The business of online retail in the U.S. will continue to thrive in the future, amid changing consumer preferences on paying for products and services.
This expected growth of e-commerce in the country will manifest through more than $500 billion of sales by 2020, according to Forrester. Several factors such as improved web merchant execution and omnichannel efforts will influence the projected sales expansion.
While Amazon’s growth remains a huge factor for the online retail industry, small businesses should still consider developing their digital capabilities. For 2018, retailers may focus on different opportunities for business development.
Customer experience strategies, for instance, serves as one area for improvement. According to a Brightpearl survey of 350 retailers, the use of technology led to a 65% reduction in human errors if there is a 70% improvement in handling negative feedback and solving efficiency problems. These modern tools include online chatbots and voice search, which help shoppers make informed decisions on their purchases.
Better execution of an omnichannel strategy will also be necessary, as more Americans use different devices when they shop online. This simply means that your online platform should be able to conform to multiple channels while maintaining consistency and user-friendliness for customers.
If your small business is located in Minnesota, web design companies like Sievers Creative can help you execute an integrated omnichannel strategy. Small enterprises account for around 50% of all jobs in the country, and in Central Minnesota, a majority of these companies fall under the sole supervision of the owner, despite a small business being defined as a company with less than 500 employees.
Small businesses need to keep up with changing trends in the U.S. retail sector. As technology becomes more advanced, failing to align your business with new developments will lead to fewer customers and eventually lead to revenue losses.