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2018 is just around the corner, and there are several new important trends in the e-commerce industry. Here are five trends that sellers need to be aware of:
First, the impact of e-commerce platforms continues to expand
In 2018, e-commerce platforms will continue to break up the retail market. As another sales channel for retailers and brands, e-commerce platforms are becoming increasingly important.
However, not every retailer or brand will succeed on the platform. For retailers who want to control the customer experience and pricing, platform sales may not have the same level of control as private channels. Platform sales are easy to set off a price war, resulting in a decline in profit margins, and the price strategy is out of control. In addition, the problem of fake products on the platform is difficult to eradicate.
To succeed, retailers must figure out the difference between large platforms (like eBay and Amazon) and vertical platforms.
Big Data will transform the customer experience
Collecting valuable customer data is an important way to increase revenue and optimize the customer experience. This can also increase the interaction between consumers and retailers/brands, thereby strengthening consumer loyalty and stickiness.
As e-commerce platforms become more influential, retailers need to fully understand their customer base to better capitalize on opportunities. Success is no longer just about offering the cheapest price.
Third, cross-border e-commerce will become more attractive
Technological innovation and more efficient logistics will continue to drive cross-border e-commerce in 2018. According to eMarketer, the Asian e-commerce market is expected to reach $1.8 trillion in 2018, accounting for 60% of the global retail e-commerce market.
To succeed, retailers will increasingly focus on nearshore warehousing solutions to improve the customer experience with greater efficiency and faster delivery.
Fourth, logistics will be redefined
Changing consumer expectations are driving retailers and brands to redefine logistics. As Amazon continues to grow, higher logistics standards are being created. If retailers can better anticipate demand and deliver products in a timely manner, they will have a greater competitive advantage and be more loved by consumers.
5. Omni-channel strategy is still important
Rising costs are forcing e-commerce retailers to look for new opportunities through physical stores. On the other hand, brick-and-mortar retailers are gradually expanding their online channels. Omnichannel retail continues to create synergies for online and physical retail.
This will not only help retailers better understand their customers, but will also ensure that their products and services are sold across all channels. This will make their business successful even in the face of increased competition in the market.
