The world of eCommerce is dynamic and fast-moving, whatever your industry may be. If you are an accountant serving an eCommerce company, you should be familiar with the changes in the trends. By keeping yourself informed, you will be able to adapt quickly and help the business achieve success.
To get started, here are some trends in 2022 that you should be aware of as an accountant for eCommerce companies.
1. The Rise of Multi-Channel Selling
Multi-channel selling is the future of the eCommerce world. Consumers will demand a more seamless shopping experience as they become smarter and more confident. They expect a unified, accessible portal for all their purchases and not just one-off sites. An interesting trend, for example, is the increased use of Instagram and TikTok as advertising platforms.
How Can an eCommerce Accountant Help?
This trend will change the way you process invoices. You will have to make every invoice report available for the clients. This means you have a system that can handle multiple invoices from multiple channels. A process that is not streamlined for all of the platforms will lead to massive dissatisfaction among clients.
2. The Focus on Customer Retention
The focus on customer retention will be the most significant change in eCommerce trends. Today, many companies have a high customer acquisition cost. To maintain the profitability of their existing customers, the only option is to attract more customers. With more customers, their customer acquisition cost will go down.
How Can an eCommerce Accountant Help?
In accounting for eCommerce, you need to look at customer acquisition expenses. If a marketing channel is expensive, you can try to reduce spending on that channel.
3. The Emphasis on Personalisation
Personalisation is the key to higher customer loyalty. Customers will feel valued when they receive personalised services and product recommendations. In return, they will be more loyal to the company.
How Can an eCommerce Accountant Help?
An eCommerce accountant can help by showing the company the best ways to personalise its service. This way, the company can reduce the customer acquisition cost and increase retention rates.
4. The Value of Security
With the growth of online fraud, online merchants will be more aware of their data security. The focus will be on protecting data from external and internal threats.
How Can an eCommerce Accountant Help?
You will have to ensure that all the accounting data is secure. You can do this by setting up a multi-factor authentication system. You will also have to monitor your clients' websites for susceptible unsecured pages.
5. The Necessity of a Creative and Innovative Customer Experience
The formula for success in eCommerce has always been the same: create a great product and sell it to customers. However, the landscape is changing, and the focus is shifting from selling to customer experience. Shoppers are more demanding now, and if your site offers a poor background, they will abandon your site and look for another one.
How Can an eCommerce Accountant Help?
An eCommerce accountant should be able to help the business with its business strategy. They should be able to help you find ways to innovate the customer experience and make it more unique.
Final Thoughts
As you can see, eCommerce trends and the future of eCommerce are pretty exciting. If you are an eCommerce company, it will be essential for you to keep up with these trends. Your accountant can help you keep track of the trends and implement them in your business.
If you need an eCommerce accountant in Australia, don’t hesitate to contact The ECommerce Accountant. We offer a wide range of services to various types of companies, from managing accounting software to ensuring compliance. Give us a call today to learn more.