Looking to the future, there\u2019s no denying ecommerce will play a major role in business. Beginning in 2020, the COVID-19 pandemic accelerated an already growing ecommerce market by driving shoppers online. But as we adjust to a new world with covid, many questions remain.<\/p>\n
Will online sales continue to rise at a significant rate? Looking forward, how much should businesses focus on ecommerce? And how will marketing change in light of shifting marketplaces?<\/p>\n
Our new report,\u00a0Shaping Your Ecommerce Strategy in 2022: Key Industry Trends<\/a>, provides some answers to these questions. Though ecommerce growth rates have slowed by 2% over the past two years, the value of the industry globally, it appears ecommerce is here to stay.<\/p>\n Looking forward, businesses need to strategize to meet the demands of a complex market. A single-pronged strategy focused solely on brick-and-mortar sales or solely on ecommerce won\u2019t be sufficient moving into the future. To realize their maximum potential, most businesses need a nuanced strategy.<\/p>\n In looking toward 2022 and beyond, we reached out to some of the ecommerce industry’s top thought leaders. In this article, you\u2019ll hear from five ecommerce experts from around the globe:<\/p>\n Our broad ranging conversations led to a bounty of insights and strategies related to launching ecommerce businesses,\u00a0entering new markets<\/a>, and\u00a0increasing traffic and sales<\/a>.<\/p>\n Regardless of your current relationship with ecommerce, now is the time to begin thinking about online sales. All of our experts agreed that entering the online marketplace is a must. \u201cWith the ease of getting started online,\u201d Pedrelli says. \u201cEveryone should have a presence.\u201d<\/p>\n Being online not only broadens your available market, but also allows you to gain insights about your customers that aren\u2019t available in a brick-and-mortar setting.\u00a0<\/strong>And data collected directly from customers will be increasingly important as we look toward the future of marketing\u2014more on this below.<\/p>\n But even if your desire to enter the ecommerce market is clear, you may still be wondering, what\u2019s better? An online store on your business\u2019s website, or a third-party marketplace?<\/p>\n Our experts suggest the best option is likely a combination of the two.\u00a0Kankaria says, \u201cThird party marketplaces are a great way to land early customers. Then, you establish a website with all of your products to engage returning customers.\u201d<\/strong>\u00a0With a strategy that combines both, you can engage customers at each stage in their journey with your business.<\/p>\n Along with connecting you to new customers, third-party platforms can also allow you to test marketplace receptivity to your products.\u00a0\u201cWith platforms like eBay, Etsy, and even Amazon,\u201d Sol\u00eds suggests. \u201cYou can test the waters to learn about the market, obtain feedback, investigate and test logistics, investigate selling prices.\u201d<\/strong>\u00a0This kind of early testing can help you determine what products are hot and provide marketing ideas.<\/p>\n For boutique products, having your own website often makes the most sense. As Pedrelli says, your own website \u201callows you to tell your own story, giving you full control over how you present and sell your product.\u201d Some of this control is lost when it comes to third party platforms, which exert control over the entire sales process. \u201cThird party platforms don\u2019t need you,\u201d Sol\u00eds adds when speaking about the challenges of third-party marketplaces. \u201cThey can freely change their conditions, their prices, or even block your product for some reason, and it can really impact your business.\u201d<\/p>\n Ultimately, the question isn\u2019t whether you should choose one over the other, but making sure that you\u2019re taking a\u00a0brand-first approach<\/a>\u00a0and creating continuity between platforms.\u00a0Campbell notes, \u201cSelling long term is about engaging. You grab the attention of an audience. You engage with them, they purchase with you, and you hope to continue to engage with them so the purchase continues long term.\u201d\u00a0<\/strong><\/p>\n So from a third party platform, you need to make sure customers can find their way back to your site. \u201cMake sure that you leave trails,\u201d Campbell continues. \u201cDigital trails, to get back to your website so you can essentially directly engage with these people.\u201d<\/p>\n Regardless of the entry point, it seems everyone is in agreement: direct engagement with your audience is always best.<\/p>\n Whether you\u2019re starting from scratch or expanding an established business, new markets are key. Ecommerce removes many barriers companies have faced in the past, though expansion never comes without challenges.<\/p>\n As a starting place, Campbell suggests conducting some testing.\u00a0\u201cIf you have the capacity,\u201d Campbell says. \u201cStart shipping worldwide.\u201d An influx in orders from a particular country can indicate it\u2019s time to double down in that location.<\/strong>\u00a0Starting small in this way can help you avoid large investments that don\u2019t offer significant returns.<\/p>\n Our experts also spoke about\u00a0the importance and pitfalls of localization<\/a>. When looking to markets in different countries, cultural norms and values can impact the sales process. Indig offered Germany and Japan as examples. \u201cEveryone in the US has a credit card,\u201d he says. \u201cBut in Germany and Japan not everyone feels comfortable entering credit card information online.\u201d This kind of\u00a0demographic distinctions<\/a>\u00a0can have a big impact on your business if you don\u2019t offer options aligned with customer preferences.<\/p>\n\n
Entering Ecommerce in 2022: Marketplace vs. Website Sales<\/h2>\n
Key Takeaways<\/h3>\n
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An Ecommerce Strategy for Expanding Your Business in 2022 and Beyond<\/h2>\n