Online trends to inspire your small business
4 key online trends for small business
4 key online trends for small business
What’s driving retail right now? Use these trends for inspiration in starting a business online.
Retail buyers are shopping online in greater numbers every day. The future of retail and e-commerce is constantly changing to accommodate the shift in consumers’ needs. So how can small businesses keep up with the latest online trends? Here are some of the key trends that you can leverage to give your online small business an edge with these new customers.
Shopping is entertainment
Shopping has evolved. The lines between what is shopping and what is entertainment continue to blur in the digital world. Gaming, virtual experiences or events with influencers are now common to the shopping experience and are appealing to younger shoppers.
It’s called “shopatainment”, and it’s particularly attractive for Gen Z, the digital natives.
Going live online
Live online events - or live streaming - are a powerful way for online businesses to connect with their audience. With the pandemic, live streaming has proliferated and is no longer just for younger “digital natives”.
Millennials are at the forefront of live video shopping, which is already an industry itself in Asia. The live video shopping industry is estimated to generate more than 500 million sales transactions in 2021, with an annual growth rate of 46.4 per cent.
You don’t have to be a big brand to take advantage of this trend. While live streams can often feature celebrities or influencers, they can also feature everyday users of products or experts offering “how to’s” or advice.
As long as you can reach your customer online, you can educate, entertain or engage with them in real-time.
Live streams are a great way to build a community and increase followers for your online business.
Having an online small business is not just about doing business on your store’s website.
Customers want to shop and engage with brands everywhere nowadays, especially in their social channels such as Facebook, Instagram, TikTok and beyond. Euromonitor International expects social commerce sales in the Asia Pacific to reach USD 4 trillion by 2024.
Social campaigns are more than just encouraging fans to share, retweet or like your products. Buyers want to transact in these channels as well. Content sharing commerce turns social posts into shoppable content where consumers can complete a purchase in just a few clicks.
New options such as temporary content, videos and stories give small brands new and exciting ways to talk about their business and let buyers purchase with a quick swipe up and a few clicks.
By sharing great content, you are also building deeper engagement and trust with your customers, which creates more opportunity to turn them into real lovers of - and advocates for - your brand.
More markets to grow
The digitization of retail, almost everywhere globally, means that no matter how big or small your business is, there is more opportunity and more markets to explore.
With the pandemic driving more shoppers indoors, many businesses in Asia sped up (or created) their plans to go online.
Shoppers, too, were forced to embrace e-commerce much more quickly. Consumers are now frequently buying items that before COVID-19 were rarely purchased online, such as groceries, health, hygiene and other home essentials.
Social media ignores international borders, and surging platforms such as Amazon, Tmall and Pinduoduo in China and Lazada across South East Asia are opening up new markets to small businesses around the region. Supported by flexible and localized shipping, courier and express delivery services - businesses of just about any size can get their goods (of any size) to consumers all around the world quickly and securely.
These trends open up great opportunities for small businesses to flourish online. Take a moment to consider how you might leverage them and create your own online business ideas.
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