How Bachelor of Commerce graduates can capitalize on online retail trends

With e-commerce on the rise, Bachelor of Commerce graduates are in a great position to leverage their skills to capitalize on online retail trends. For example, they can start their own e-commerce ventures, focusing on niche markets and employing effective branding and marketing strategies. Graduates can also help online retailers promote their products and engage with customers through social media. Their analytical skills enable them to gather and interpret data, providing valuable insights for decision-making. They can optimize supply chain and logistics operations, enhance customer relationships through customer relationship management strategies and conduct market research and competitor analysis.

E-commerce is an ever-evolving industry, and staying ahead of the trends is key to success. In 2023, we can expect to see continued growth in e-commerce sales, with new technologies and trends shaping the industry, creating more opportunities for Bachelor of Commerce grads.

What is the future of e-commerce?

The future of e-commerce holds exciting prospects, driven by technological advancements, enhanced customer experiences and evolving consumer preferences. E-commerce will continue to transform the retail landscape, offering convenience, personalization and new opportunities for businesses and consumers alike.

With the increasing use of smartphones and tablets, mobile commerce will continue to grow rapidly. Retailers will focus on optimizing their websites and applications for mobile devices, providing seamless and convenient shopping experiences.

Artificial intelligence (AI) is being used in e-commerce to provide personalized product recommendations, improve search results, and automate customer service. AI-powered chatbots will become more sophisticated, providing personalized customer support, answering queries and guiding customers through their shopping journey. AI will also be used for inventory management, forecasting future demand and dynamic pricing.

While sophisticated technology will continue to transform e-commerce, consumers’ growing awareness of environmental and ethical concerns will drive demand for sustainable and ethically sourced products. E-commerce platforms will need to emphasize sustainability and ethical practices to meet consumer expectations. This includes using eco-friendly packaging, reducing waste and sourcing products from sustainable suppliers.

Consumers are becoming more concerned about data privacy, and retailers need to be transparent about how they collect and use customer data. Zero-party data, which is data that consumers willingly provide to retailers, is becoming more important.

What are the top e-commerce trends?

E-commerce industry is constantly evolving and it’s important to stay up-to-date with the latest trends to remain competitive. These are just a few of the top e-commerce trends to watch in 2023:

Subscription services: Consumers are increasingly turning to subscription services for convenience, value and personalized product recommendations. Retailers are responding by offering everything from personalized clothing subscriptions to meal kit deliveries and beauty product subscriptions.

Mobile shopping: The rise of mobile devices has transformed the way people shop online. In 2023, it is expected that mobile shopping will grow even further, with more consumers using their smartphones and tablets to make purchases.

Omnichannel sales approach: This sales approach provides customers with a seamless shopping experience across multiple channels, including online, mobile and in-store. This approach allows retailers to reach customers wherever they are and provide a consistent experience across all channels.

Voice search: Voice search is becoming increasingly popular and it is expected to play a larger role in e-commerce in 2023. Retailers are already experimenting with voice-activated shopping assistants that allow customers to place orders using their voice.

Influencer marketing: Influencer marketing is a powerful way to reach new customers and build brand awareness. In 2023, it is expected that more retailers will partner with influencers to promote their products and reach new audiences.

Video engagement: Video is a powerful tool for engaging customers and showcasing products. In 2023, it is predicted that more retailers will use video to promote their products to provide a more immersive shopping experience.

Virtual and augmented reality: This technology is already being used by some retailers to enhance the online shopping experience. This trend is forecasted to grow in 2023 as more retailers adopt AR and VR technology to enhance their online shopping experiences.

Social commerce: Social media platforms are becoming more integrated with e-commerce, allowing consumers to shop directly from social media apps. Retailers need to have a strong social media presence to take advantage of this trend.

How can Bachelor of Commerce graduates develop effective online retail strategies?

A Bachelor of Commerce degree can be an excellent foundation for a careers where e-commerce is a significant component. The degree equips students with a broad understanding of business principles, including marketing, finance, accounting, supply chain management and entrepreneurship, which are all relevant in the e-commerce industry.

To develop effective online retail strategies as a Bachelor of Commerce graduate, here are some key steps you can take:

Understand the e-commerce landscape: Stay updated on the latest trends and developments in the e-commerce industry. This includes understanding consumer behaviour, emerging technologies and evolving market dynamics.

Develop a distinct online merchandising strategy: Instead of simply recreating the physical store on the web, focus on creating a unique online shopping experience. This involves optimizing website design, product presentation and user interface to enhance customer engagement and conversion.

Utilize data analytics: Leverage data analytics tools and techniques to gain insights into customer behavior, preferences, and purchasing patterns. This information can help you make data-driven decisions and tailor your online retail strategies accordingly.

Embrace digital technologies: Stay abreast of the latest digital technologies and tools that can enhance the online shopping experience. This includes adopting mobile trends, machine learning and data analytics to create personalized and engaging virtual shopping experiences for consumers.

Focus on customer experience: Prioritize customer satisfaction and create a seamless and user-friendly online shopping experience. This involves optimizing website navigation, providing clear product information and offering convenient payment and delivery options.

Implement effective marketing strategies: Develop a comprehensive online marketing strategy to attract and retain customers. This can include search engine optimization (SEO), social media marketing, email marketing and targeted advertising campaigns.

Continuously adapt and innovate: The e-commerce industry is constantly evolving, so it’s important to stay informed and adapt to rapidly-changing market conditions. Keep experimenting with new strategies, technologies, and customer engagement techniques to stay ahead of the competition.

By following these steps, Bachelor of Commerce graduates can develop effective online retail strategies and thrive in the e-commerce industry.

Getting a Bachelor of Commerce

University Canada West’s Bachelor of Commerce program provides students with a broad foundation knowledge of contemporary business and its practices. Based in Vancouver, Canada, this ACBSP-accredited degree prepares you for a successful career in business or management, where you will contribute constructively to a global economy.

Graduates of the BCom program will be able to:

• Use managerial and financial tools to assess basic business issues critically.
• Research and analyze business systems, processes and functions in the context of local, regional and global conditions.
• Apply contemporary business methods to problems and contexts.
• Create ethically and legally sound proposals, plans and projects.
• Organize information to communicate persuasively to target audiences.
• Demonstrate critical thinking and reflection skills in course deliverables.
• Work productively in a collaborative and multicultural environment.

For more information on UCW’s Bachelor of Commerce program, follow this link.

Published on July 14, 2023.