Online shopping is as easy as a few swipes on your smartphone. In 2020, the COVID-19 pandemic brought about a surge in the e-commerce industry and massively accelerated digital transformation. Since then, e-commerce has witnessed healthy growth, showing no signs of slowing down.
With growth came new challenges in 2021. Organisations worked to adjust to their increasingly digital environments, but they soon realised a more targeted focus other than scale was needed, such as accounting for e-commerce. In 2022, businesses will need to focus on customer expectations and differentiation. To keep a competitive edge, organisations must prioritise the customer experience to keep up with momentum.
Set your organisation up for success by keeping an eye out for these 2022 e-commerce trends.
Sustainability
‘Green’, ‘eco-friendly’, and ‘eco-conscious’ are more than buzzwords. Companies and brands have become increasingly aware of environmental issues, and they’re looking to support brands that are in line with their values.
Consumers want to purchase from brands that can demonstrate how they reduce single-use packaging, offset carbon emissions, or give back to Mother Earth. The businesses that incorporate these types of practices will be able to build trust with consumers and increase business growth in the long run. It’s best to be authentic in your efforts where possible; misrepresenting your brand will only hurt your reputation in the long run!
Thus, accounting for e-commerce can back this trend by providing fully-electronic audits that minimise or even eliminate the need for paper!
Multi-Channel Access
Omnichannel shopping has become the new standard for digital commerce, and the trend will only grow this year. People shop online, in-store, and through mobile devices. Customers value convenience over anything else, and an omnichannel shopping experience gives them that.
Whether people are browsing on a smartphone, shopping on a laptop, or picking up items through a ‘click-and-collect’ option in-store, omnichannel provides a seamless experience. An omnichannel approach helps companies develop a business model that remains relevant in today’s world yet is flexible enough to work through swings in consumer trends during a pandemic or other crisis.
Thus, virtual accountants can maximise this by setting up online channels such as a hosted website, email address, chat app accounts, and even social media like Facebook or Instagram to bridge the gap between them and customers!
Loyalty Programs
A subscription model is a common term for selling a product or service in fixed intervals. The subscription allows the customer to pay for the product or service continuously and can be compared to buying items in bulk. Loyalty programs also try to convince customers to come back and buy from that business rather than from one of their competitors.
Both subscription models and loyalty programs are successful online, so many companies have found ways to adapt their organisations to succeed for long-term clientele. A continuous subscription model is a program where a customer pays for a necessary product or service. The subscription provides the consumer with the product at an affordable cost, convenience, and exclusivity.
The consumer trusts the company that they are giving their money, forging a long relationship between the consumer and the company. Moving towards this trend capitalises on the further digitisation of workflows. Instead of setting up physical meetings, customers of accountants for e-commerce can simply visit a webpage with various options to renew or cancel their subscriptions and even upgrade to a higher service.
To Be Concluded
Surviving this virtually online business world means moving with the times. In an era of digitisation, even accountants for e-commerce need to process which of their tasks and liaisons with clients can be delegated electronically to align with the above trends.
You can keep reading part two of this article if you still need convincing or consult with The ECommerce Accountant now if you need help! We’re business advisors for online retailers and influencers, providing accounting for e-commerce. Book a meeting with us now to learn more!