Can you spot new ecommerce opportunities – and react quickly enough?

31st May 2017 @ 07:58 | Aurora Commerce

Ecommerce retailers are in a good place right now. In a world that’s becoming more connected with every passing second, companies able to interact when, where and how the customer chooses are reaping rewards from the unprecedented opportunities available.

However, they are also finding that competition is fierce; if a retailer is able to identify a hot growth opportunity, the chances are that others have too.

So, how can a retailer ensure they can grow quicker than their competitors? The answer lies in being able to spot new opportunities fast – and react to them even faster:

Customer opportunities

Even within established markets, online retailers may be missing the chance to increase customer value – particularly when it comes to the rapidly-growing spending power of younger shoppers.

Those born since 1980 – Millennials and Generation Z – have grown up with technology surrounding them, and therefore offer lucrative ecommerce potential. However, these digital natives have high standards; they expect fast, responsive websites, and are quick to look elsewhere if their initial shopping experience isn’t up to scratch.

To capitalise on this opportunity, retailers must ensure that their technology is powerful enough to meet their expectations.

Market opportunities

As the barriers to global trade continue to fall, international shopping is fast becoming a preference for consumers. Indeed, in a number of regions around the world, cross-border purchases outweigh domestic spend.

Given the right technology and approach, it’s never been easier to dip a toe in a new market, and ecommerce is a relatively low-cost, low-risk way to explore new territories.

To capitalise on this, a retailer’s ecommerce platform must be flexible, and able to quickly adapt to local buying preferences in multiple territories.

Sector opportunities

While the popularity of ecommerce continues to grow across the board, there are certain sectors where appetite for online shopping is growing faster than others.

One of the most urgent opportunities lies in the fashion sector. With an increasing number of consumers willing to shop internationally, fashion is one of the fastest-growing areas in ecommerce; a point that has already been noted by several of the industry’s leaders, such as Amazon, which plans to launch its own UK fashion label imminently.

To capitalise on this opportunity, retailers must ensure their ecommerce platform is both powerful and responsive enough to exploit such opportunities.

Finding the right ecommerce platform for growth

Ultimately, retailers need the speed and agility to respond to new opportunities in all areas – customer, region and sector – and this means having the right technology to move quickly and effectively when prospects arise.

Instead of making small changes to their current systems, in order to cope with each new challenge, retailers looking for sustained growth should take the long view – and invest in a new ecommerce platform that can evolve with their business.

With the right platform in place, retailers can move with the market, rather than being restricted by the constraints of their current technology platform. And it is this flexibility and capacity to scale that will accelerate their growth ahead of the competition.

Find out more by downloading our quick guide to ecommerce growth, or visit our features page to discover how our Aurora Commerce platform can power your business forward.

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