Eight online retail trends for 2020

Consumer demands for a frictionless, personalised experience that caters to their lifestyle needs will drive online retail trends in 2020, says Derek Cikes, commercial director at payment fintech Payflex. Cikes says that the result is a focus on customised experience that enhances online shopping and facilitates the buying journey.

According to Cikes, here are the top eight online retail trends for 2020:

1. Integrating omnichannel retailing

As shoppers expand their touchpoints with a brand, the online and bricks-and-mortar channels will increasingly merge into a seamless omnichannel experience within the brand ecosystem.

In order to facilitate this, merchants need to provide shoppers with an integrated shopping experience across all channels that allow shoppers to browse, shop and return items across in-store and online channels.

2. Expanding pop-up shops

2020 will see pop-up shops expanding beyond brand awareness to provide shoppers with a curated shopping experience. Leveraging the scarcity and exclusivity principles associated with these temporary storefronts, shoppers will have access to novel or limited brand items.

Brands, in turn, will have the opportunity to engage one-on-one with their customers while collecting shopper data. This intimate connection will also enable pop-up stores to take on a new position of facilitating brand experiences rather than only focusing on the commercial aspect of a retail pop-up store. By providing a compelling pop-up experience, brands are able to differentiate themselves and establish a unique relationship with their target market.

3. Optimising user experience

User experience will be optimised by levering online channels. Simplicity is the key, enabling the user to effortlessly navigate the website and find and acquire the desired items.

This includes reducing the number of steps to complete a payment transaction such as the seamless single click checkout process, which can dramatically increase sales conversions. The Payflex 1-click checkout process itself has reduced cart abandonment by 40% — a huge benefit for e-commerce merchants.

4. Securing online security

Concerns about online security and privacy are one of the challenges to growing online sales in South Africa. To provide comfort to shoppers, 2020 will see a focus on creating a secure online infrastructure and being transparent about the use of data. This is so that shoppers feel comfortable sharing their financial information.

5. Focusing on the customer journey

The year ahead will see online stores optimising the customer journey through each touchpoint with the brand. This will translate into establishing a strong online communications infrastructure, supporting customers through a variety of online and social media platforms throughout their purchasing journey.

This optimises the shopper's online experience, allowing the next steps to follow naturally — increasing conversions, customer retention and eventually brand advocacy.

6. Using alternative payment choices

Consumers are increasingly wary of incurring debt to purchase lifestyle goods, which has opened the door to alternative non-credit pay later solutions, such as Payflex. Customers want more control of their spending, encouraging the online retail industry to incorporate payment experiences that meet their needs. 

7. Increasing online ubiquity

The increase in social media retailing demands a pervasive online brand presence where shoppers can engage in a seamless experience with the brand and buy products directly from social media channels in a contained, accessible environment such as Instagram.

8. Leveraging machine learning

The year ahead will leverage the capabilities of artificial intelligence and machine learning to provide more personalised shopping experiences. By using data and search history, merchants can curate products and services specific to the shopper's needs and likes.

This results in being able to customise each shopping experience, and is seen with sites like Amazon where automatic suggestions are made in addition to the purchase, as well as music sites such as Spotify or Deeza that leverage machine learning to provide a personal playlist based on a user's data and online search and listening history.

The inter-relatedness of consumer demands and technological innovations creates one of the central themes of online retail in 2020 — a symbiotic relationship between shopper and technology.

For more information, visit www.payflex.co.za. You can also follow Payflex on Facebook or on Instagram.

The Power of Social Media Marketing

How effective is social media marketing?

Marketing through social media is cost effective.

The good news is that even just a few hours a week can have significant results. In fact, HubSpot reports that 84% of marketers were able to generate increased traffic with as little as six hours of effort spent on social media per week.

When you have a limited marketing budget, it is important that you spend it wisely to get the most for your money. Marketing through social media is one of the most versatile and cost-effective strategies that small businesses can use to reach their target audience and boost sales over time. That is why 97% of marketers are using social media to reach their audiences.

Why is social media marketing important?

Social media is an essential piece of your business marketing strategy. Social platforms help you connect with your customers, increase awareness about your brand, and boost your leads and sales. With more than three billion people around the world using social media every month, it is no passing trend.

If people do not know about your business, they cannot become your customers. Social media boosts your visibility among potential customers, letting you reach a wide audience by using a large amount of time and effort.

How does social media marketing work?

Social media marketing involves promoting your content and engaging with your target consumers on social media channels like Facebook, Instagram, LinkedIn, and Pinterest. This tactic is used in digital marketing to help businesses increase brand awareness, generate more leads, and improve customer engagement

Power of referrals

The Power of Referrals. ... One process that remains a key part to any business's success is the power of customer referrals. Good word of mouth can speak volumes about the quality of your business and a trusted referral can do so much for the growth of a business where traditional marketing might fall short.

Why are referrals so important?

When someone buys goods or services from your company based on a customer referral, then they are more likely to tell others in the industry if they had a positive experience. If each company tells five more companies, and then those companies tell other companies, then you see exponential sales growth.

Power of e-commerce

If you have a physical store, you are limited by the geographical area that you can service. With an eCommerce website, the whole world is your playground. Additionally, the advent of mCommerce, i.e., eCommerce on mobile devices, has dissolved every remaining limitation of geography.

Website marketing!

In many ways, your company’s website is the cornerstone of your digital marketing strategy. This is where many of your target customers first get an impression of your brand, and often, this is where your leads will eventually convert into paying customers. So, let us talk more about how your website plays a role in how digital marketing works.

The goal of digital marketing is to attract, engage, and convert your leads. Many of the tactics that you will use to do this will ultimately lead your target customers back to your website to get more information or make a purchase.

Growing your brand awareness: Social media marketing will make it easy to spread the word about your products and mission.

Increasing your traffic: Using social media and linking it to your website will increase your traffic tremendously.

Promoting your products and services: This is ultimately why you invest in marketing, right?

According to Social Media Examiner's 2016 Social Media Marketing Industry Report, 39% of marketers spend more than 11 hours per week on social media and 63% spend more than six hours per week on social media.

The following recourses used!

https://www.lyfemarketing.com/blog/marketing-through-social-media/

https://marketinginsidergroup.com/content-marketing/why-social-media-is-important-for-business-marketing/

https://www.pedowitzgroup.com/the-power-of-social-media/

https://www.lyfemarketing.com/blog/how-digital-marketing-works/

https://POSitive-sa.co.za