No one predicted 2020 at the start of the year. New online shops popped up either due to necessity, retailers filling the demand for specific products, or as a supplement to physical locations.
Covid was the headliner for its impact across the globe. Looking at retail and e-Commerce, in particular, there was a massive shift in buying behavior leading to innovation and growth online. Channable will break down the trends we saw and help you prepare for the years ahead.
Due to restrictions, many stores could have been sitting on a mountain of surplus but were unable to sell without an online presence. As a result, many opportunities may have been missed.
Shift forward a few weeks and supply & demand had changed. The online innovators found an outlet for their products in e-Commerce. While those that could not or would not adapt struggled to garner badly needed traffic. Many seized the opportunity to shift their PPC marketing and advertising strategies to engage current and NEW audiences.
No longer tied to physical restrictions customers could be found down the street or across the globe. The businesses that reacted the fastest have thrived.
Diversify your online marketing across multiple channels
By Advertising online you can sell to the four corners of the earth, so why wouldn’t you do it?
As retail shifts towards more online sales, many industries such as home & garden, clothing, electronics, sporting goods, and books & music have found new avenues and opportunities.
In 2021, an example of an online marketing strategy could look like this: advertising on Amazon together with Google text ads and Google Shopping campaigns. Coupled with multiple platforms, such as eBay and Microsoft Advertising (Bing).
This may seem overwhelming when all laid out together, but there are channel feed management tools that automate, centralize, and manage the process allowing you to have an overview and react when necessary.
Attract your neighbors with local inventory ads (LIA)
While advertising online opens “the world”, it can also be used to attract local interest.
Have you heard of Local Inventory Ads (LIA)? By using live inventory updates on Google Shopping, you can utilize LIA to attract local interest. LIA offers you the opportunity to pop-up in local search queries and advertises stock online for physical purchase. It’s a wonderful way to advertise sales or even seasonal events in the store.
Sell on Social
The biggest trend seen in e-Commerce has been the blurring lines between social media and retail.
Social marketplaces have been popping up everywhere. Snapchat ads, Instagram Business, and Facebook Marketplace are all fighting for your attention and have quietly been gathering vast amounts of user-behavior for their marketplaces.
Everyone has their views on targeting consumers. Social selling has taken user data to the next level. Personally, custom-tailored and targeted ads based on interests are received much better than random irrelevant ads for a new toaster I am not interested in purchasing. Use these powerful algorithms to your advantage and start selling on social.
2020 was about how e-Commerce businesses can utilize digital tools to increase their exposure, flexibility, and reach for survival. 2021 will be about honing these strategies and making the most of the e-Commerce environment.
Online marketing, online marketplaces, channel feed management, and social selling all work together for your business to survive and thrive in the years to come.