With the new year and decade upon us, there’s no better time to take a closer look at how marketing agency trends in e-commerce will affect the way you do business this year.
1. More Competition
With over 24 million eCommerce websites and predictions going as far as saying that the space will generate $4.5 trillion dollars every year from 2020, you can expect new entrepreneurs entering the race.
In terms of immediate consequences, this means more options for customers – likely impacting the industry you’re in. This also means you’ll be fighting with more businesses over getting the attention of prospects, whether that’s on a paid or organic level.
2. Higher Digital Advertising Costs
Take a look at the data from the last 3-5 years and expect more of the same: CPMs on Facebook and CPCs on Google will continue to climb. In ad bidding environments, the more advertisers join the party, the higher you can expect your ads and leads to cost. And with so many direct-to-consumer businesses relying on digital marketing to generate an overwhelming majority of their online sales, expect this trend to continue for a while – at least until an underpriced alternative emerges.
If your ad costs are going to undoubtedly increase, an immediate step you should be taking is finding the right team that can stretch every ad dollar you invest. Evestar managed millions of ad dollars in 2019 and helped scale a multitude of eCommerce businesses. You can read more about this here.
3. The Growing Need for Better Retention
We just touched on it: if acquiring a customer is going to cost more, there’s higher importance for businesses to make sure they come back after that first purchase. It’s no secret that a repeat purchase is very valuable but many online stores overlook the importance of a great purchase and post-purchase experience.
Do customers hear from you after their first purchase? Do you have the right automation in place to nurture your first-time customer relationships? No, we’re not talking about the desperate “please leave a review” as a first post-purchase touchpoint…