The global eCommerce market was valued at over $9 trillion in 2019 and is expected to grow at a CAGR of 14.7% through the next five years. At the same time, retail eCommerce sales have nearly doubled since 2018, reaching a whopping $5.5 billion in 2022 — while the number of worldwide online shoppers has surpassed the two billion mark in 2021 after the pandemic-induced surge.
If there’s one thing these statistics make immediately evident, eCommerce skills and digital literacy are vital to the success of your organization — whether you’re operating an online startup or a brick-and-mortar business.
But what should you look for in a digital upskilling program for your business? This blog looks into the must-have skills for eCommerce necessary for your company’s success.
- eCommerce strategy design
- eCommerce marketing
- Data collection and analytics
- eCommerce product content
- Technology and tools
- Keeping an eye on emerging trends
eCommerce strategy design
In 2021, eCommerce sales accounted for over 20% of global retail sales, and this percentage is set to grow by 5% in the next three years. So, whether you’re looking to transition your business online or integrate an eCommerce portal to augment your current organization, there’s no doubt investing in eCommerce will help your business grow.
At the same time, estimates suggest that there will be around 12-24 million eCommerce sites globally in 2022. As this figure is bound to grow, the competition has never been fiercer.
That’s why establishing a clear and efficient strategy for expanding into eCommerce or transitioning your business online is vital. Some important skills to master to create a winning eCommerce strategy include:
- Setting clear goals.
- Defining your brand and your target audience.
- Designing the right customer experience.
- Driving traffic.
- Keeping your site visually appealing and efficient.
Just like in any other business, a well-designed marketing campaign is instrumental to growth. And yet, as marketing campaigns become more ingenious and eye-catching, it can be hard for new entries and bootstrapped businesses to compete.
That’s where building a solid foundational knowledge of digital marketing can give your business a unique competitive edge.
Some essential skills your marketing team needs to acquire include:
- Competitor analysis.
- Keyword research and use.
- Online marketing tools (such as pay-per-click, content marketing and social media).
- Influencer marketing.
Data collection and analytics
Businesses in all industries are becoming increasingly reliant on data. Organized, accurate and up-to-date data give your business the unprecedented opportunity to look into your customers’ behavior, shopping patterns and personas. Today, over 43% of business owners use this data to make business, product and marketing decisions.
Deciding to expand into eCommerce is a surefire way to capture a great volume of customer data, which requires organizing, storing and plotting. Tools such as Google Analytics can help you visualize patterns and trends — but it’s crucial for your team to understand the basics of data handling and management.
Tip: Legislations surrounding customer data are becoming increasingly stricter. Avoid hefty fines by learning about local data and privacy laws and getting expert advice.
eCommerce product content
In all digital marketing niches, content is king — and eCommerce marketing isn’t an exception. Product content skills, including creating SEO-optimized product descriptions and learning the basics of product photography, can help you showcase your products, connect with your customers, persuade buyers and communicate critical features for a transparent shopping experience.
Technology and tools
Operating an eCommerce business has many benefits, including lower overhead costs and the possibility of tapping into a growing market. At the same time, moving your business online can come with teething problems, including hindered communication and ineffective customer service.
Luckily, technology is adapting to — and enabling — the development of eCommerce. Today, there’s a great availability of communication and collaboration tools, as well as remote customer service software. Investing in a digital upskilling program for your team is crucial to learn about newly available tools, decide what to invest in and hone your competitive edge.
Keeping an eye on emerging trends
The eCommerce market is still in its infancy, but it’s also growing and developing at lightning speed and new opportunities might arise from unexpected markets. For example, key trends and players in the Chinese eCommerce market are reshaping the global industry and setting the standards for efficiency and speed.
That’s why businesses looking to debut into the eCommerce market and remain competitive must study upcoming trends, stay up to date and spot business opportunities before competitors have a chance to.
Staying updated can be difficult, with learning options evolving at the speed of light. To help, we’ve tailored valuable lessons to meet your organization’s needs — so you can stay ahead of the competition in a competitive eCommerce landscape.