Last week the Hello Media team attended the Commerce Trends Digital Briefing Webinar for Australia and New Zealand presented by Shopify, and it was fantastic!
During the webinar, a panel of experts discussed the most recent trends in the e-commerce industry and suggested ways in which businesses can adjust to these changes.
These trends were based on evolving consumer behaviour, technology, and business practices, and with Shopify powering over 25% of online commerce in Australia and supporting more than 100,000 merchants in the region, they are well-positioned to offer insights into the current state of e-commerce.
As someone who's a huge fan of Shopify (after all, my website is built on the platform!), I was thrilled to attend this webinar and learn from two successful entrepreneurs: Julie Mathers, CEO of Snuggle Hunny, and Drew Mansur, Co-founder of TileCloud.
Although my business is service-based, I still view my services as products, which is why I chose to build my site on Shopify. Listening to Julie and Drew share their experiences of building successful product-based businesses on Shopify was truly inspiring.
During the webinar, they discussed into collaborating with others, the role of services in the customer journey, and how that contributes to product discovery, wishlist building, and spotting emerging trends. I was particularly fascinated by the percentage of TileCloud's online sales versus in-store sales and whether they had any experience with brand-owned retail stores.
Overall, the webinar was an absolute treasure trove of information, and I'm excited to share with you the key takeaways and recommendations from Shopify's experts. So, grab a notebook and pen because you won't want to miss a thing!
Brands overcome third-party data woes through collaboration
The first trend identified is the need for brands to collaborate and overcome third-party data woes.
The loss of an average of $29 for every customer acquired has increased by 222% in the last eight years, which highlights the need for collaboration.
Businesses can open avenues of collaboration with other brands and creators to reach a wider audience and improve customer loyalty.
Collaborations can be done through influencer content or user-generated content.
In addition, businesses can identify brands that resonate with their customer base and offer a complementary product or service.
Social commerce gets more interactive
The second trend identified is the increasing role of social commerce.
Social media is infiltrating every part of retail, and over one-third of retailers believe that reaching consumers on social media and entertainment platforms will provide the highest volume of sales for them by the end of the decade.
To improve customer experience, businesses can use chat commerce like WhatsApp, Messenger, or Instagram.
Businesses can also build a brand community to create novel and engaging experiences that encourage loyalty and repeat customers.
Brands are using immersive retail to stand out from the competition
The third e-commerce trend identified is the use of immersive retail experiences by brands to differentiate themselves from competitors.
July Luggage is an example of a brand that leverages immersive retail by offering a lifetime warranty to improve customer experience.
By creating immersive experiences that provide both utility and excitement, businesses can design magnetic in-store experiences with technology to match.
Businesses can also attract and retain employees who can deliver exceptional customer experiences to ensure success in 2023.
In conclusion, the Shopify Commerce Trends Digital Briefing Webinar for Australia and New Zealand provided really valuable insights into the latest e-commerce trends and recommendations for businesses to adapt and succeed in 2023.
By collaborating with other brands, using social commerce, and creating immersive retail experiences, businesses can improve their customer experience and enhance their online presence.
If you need help with your Shopify store, or want to make the switch, we can help you with that! OR if you want to stay updated on e-commerce, marketing or social media, we (Hello Media!) are here to assist you every step of the way!