is without question taking over. We have already all seen it with Amazon and believe that digital storefronts will change the game completely. Our family at Adapting Social perpetually remains at the forefront of technology and deeply believes in keeping entrepreneurs in the know as well to benefit their businesses. To us, nothing will be greater than to hear that 2019 was your best year of business ever.