Ecommerce is showing more signs of growth, even as other sectors of the economy are slow to rebound. Ecommerce’s convenience and simplicity has made it a staple of the modern retail industry, with large brands and local businesses alike developing an ecommerce strategy to encourage growth and increase sales. With growth at record levels and more mobile ecommerce shoppers than ever before, speculation has surfaced as to whether the ecommerce market will eventually pave the way to a cashless society. As vendors look for new ways to avoid common problems that they face, Twitter is making it easier than ever before to target certain users with their promotions.
Ecommerce is Growing “At the Speed of Lightning” According to Mashable
With ecommerce sales on the rise, the topic of growth in the rapidly evolving online shopping industry seems to be at an all time high. Particularly in the United States, the ecommerce industry has shown a lot of promise and resiliency in the face of difficult economic times. According to a recent report by Forrester, online sales may account for 9% the total retail sector by 2016, whereas it is currently hovering around 7%. Since vendors are taking a more active role in creating a user-friendly shopping experience, online sales have increased tremendously. According to experts at Mashable, retail and ecommerce are now tied together in the cloud and will continue to be a strong force moving forward.
Mobile and Ecommerce Shine Together
With more users shopping through their mobile devices than ever before, the clear union between mobile and ecommerce is becoming more pronounced. A social networking powerhouse that rivals Facebook in China called Renren is experimenting with their business model and are planning a significant shift that includes taking on both a mobile and ecommerce component. While it may not be clear at first why this union of mobile and ecommerce strategy is so exciting and effectual, Renren has their reasons. According to the CEO, Joe Chen, “…paid services including ecommerce and gaming will be the mainstay of social networks.” Building a platform that integrates both of these powerful forces together is expected to yield fantastic results.
Is a Cashless Economy on the Horizon as Ecommerce Strengthens?
Strengthening the ecommerce industry may result in a cashless economy, according to management consultant Fredrick Darko. By creating robust payment systems that transcend currency types and allow for global competition, the ecommerce industry could be poised for more growth in the future as more people move away from cash and into digital currency. Most people are using the Internet to comparison shop, according to the CEO, which has made way for bigger and better opportunities for businesses of all sizes. As consumers become more familiar and accustomed to shopping online, this trend could lead to less cash and better digital payment options.
Twitter Launches New Platform that Allows Marketers to Micro-Target through their Ads
The popular social networking site, Twitter, is making it easier than ever before to target consumers based on their preferences or interests so that advertisers can see the best return on investment from their ad spend. This new initiative is designed to help businesses increase sales and conversions through their ads, and by polishing the tools that they offer to advertisers, Internet marketing through social media is being revolutionized by the simplicity and effectiveness of targeted ad campaigns. The best thing about using Twitter to get your message out is that you instantly have access to more than 140 million active users, which gives businesses an opportunity to reach customers in a whole new way.
New Strategies Surface to Avoid the Abandoned Shopping Cart Problem
Many vendors are suffering from what is now known as “abandoned shopping cart syndrome,” and with this comes a renewed challenge for vendors to identify new and better ways to increase conversions once items have been put into the shopping cart. One of the best ecommerce solutions is to begin tracking metrics and gathering data to learn more about your customers. This can help you learn how to improve your user experience and encourage more people to complete their order. Varied reasons exist for why customers abandon their shopping cart, but it is important to put a strategy in place that is both tailored to your customers and makes the transaction process quick, seamless, and simple.