- As digital becomes increasingly important and expected alongside traditional brick-and-mortar retail spaces, prepare to see advertisers adjust their tactics to maximize growth potential.
- But not all stores have been successful when launching an ecommerce component, which calls into question what key elements are needed to infiltrate this buzzing market and sustain user attention.
- To learn more, check out The Next Era of Retail Ecommerce.
Target's brick-and-mortar retail spaces have been drawing in consumers with different interests and demographics for years, due to its wide array of appealing merchandise and affordable price points. The retailer's decision to funnel dollars and time into its e-commerce business seemed to be a wise one, as their online component alone is poised to increase 24% to $8.34 billion in 2020.
The future looks bright for Target, as it has already surpassed three competitors to become No. 8 on the latest ranking of the nation's top retailers. Amazon, as expected, also has little to fear this year when it comes to competition in the online market, as it is projected to capture 4.6% of total US retail sales.
However, not all retailers are having success in the e-commerce space. Even companies who were initially top ranked in the online market are starting to lose sales share. For instance, Macy's e-commerce share is expected to drop down from from 1.2% to 1.1% this year, and Qurate won't make the top 10 list for the first time in years. Startlingly, even eBay and Apple will see their US e-commerce market share drop slightly.
Top Ranked Ecommerce Companies
What advertising tactics are setting certain companies apart, and how can businesses encourage more customers to consistently buy online to maximize their visibility and profits?
To help answer this question, eMarketer has put together The Next Era of Retail Ecommerce bundle to offer clarity on the continued draw of audiences to certain retail sites, but the churn of online customers for other businesses. We'll communicate what shifts can be expected in the future of online shopping, and how companies can cash in on the potential of this growing market.
Here are some e-commerce trends to consider:
- As 5G phones explode in the second half of 2020, the faster speed and enhanced media experience will encourage more users to order online via mobile.
- Fostering trust with pricing consistency and offering security features (such as fingerprint ID through services like Apple Pay) can help counter privacy concerns that may otherwise prevent users from making purchases online.
- Brands are more successful when they advocate for the speed and ease of online shopping, as convenience has been cited as the primary reason that 43% of US internet users make online purchases.
- Cementing future ordering is key in ensuring that an e-commerce business stays profitable long-term. Advertisers should consider offering discounts or incentives to encourage repeat purchases.
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