Bought something on the internet lately? You wouldn’t be alone...far from it. In fact, this year 1.92 billion people in the world will shop online, and by 2021 - just 2 years away - that number is expected to be 2.14 billion. The number of online stores continue to increase to meet demand, as does the amount these stores net (now in the trillions), along with the percentage of total retail market share they take (currently one-tenth of all sales, but that’s changing quickly). It’s safe to say that if you’re an eCommerce entrepreneur, you’d be forgiven for sitting back, taking a sip of your margherita and saying ‘ahhh...what a time to be alive.’
But just like everything in business and life, eCommerce stores are a pyramid with a whole lot of struggling stores at the bottom, and a few at the top who are absolutely crushing it. So who’s at the top this year - and perhaps more importantly - what can we all do to be more like them?
Discount men’s suit retailer Alain Dupetit saw some incredible growth last year - 400%, to be exact. Their offering is vastly different from most: they offer high-quality suits starting from an incredible $39.
So how is it possible? The brand’s founders say that by bypassing bricks-and-mortar stores, they’re able to offer essentially wholesale prices to consumers.
The company has also innovated when it comes to fabrics. Instead of traditional wool suits which are expensive and difficult to clean, they have engineered their own high-performance TR fabric which incorporates a four-way stretch and is fully washable.
Brandless is another eCommerce store that is offering consumers products with never-before-seen low prices, but critically, they’re also doing so with a purpose.
The site offers consumers personal and household products under one ‘brandless’ label, with a focus on clean beauty. They remove everything from toxic ingredients to markups and most of their products are organic, meaning they really are clean.
Consumers are rushing to buy from Brandless because they’re not only clean, but super cheap - starting from just $4. The company also deeply cares about their social impact, having partnered with Feeding America to donate meals at every checkout. It’s no wonder they grew 388% last year!
A business that’s making the most of the ever-popular subscription model is Kidpik. Offering a subscription for girls’ clothes, Kidpik allows young fashionistas to pick their style and have new clothes delivered to them every month. The idea is clearly a hit - they grew 348% last year!
Kidpik have also capitalised on the increasing requirement for a great unboxing experience. Every new delivery includes a free gift, and if something isn’t right, the new owner is able to donate it and Kidpik will match their donation.
Thought that the luggage market was crowded? It might be, but that hasn’t stopped Away.com from growing 317%.
Away offers some cool variations on traditional luggage, allowing you to add your name to your suitcase and never stress that you’ll miss it at the luggage carousel again. Away’s bags also all fit together, making buying multiple pieces a no-brainer.
And as yet another company that wants to make the world a better place, Away partners with Peace Direct to build peace in areas of conflict.
With growth of just north of 300% last year, there’s a lot that’s super heroic about Superheroic. Founded by ex-Nike designer Jason Mayden, Superheroic makes funky, affordable and durable kids shoes.
Spurred by his experience at Nike which Mayden says ‘Made me realise that my industry of health and wellness is structured to fix broken adults,’ Superheroic wants to start young with encouraging kids to be more active to avoid issues with obesity, anxiety and depression later in life.
How can we all be like these guys?
Looking at the growth figures of these 5 stores alone, you’d be forgiven for wanting to jump online, start your own store, and then plan to retire with your millions in just a few years. But before you do that, here’s a sobering fact...there are between 12 and 24 million live eCommerce sites, but only 650,000 generate annual revenue over $1000 per year. Needless to say, you’ve got a much higher chance of being in the bottom 23 million than in the top few.
So how could we all make sure we’re all a bit more like the top guys? With the exponential growth of mobile eCommerce, the answer may very well lie in helping stores convert more customers at a place that’s proved a bugbear for years - the shopping cart.
While there’s been many reasons touted for the failure of so many online stores (from payment and shipping issues, to non-optimised sites, to poor load speeds), by far the most troubling for most retailers is cart abandonment. Statistics show that the global average for mobile cart abandonment is over 86%, meaning that the average conversion rate on mobile is just 1.55%
So why do people abandon their cart at such high rates? From a checkout perspective, customers expect simplicity and speed, yet it seems they don’t get it. 27% of cart abandonments occur due to time restraints, and a further 23% occur as the checkout process is too complex. Put simply, customers don’t want to - often can’t - type out all of their details on their mobile, yet these details are required if they don’t already have an account. The result? They simply give up, and it’s yet another store relegated to the barely-profitable category.
But there’s a simple solution, and it can come by way of intelligent autofill. If intelligent autofill was installed at the source of an online store’s traffic (for example, through a social media platform, fintech/banking app or shopping aggregator), customers would no longer have to rely on the site having their details. On top of this, intelligent autofill could help navigate more complex checkouts, accurately (with 98% accuracy to be exact, as compared to browser autofills which are only 52% accurate). Accuracy plus speed with intelligent autofill would mean that checkouts could be completed up to 37 times faster, and customers would have a far greater chance of converting.
SOS social media platforms, banking apps and shopping aggregators...do something here
RIght now, there’s probably a budding eCommerce entrepreneur, staring into the starry night and hoping that their idea will be the next big thing. It would be heartbreaking for them to know that they’ve got a much higher chance of dismally failing that making even a lousy $1000 a year.
So let’s significantly up their chances of succeeding. Social media platforms, shopping aggregators...it’s time to invest in the right technology to change things, once and for all.
Fillr has developed ‘Autofill as a Service’, the world’s most intelligent and accurate autofill that seamlessly integrates into your app. Contact us today to find out how our technology can help your customers to transact faster and more effectively across millions of merchants sites, boosting your conversions and revenue. Fillr is powering transactions on the world's top ecommerce and meta search apps, software platforms and phone manufacturers.