The online sphere is always changing and if you are considering going online whether it is in social media or starting an online business, it is important to keep tabs on the trends if you are to remain competitive in your niche. In 2020, e-commerce saw an exponential boom with the sales from Black Friday and Cyber Monday hitting $10.8 billion in a single weekend. This growth can only accelerate this year and is expected to reach $6.5 trillion by 2022.
While E-commerce has seen significant growth in the past year, the gaming industry is another sector that has been firing up the internet. In 2020, it was valued at $162.32 billion and is expected to reach a value of $295.63 billion by 2026. Existing casinos and new platforms are not only offering casino games but also esports to cater to the growing market. Online casinos have diversified in the types of gaming options available; taking for instance W88 casino which offers fantasy sports and virtual sports in addition to esports.
With these examples is it obvious that there is no better time to go online than now. Here are trends to keep in mind.
Niching Down is Necessary
Most startups are afraid of niching down due to the fear of limiting their services and missing out on potential sales. However, small is the new big as long as you have a clear idea of who your target audience is. Ideally, niching down offers better targeting which goes hand-in-hand with improved online visibility. Start by looking for niches with high demand, survey your customers, and define your products to meet their needs.
Consumers Want Customization
Research carried out by Deloitte shows that one in every five consumers is willing to pay 20% to get customized or exclusive products while 46% of customers are okay with waiting longer to get their personalized items. This trend is aimed at making the customer happy and a happy customer is a repeat customer and they are more likely to tell their friends and family about your product. This not only helps boost sales but also promotes loyalty. Advanced technology has made it easier to create personalized products.
Live stream videos have gained significance in the past years and are now essential if you are looking to benefit from social media marketing. Facebook and Instagram are among the top platforms that can offer higher engagement rates. With Facebook, you can send a notification to your followers when going live. Instagram, on the other hand, has the option to interact with another Instagram account for a joint live stream. Live streaming is a great way for startups to interact directly with customers and build an online presence.
Instagram is the New Google
Instagram has become a crucial marketing tool especially if you are starting a product-based business. A recent survey showed that 83% of people surveyed use Instagram to discover new products or services while 80% of people’s decision on whether to buy is influenced by Instagram. This then means that Instagram is one of the trends you don’t want to miss out on. Your Instagram profile should be like a homepage where visitors can find all your contact details and an Instagram bio that sizzles.
When launching your online business on social media platforms, you can utilize influencer marketing to reach a wider audience. Influencers usually have a huge following and if you can get one or more influencers to talk highly talk about your product, your brand will be introduced to a new audience. This is a great way to build trust for your brand, grow your social following, increase traffic to your page, and get more leads which then drives sales.
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