2019 eCommerce Trends: Growth Today, Scale Tomorrow - A roadmap for SMB entrepreneurs, dreamers and doers - TradeGecko
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2019 eCommerce Trends: Growth Today, Scale Tomorrow A roadmap for SMB entrepreneurs, dreamers and doers
A note from TradeGecko CEO and
Co-Founder
eCommerce businesses operating in 2018 seemingly fall under three categories: Retail giants,
successful digital native vertical brands (or DNVBs), and those struggling to keep up with them.
But the media’s polarized coverage doesn’t provide a fully accurate picture. Emerging companies,
too, are experiencing skyrocketing successes and harnessing technology to compete.
The difference between the struggling Davids against the successful Goliaths comes down to
strategy.
One company that’s almost synonymous with strategy is Amazon, which is turning 25 this year.
Since its founding in 1994, Jeff Bezos never wavered from his vision to deliver delightful customer
experiences, low prices, convenience, and a wide selection of merchandise. Today, Amazon’s
share of the U.S. eCommerce market is at 49% or 5% of retail spend. 1
Many attribute Amazon’s success to Bezos having a future-focused mindset, rather than being
bogged down in the present 2. Bezos sets his sights two to three years in the future, and advises
his senior team to organize similarly.
As an emerging eCommerce brand, how can you create a competitive edge? Whether against a
retail giant or an unforeseen competitor?
We can’t rewind the clock, but we can focus on building a solid foundational strategy for 2019 and
beyond. It might be wise to adopt a similar, future-focused mindset to take hold of opportunities
and overcome barriers to growth, as many of you shared with us in our recent survey—from new
competitors and social media platforms, to mobile technology and apps. 3
In this eBook, I will share eCommerce trends and new technological advances predicted to pave
the way for the future of eCommerce in 2019. I also outline critical but practical steps for small
and midsize business owners, entrepreneurs, dreamers and doers.
Enough shop talk! Let’s hit the road.
Cameron Priest
1
https://retail.emarketer.com/article/amazon-now-has-nearly-50-of-us-ecommerce-market/5b48c542ebd4000b24140992
2
https://www.cnbc.com/2018/04/26/why-amazon-ceo-jeff-bezos-doesnt-focus-on-the-present.html
3
https://www.tradegecko.com/blog/573-ecommerce-businesses-worth-1.9b-reveal-what-drives-growth
10 trends that will help you change
the eCommerce game in 2019
Trends for the Doer: Creating seamless experiences,
online and offline
eCommerce Brands as Media Companies 1
Unique Ways of Bridging the Digital / Physical Divide 3
Integrations as Automation 6
Continuing the Automation Journey with Rule-Based
Automation 8
Chatbots Add a Personal Touch 10
Trends for the Dreamers: New Technologies to
optimize, nurture and accelerate growth
Augmented Reality Enhances eCommerce Experiences 12
Voice Search and what the Future of eCommerce will
Sound Like 14
Premium Loyalty Programs as a Growth Driver 16
Keeping Cryptocurrencies in your Back Pocket 17
Blockchain and Authenticity 18
Trends for
the Doer:
Creating seamless
experiences,
online and offline
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow IV
2019 Trend #1: eCommerce brands as media
companies
Quality content is King/Queen, particularly for brands who lack a physical presence. And
because SMB eCommerce brands rely on word of mouth to drive approx. 40% of their
sales 4, telling stories that are worth sharing is crucial for driving growth.
An important thing to remember when designing your content strategy is that people
will want to share content if it is impactful and reflects their worldview - they share
content not simply because they like it, they share it because it reflects them and their
worldview.
Glossier, the popular millennial cosmetic brand, got its start as a beauty blog called
Into the Gloss. As a “content-first” company, founder Emily Weiss is asked constantly if
Glossier would have succeeded without gaining a loyal readership base first.
Weiss views both as content companies and Glossier products as content pieces. How,
exactly? Because when customers purchase a Glossier lipstick or the Boy Brow filler, they
photograph them, and share them on social media–knowing full well that Glossier will
repost them to their own accounts.
Patagonia is a company that has done its own way of marketing long before “brands as
publishers” became a catchphrase. The eco-conscious brand has dedicated 50 percent
of the pages in its catalog to product-free long-form essays. They’re also notorious for
creating rich media in the form of books (Let My People Go Surfing), movies (180° South)
and shorts that align with their brand and customer values.
While larger brands like Patagonia and Red Bull (think Red Bull TV) create content to
build or further strengthen their brand, some digitally native vertical brands (DNVBs)–
such as Thinx, Brooklinen and Parachutes–instead focus on performance advertising to
acquire customers.
4
https://www.tradegecko.com/blog/573-ecommerce-businesses-worth-1.9b-reveal-what-drives-growth
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 1
2019 Trend #1: eCommerce brands as media
companies (con’t)
Four years ago, DNVBs would have focused heavily on pouring money into Facebook ads,
lured by micro-targeted audiences. However Facebook ads’ impression-based auction
have since become increasingly expensive and challenging to compete in unless backed
by a lot of ad spend. The reason? Facebook’s prioritization of user content over branded
or publisher content, so make content worth sharing.
Patagonia catalogs have staying power compared to
others hit the recycling bin almost immediately.
It’s filled with stunning photos and long-form stories,
making them a covetable item.
If your eCommerce business already has a strong customer base, continue - or start -
to create content that aligns with their worldview, surprises and delights them. It’s all
possible with content which can come in many forms:
• Produce a mini magazine / catalog every quarter to include with customer orders as a
way to enhance their unboxing experience;
• Build excitement with a regular series content–with a YouTube channel featuring
lifestyle videos or product demos, customer or community interviews, tell stories of
your advocates or ambassadors, or host a monthly meetup;
• Send referral emails with GIFs;
• Share funny shopping memes on Facebook;
• Re-post their Instagram and Facebook photos to your account and give them a
shoutout;
• Consider upping your Instagram game. Not only is it a shoppable platform, but it
can serve as a media channel to showcase your products, services and even your
company culture;
Creative and quality video content will easily differentiate your brand and help in
converting prospects to buyers.
Brands as publishers isn’t a new trend, but one that won’t be going away anytime soon.
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 2
2019 Trend #2: Unique ways of bridging the
digital / physical divide
Transitioning from the digital into the physical world isn’t a new concept for eCommerce
brands - pop-up shops have been around for some time. What has changed is the way
these spaces are being leveraged by DNVBs to foster and drive richer brand experiences.
One of the most creative examples we’ve seen is the use of pop-ups as showrooms.
Rather than carrying physical inventory these spaces, executed with an incredible eye
for detail and experience, pop-up showrooms are designed to immerse customers
as completely as possible into a brand experience. These spaces often feature highly
attentive, iPad toting staff to help drive shoppers into their eCommerce experience for
detailed product information and the opportunity to purchase. This is a noteworthy
strategy that successfully captures valuable data through which to further nurture these
new customers over the long term.
Pop-up stores like Glossier’s 5 or luxury vending machines like Marla Aaron’s 6 have
drawn press attention, social media buzz and a loyal customer following lining out the
door. If executed properly, refreshing something as seemingly mundane as a vending
machine can offer brands high visibility and revenue generating opportunities.
5
https://www.chicagobusiness.com/consumer-products/beauty-brand-glossier-launches-pop-here
6
https://marlaaaron.com/pages/the-vending-machine-situation
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 3
2019 Trend #2: Unique ways of bridging the
digital / physical divide (con’t)
Then there’s WeWork. The co-working
company wanted to build a retail brand
around its community ethos with stores
selling products made by and geared
towards the needs of the people who
work out of its locations. They launched
WeMRKT as their way of rejuvenating the
retail industry and supporting their local
brands.
Opportunities lie in creating a unique
experience above and beyond what a
traditional retail store or a typical pop-up WeMRKT highlights and supports products made by
offers. WeWork community members.
UppercaseHQ.com has taken things even further. The venture capital-backed company
provides brands with a turnkey solution to a problem that brands typically face when
they’ve reached $10 million in sales. At that point, it becomes more cost effective to
acquire customers through a real-world store versus online advertising. But opening a
retail presence is risky and complex.
Uppercase offers more than just a physical retail space to carry multiple brands. They
help smaller brands overcome barriers to real estate and retail by providing expert
insight into local markets, in-store analytics, merchandising, and design.
With Uppercase’s expertise, New York Mag’s “The Strategist” curates its first retail store in Soho with
exclusive offerings, giveaways, panel discussions, and complimentary beauty services.
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 4
2019 Trend #2: Unique ways of bridging the
digital / physical divide (con’t)
Takeaway:
While people like to claim brick-and-mortar is dead, direct-to-consumer (especially
DNVBs) brands continue to dabble with physical stores. Why?
Because a brick-and-mortar store offers two benefits that an online shopping platform
cannot: consumer experiences that build and nurture customer relationships with
brands they love, and a chance to see and tangibly
experience a product.
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 5
2019 Trend #3: Integrations as Automation
The superpower of automation is one that is crucial for driving scale as your brand
continues to grow. While the topic itself often causes the less tech-savvy to become
uncomfortable, you’ll probably find it reassuring - and a little disarming - to know that
you’re likely well on your way to driving automation throughout your business.
If you’re currently using one or more software technologies that are speaking with
each other - like your eCommerce store with your inventory system or inventory with
accounting - you’re using automation.
The seemingly simple act of connecting and interweaving your supply chain ecosystem
is indeed a form of automation, and often one of the most important. By doing so, you’ll
dramatically reduce the manual work of data movement and entry handled by people.
And after unlocking this new found time, you’ll be able to use those valuable hours to
focus on your customers and growing your business.
APIs make this form of automation possible as they allow different systems to
communicate effectively. APIs are designed to enable one application (i.e. your
eCommerce platform) to expose services (such as catalog content or pricing info) to
other applications.
When it comes to integrating and automating the flow of data throughout your tech
stack, integrations can come in various forms and all are possible with the help of APIs.
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 62019 Trend #3: Integrations as Automation
(con’t)
Native Integrations are developed and maintained by one or both technology
companies on either side of the connection. These integrations are typically quite
robust and they are often “free” as the cost of maintenance is rolled into the overall
subscription.
Third Party Integrations are developed and maintained by developers who are
contracted by one or both technologies on either side of the connection. These
integrations too are typically quite robust and the costs associated with leveraging them
can either be baked into a product’s overall subscription fee or accounted for separately.
Custom Integrations are those built, managed and maintained by your own internal
developers or developers for hire. These connections are made possible with the help
of well documented APIs that these developers can use to ensure that the integrations
are built properly. This type of integration, although extremely valuable, typically has the
greatest up front costs which are often absorbed by the buyer.
Takeaway:
Re-examine your business workflows. If you’re using people to move data or information
from one system into another, then you’ve uncovered an opportunity to take advantage
of automation through integration.
Additionally it never hurts to reach out to your technology providers to see if they’ll build
the integration for you. Chances are, the integration may be required by many of their
customers and everyone using the system could benefit from the development of a new,
native integration.
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 72019 Trend #4: Continuing the Automation
Journey with Rule-Based Automation
Once you’ve started to flex your automation muscle by integrating your supply
chain ecosystem you’ll be ready to graduate to the next level and tackle rule-based
automation.
The easiest way to think about rule-based automation is within the context of it-then
rules. In their simplest form:
Rule-based automation lets you automate simple, repeatable tasks found throughout
your workflows. To take full advantage and do this effectively, you’ll need to change
your perspective and take a 30,000 ft view of your business processes to develop an
understanding of:
• Where these manual tasks exist and could be replaced with automated ones
• Question whether you should rethink your workflows entirely from the ground up in
order to take full advantage of rule-based automation.
In much the same fashion as automation through integration, rule based automation
will allow you to optimize your operational workflows, replacing human hours with
instant machine-to-machine or machine-to-human communication. The hours you and
your team save will not only lead to higher efficiency and saved capital, but allow you to
reinvest that time into future growth.
Takeaway:
Removing yourself from the day-to-day operational workflows is essential to develop
perspective on how to fully take advantage of rule-based automation. Doing so will allow
you to explore options and common scenarios that could be facilitated by software
rather than a person.
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 82019 Trend #4: Continuing the Automation
Journey with Rule-Based Automation (con’t)
Some quick examples:
• If a sales order is received over a certain dollar value, then assign it automatically to
the founder.
• If a sales order is received from Los Angeles, then fulfill it from the San Francisco
warehouse.
• If a SKU’s re-order limit is reached, then create a draft purchase order with the
recommended re-order quantity and notify procurement.
With TradeGecko Connect, a tag called “High Value” can be added to sales orders higher than $5,000.
A notification is auto-sent to a sales manager’s email address to prioritize it.
An email notification would look like this using TradeGecko Connect
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 92019 Trend #5: Chatbots Add a Personal Touch
In 2019, automation will continue its drive into the mainstream allowing even the
smallest teams to enable personal customer experiences at scale with the proliferation
of chatbots.
Conversations drive sales. It’s important for customers to be able to ask questions and
clarify doubts, have someone to guide them, and recommend them the best option.
Today, conversations can be automated using chatbots, and there’s no need to have an
actual employee attached to each customer inquiry. A chatbot is a computer program
or an artificial intelligence entity that conducts a conversation via auditory or textual
methods.
Chatbots can appear on your website or automate replies on Facebook Messenger. Now
they’re preferred over phone calls, but interestingly, they increase person-to-person
interactions.
By 2023, the use of chatbots will bring $11 billion in combined cost savings for retail
among other industries 7. Retailers will gain the most from the tech: upselling, marketing,
cart recovery through the use of automated agents.
SnapTravel, for example, is a Facebook Messenger bot that helps people find
deals on hotels 8. All you have to do is type in your travel city and dates to receive
recommendations. Then you can book hotels right in Messenger.
Using Facebook Messenger, you can send
SnapTravel a message with your city, dates and
preferences. The chatbot sends you deals only
available over private 1:1 messaging. Travel
shoppers can complete their booking with just a
few taps and receive instant confirmation.
7
https://www.retaildive.com/news/chatbots-to-talk-up-11b-in-cost-savings-by-2023/527125/
8
https://www.snaptravel.com/
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 102019 Trend #5: Chatbots Add aPersonal Touch
(con’t)
Takeaway:
When implementing a chatbot it’s important to engage your front-line staff to help think
about conversational design. Chatbots function within similar parameters as rule-based
automation, so being able to breakdown conversational drivers and anticipate the flow
of a dialogue is essential to building engaging and effective conversational workflows.
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 11Trends for
the Dreamers:
New Technologies
to optimize, nurture
and accelerate
growth
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 122019 Trend #6: Augmented Reality Enhances
eCommerce Experiences
What is Augmented Reality or AR?
It’s an interactive experience that allows you to add digital elements to a live view, using
the camera on a smartphone. This is different from virtual reality, which is complete
immersion that shuts out the physical world.
Many retailers—like IKEA, Warby Parker and L’Oréal—have created their own apps to
elevate their customers’ shopping experience.
IKEA’s AR app allows you to virtually
“place” IKEA products in your space in
3D and in true-to-scale models.9
Warby Parker’s app uses iPhoneX
to take maps of shopper’s faces,
and use that data to recommend
styles of glasses that will best fit
your face.10
9
https://itunes.apple.com/us/app/ikea-place/id1279244498?mt=8
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 132019 Trend #6: Augmented Reality Enhances
eCommerce Experiences (con’t)
L’Oréal acquired ModiFace,
a Canadian company that
produced advanced tech in
3D virtual make-up, color and
skin diagnosis services.11
You might be worried about the lack of capabilities or resources to create your own
augmented reality experience.
With our partner, Shopify, eCommerce business owners can provide customers with
a better sense of the size, scale, and detail of your products using ShopifyAR. The 3D
Warehouse app enables AR experiences by allowing you to upload 3D models and link
them to products on your store.
For a more holistic shopping experience for your customers, partner up with a startup or
an app development agency to create a branded AR app. The technology has drastically
improved and development costs have lowered as well. You could also benefit from a
company or agency’s experiences and collective knowledge from working with other
clients.
Takeaway:
Test, test and test again. If you’re using AR, these renderings will be one of the main ways
for your customers to experience your products. Make sure there are no odd quirks in
how products are visualized, and if there are, fix them. If your AR experience falls flat,
you could be doing your brand more harm than good.
10
https://www.warbyparker.com/app
11
https://mediaroom.loreal.com/en/loreal-acquires-modiface-further-expanding-its-worldwide-expertise-in-beauty-tech/
12
https://www.shopify.com/ar
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 142019 Trend #7: Voice Search and what the
Future of eCommerce will Sound Like
“OK Google, will voice search really take over eCommerce?”
The short answer is: it could. In their Future of Retail report, Walker Sands explains
that 24% of adults own a voice-controlled device, and this number is only predicted to
increase. 13
But not everyone is entirely convinced. Making purchases entirely by voice doesn’t allow
shoppers to see product details. Voice search could also potentially lead to incorrect
orders based on poor voice interpretations or poorly structured content.
To win with voice results, you’ll not only need to ensure that you’re following SEO best
practices when designing your site and product copy, you’ll need to ensure that you’re
copy is conversational in tone. Focus on designing content in a format appropriate for
answering a question.
13
https://www.walkersands.com/resources/the-future-of-retail-2018/
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 152019 Trend #7: Voice Search and what the
Future of eCommerce will Sound Like (con’t)
An easy place to get started would be with a FAQ page. Zappos’ below is a great example
putting conversational responses into practice.
Zappos FAQ: How do I know my shoe size?
If you are unsure of your shoe size, you can measure your shoe size.
Because the foot is three-dimensional, any two-dimensional measuring
tool, such as a ruler or Brannock device® can only approximate your
true shoe size. Please also keep in mind that manufacturers use different
lasts to construct their shoes, and sizing may vary accordingly.
Make sure you are standing, wearing the socks or stockings you will wear
with your new shoes. Using one of the following charts, convert your
inches measurement to your U.S. shoe size or Euro shoe size. Use this
conversion to order from our European-Sized Brands.
Takeaway:
Title your content or write headlines longer than you typically would (at least 3-6 words
in length). Focus on long-tail keywords. An writing at a ninth-grade level wouldn’t hurt.
This should start to make intuitive sense since people speak in more complete sentences
compared to bursts of phrases when we type.
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 162019 Trend #8: Premium Loyalty Programs as
Growth Drivers
A free loyalty program usually connotes incremental points and low-priced rewards. But
a premium membership spells exclusivity and a special relationship between you and
your customers. By charging a membership fee, you’ll get your most loyal ones involved
and engaged. You’ll also be able to offer your best brand experiences or even test out
new products and services.
Premium loyalty programs take advantage of our cognitive biases and kick them into
overdrive. Once someone buys into a premium program, you can almost guarantee
that your brand will be the first that they engage with and talk about when it comes to a
particular product.
Walmart, for example, introduced a hybrid loyalty program allowing holders of Walmart
Credit Card and Walmart MoneyCard to receive 1% to 3% back on purchases, whether
purchased in store or online. 14
For fashionistas, Rent the Runway Unlimited allows members to rent four dresses (of
different styles) on rotation, swap anytime with free 2-day shipping and dry cleaning,
with no strings attached (can be canceled anytime) for $159/month. 15
Makeup artists and makeup students turn to Charlotte Tilbury Pro Programme for a 30%
discount on most products, masterclasses and events. 16
And we all have (or have befriended someone who has) an Amazon Prime or a Costco
membership to get exclusive deals such as free delivery or access to discount rates on
bulk items.
Takeaway:
Premium loyalty programs aren’t an ideal fit for all business models. Those who will likely
see amazing results from implementing one typically have products that:
• are consumable
• have a high consumption frequency
• are within a category that has low barriers to entry for competitors
• and where consumers have low barriers to switching brands
14
https://www.chainstoreage.com/news/walmart-introduces-hybrid-loyalty-program/
15
https://www.renttherunway.com/unlimited
16
https://www.charlottetilbury.com/us/pro-program
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 172019 Trend #9: Keeping Cryptocurrencies in
your Back Pocket
While they don’t offer a strategic benefit for everyone, countless eCommerce brands
have incorporated cryptocurrencies like Bitcoin as protection against fraud, since
payments made via credit cards and PayPal can later be reversed.
Chargeback frauds result in limited market reach and increased prices, which then
penalizes customers. Bitcoin also allows for the highest level of transparency, faster
international payments and includes a multi-signature feature.
Overstock.com, run by crypto-believer Patrick Byrne, accepts Bitcoin as payment 17 and
other brands like Microsoft, Experia and Subway do the same.
Takeaway:
Proceed with caution as the market is still volatile. Cryptocurrencies will be an interesting
space to watch evolve and continue their push into mainstream commerce in the coming
years.
17
https://help.overstock.com/help/s/article/Bitcoin
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 182019 Trend #10: Blockchains and Authenticity
How do you know if your coffee is truly fair trade? How do you know if your T-shirt has
been made ethically as the tag claims?
Using emails and paper receipts, it’s nearly impossible. But every step in a supply chain
can be traced and verified using blockchain technology. While many users may access,
inspect, or add to the data, they can’t change or delete it. The original information stays
put, leaving a permanent and public information trail, or chain, of transactions. 18
Think of blockchain as a decentralized and unalterable ledger that everyone in the
system can see and verify.
In April 2018, Walmart announced it will use blockchain tech with its fresh food
suppliers to reduce waste, improve contamination management, and increase overall
transparency. 19
“We expect [blockchain] to not only reduce the cost of goods
for consumers but also make global trade more accessible
to a much larger number of players from both emerging and
developed countries.”
Ibrahim Gokcen, Maersk’s chief digital officer 20
18
https://www.supplychain247.com/article/why_blockchain_is_a_game_changer_for_the_supply_chain
19
https://cointelegraph.com/news/walmart-files-patent-for-blockchain-based-customer-marketplace
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 192019 Trend #10: Blockchains and Authenticity
(con’t)
Some supply chains are already using this technology. But consider how it could
optimize tasks such as:
• Provenance: assigning or verifying certifications or certain properties of physical
products (determining if a food product is organic or fair trade).
• Logistics: enhanced transparency by recording the quantity and transfer of assets;
tracking purchase orders, change orders, receipts, shipment notifications, customs
clearances and other trade-related documents.
• Security: a shared, indelible ledger with codified rules that could eliminate audits
required by internal systems and processes.
Note: We learned from our survey with Golfdale Consulting that trendy news items like
blockchain and cryptocurrencies — both of which could be directly applied to the
operations and commerce of a small business — are largely viewed as having little
impact on their business. 21
Takeaway:
Implementing a blockchain process is no small feat. In order for them to work as
intended, you need to ensure that each and every organizational touchpoint a product
makes along its journey - from raw material to home - participates accordingly.
20
https://www.maersk.com/stories/maersk-and-ibm-target-one-of-trades-biggest-barriers
21
https://www.tradegecko.com/blog/573-ecommerce-businesses-worth-1.9b-reveal-what-drives-growth
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 20Overall Takeaways for the Doers &
Dreamers
The key thread linking all of our 2019 trends is customer experience.
If you succeed in creating an experience that delights, you’ll drive brand advocacy. If you
simply succeed in creating an experience that does right by your customers, your brand
will be regarded as authentic and drive repeat patronage.
As we learned from our recent survey, small and medium size business waste an
average of 90 hours a month on manual tasks 22, limiting the time that can be devoted
to design game changing customer experiences. Fortunately, the automated technology
that can remove this inefficiency is now accessible to busy doers with inexpensive SaaS
solutions. Streamlining and automation are well within your reach.
When it comes to taking on more complex trends, take on the mindset of a startup:
be experimental. Create a tiger team (a small team of 3 dedicated to executing one
experiment), set aside budget and develop in sprints 23 (a short timeline).
Test, iterate, analyze and double-down on one or two tactics (or tech) that’s most
impactful.
Use revenue growth or customer-centricity as your mission-critical metric.
22
https://www.tradegecko.com/blog/573-ecommerce-businesses-worth-1.9b-reveal-what-drives-growth
23
https://www.thesprintbook.com/
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 21Overall Takeaways for the Doers & Dreamers
(con’t)
Ask these questions and answer carefully for each one to
make sure you’re prepared:
• Do these technologies align with my long-term business strategy?
• How can these technologies engage customers?
• Will your efforts contribute to better product discovery?
• Will they contribute to lower cart abandonment rates or longer website session
durations?
To gain a competitive advantage against your competitors and retail giants, a
foundational reset on your strategy is necessary.
Earlier, we mentioned how customers like to support businesses that see them as
individuals and provide them with custom recommendations.
To deliver on this promise, know thy customer by building a more complete customer
profile. This is achievable through:
• Increased data literacy using third-party research, or conducting your own through
Google Forms or Surveymonkey.
• Better use of forecasting models to understand purchase behaviors and inventory
requirements in order to meet demand.
• Retooling your website and product listings for speed to improve search rankings–
focus less on design, but more on fast and delightful mobile experience.
• Develop seamless payment options.
To adopt a future-focused mindset, take risks. Experiment.
With a small team of three, you can implement one or two of these ideas within a short
time frame. Know that TradeGecko has a suite of tools and a team of experts to help you
unlock your commerce superpowers and drive growth.
Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 22Powerful inventory and order
management software to help you
build an amazing business!
Ready to see how it all fits together?
Start your free 14-day trial today
About TradeGecko | tradegecko.com
Founded in 2012, TradeGecko is a Cloud-based commerce platform for SMBs, serving B2B
wholesalers, distributors and eCommerce businesses, allowing them to take control of their
businesses operations - from production through to fulfillment - so that they can focus on
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Masters of Commerce 2019 eCommerce Trends: Growth Today, Scale Tommorrow 23You can also read
