As the 2023 holiday season approaches, small businesses have an opportunity to take advantage of e-commerce trends that can help increase sales, improve customer experience, and establish a competitive edge. By leveraging these trends, small businesses can thrive during this critical time.
Here are seven ways small businesses can take advantage of e-commerce trends this holiday season to grow their profit margins and loyal customer base.
[U.S. Chamber of Commerce members get exclusive access to big shipping discounts from FedEx (Limitations may apply.) Learn more about the FedEx Advantage® program.]
Understand intentional buying habits
The economic stress of recent years has turned shoppers into more intentional and strategic consumers. A 2023 FedEx study found that 62% of shoppers are making fewer impulse or recreational purchases. Instead, shoppers' mindsets have shifted away from their favorite brands and the “cheapest buy” on the market, and toward seeking quality products from companies that align with their values.
To best market to these “intentional” buyers, offer value-driven products and transparent pricing. Highlight the quality and uniqueness of your product/service to assure consumers that they are making a worthwhile investment.
Take a step towards sustainability
Sustainability is a big priority for today's consumers, especially the younger generation. According to the 2023 Social Media Trends Report, 82% of consumers are looking to brands to adopt eco-friendly practices, and 32% are more likely to shop sustainably if they know they are shopping sustainably. We are willing to spend money.
Small businesses that aren't currently focused on sustainability can consider using eco-friendly packaging, creating recycling programs, and partnering with other green businesses to keep up with this trend. For example, companies can choose delivery providers like his FedEx, which is working toward the goal of converting its entire pickup and delivery fleet to electric vehicles by 2040.
Leverage social commerce
Social commerce is on the rise, and small businesses can leverage platforms like Instagram and Facebook to create memorable shopping experiences. This trend of purchasing directly through social media platforms provides an opportunity to reach a wider audience and increase sales without a large up-front investment.
Drive social commerce and engage your audience through video marketing, live streaming, Stories, user-generated content, and collaboration with influencers. You can also take advantage of consumer-driven social search using hashtags and trending music.
Offers a variety of convenient payment options
Having convenient payment options is important to today's shoppers. In fact, a Santa Clara University (SCU) study reported that 25% of consumers abandoned a purchase because they were unable to pay as desired.
In 2022, 52% of U.S. consumers used new payment methods, including digital wallets. Additionally, the 'buy now, pay later' (BNPL) option is expected to grow in popularity as three out of every five girlfriends and boyfriends of shoppers have used this payment type in the past.
By supporting a variety of digital payment options, including digital wallets like PayPal, Apple Pay, and Google Pay, small businesses can attract a wider range of customers and streamline the checkout process. Promote business flexibility with digital payments and his BNPL options through marketing, address growing dissatisfaction and attract new customers.
By supporting a variety of digital payment options, including digital wallets like PayPal, Apple Pay, and Google Pay, small businesses can attract a wider range of customers and streamline the checkout process.
Create an easy return policy
Small businesses must strive to strike a balance between offering customers easy returns and managing the costs associated with returns. Maintaining customer satisfaction is important, but having a clear and fair return policy in place can help prevent system abuse. Hassle-free and quick returns make your buyers more likely to become repeat customers in the future, regardless of their reason for returning the product.
“Offering return solutions such as boxless and labelless allows you to take the guesswork out of customer returns and provide convenience as a business.” said Elizabeth Wisdom, senior marketing specialist at FedEx.
Small businesses can enhance their revenue strategies by using creative approaches such as introducing fees in exchange for increased convenience or sustainability. Additionally, you can improve product quality and customer service tools, reduce returns by asking for feedback on returned items, and identify valuable opportunities for improvement.
Expansion into international markets
You can sell and ship almost anywhere in the world, so your small business doesn't have to be limited to local customers. It is reported that 57% of online shoppers shop around the world, which can open up new avenues for business growth.
Small businesses looking to expand globally need to research international markets, tailor their websites to a global audience, and offer competitive shipping options. Use search optimization strategies to help international shoppers find your products and offer different payment options in different currencies.
“Worldwide shipping is an extension of your business, so we want it to reflect the level of service we provide. When it comes to your shipping strategy, it's important to partner with a reliable logistics provider for international shipping. Choose a provider that represents your business consistently. Make sure they are easy to do business with and have the local and global knowledge to grow with you and meet your ambitions.
For example, at FedEx, we have decades of customs knowledge, superior tools and resources, and a wide range of international services. help Promoting cross-border and global growth,” Dionne Noisette, principal of digital marketing at FedEx, said:
Improve your delivery experience
The delivery experience is more important than ever to customer satisfaction. Consumers want to receive their products quickly and with confidence. According to SCU research, 75% of buyers have bypassed a retailer's free or standard shipping and paid for faster shipping when making a purchase in the past.
Small businesses need to offer multiple shipping options, real-time tracking, and convenient delivery windows. Enhancing package tracking and clearly communicating processing times to consumers through SMS, email, and in-app messaging can also go a long way. Work with your provider to improve visibility options and provide information to your customers post-purchase as an easy way to solicit post-delivery feedback through open lines of communication.
“FedEx values our small business customers. Appearance About how to help them succeed. We provide solutions, tools and insights tailored to your needs. In many ways, their success and growth is also ours. The great thing about how we work with small businesses is that we learn from them. Understanding customer challenges allows FedEx to better serve customers. They are growing up,” Kevin Chan, principal of digital marketing at FedEx, said:
Are you ready to improve your small business' delivery experience? Visit FedEx Small Business Center Consider shipping solutions that can be implemented for the 2023 holiday season. Members of the U.S. Chamber of Commerce have exclusive access to deep shipping discounts through FedEx. For more information, FedEx Advantage® Program.
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