No matter how mature your eCommerce store is right now if you do not keep pace with the trending technology you will have a high risk of falling behind. You have to look ahead to ensure a bright future for your retail business. ECommerce trends must be assessed and endorsed on time to stay ahead of the competition.
According to Statista, $4.8 trillion retail eCommerce sales is projected globally for the year 2021.
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Take a look at some of the trending factors that are revolutionizing the global eCommerce market.
#1. Mobile Shopping
M-commerce or mobile commerce implies online shopping through mobile devices such as smartphones and tablets. Leading-edge technologies and tools make it easier for individuals to shop from their handy smartphones. Many consumers purchase from their mobile phones as it is a time-savvy process.
The covid-19 pandemic hit hard on the eCommerce trends worldwide. More and more shoppers started choosing different online stores to purchase their things. According to Techcrunch, the pandemic encouraged online shopping for five years.
#2. Videos and Interactive Content
High-resolution product photos and interactive videos are what customers need these days to ensure product quality as per their expectations.
You can present shoppable content with embedded links or swipe up to the product covered in videos or on different social media platforms, but interactive content and videos can be leveraged anywhere throughout the marketing. Interactive content comprises webinars, quizzes, contests, product demonstrations with essential eCommerce features, interactive emails, customization, and calculators.
#3. B2B Ecommerce is On the Rise
eCommerce has mostly been B2C since its inception but now B2B is also raising its bar. According to research, worldwide B2B eCommerce sales were anticipated to achieve over $6.6 trillion by the end of 2020, exceeding B2C evaluated at $3.2 trillion.
For suppliers, B2B e-commerce provides a great opportunity to grow their businesses by adopting new channels that will attract a greater number of customers. The existing generation of B2B buyers already expects suppliers to be on the digital platforms. This move is a must to deliver the best online experience to the buyers.
#4. Multiple Payment Options
Customers abandon the cart if they can’t pay the way they want on an eCommerce platform. They have personal needs when it comes to payment methods. Providing different payment methods is one of the good ways to boost conversions. If customers save their payment details, they can pay even faster at the time of checkout.
Some customers want to pay cash on delivery, some want to use debit/credit card payment, some use Apple Pay and PayPal. These are the things that are being normalized with digital transformation.
#5. Chatbots
Chatbots communicate with the customers exactly the way a physical store executive would do. Nowadays, customers want to purchase a product with just a few clicks, and chatbots will help with the same.
Chatbots are raging today when it comes to customer support at every stage of the buying journey. They will significantly change the way individuals do online shopping. They turned out as one of the most effective marketing tactics to leverage.
#6. Personalized Experience
Whether it’s B2B or B2C, all the buyers are keen on personalized and customized online shopping experiences. AI helps to make it possible for a buyer to get personalized recommendations and accurate customer service.
When you implement a personalized experience on an eCommerce site or in marketing tactics, it will positively affect your business revenue. This AI-powered personalization is becoming highly applicable these days and in the future as well.
#7. Shipping and Fulfillment
As more and more shoppers buy their stuff online, the requirement for fulfilment centres is increasing. It can ship and deliver ordered stuff as rapidly as possible.
Fulfilment centres globally are becoming more smart and automated. It will assure the fastest goods delivery, real-time data access, and portray your brand to your customers starting from the checkout process to delivery. Storing your inventory at different locations across a country/world will place your products nearer to the customers. It will ultimately diminish transportation time and shipping costs.
#8. Private Label
A white label or private brand is a special product developed by one brand but packaged and sold with the label of another brand name. Retailers can build products without much investment. Organizations can depend on manufacturers to create products that are in high demand.
Private labelling is awesome as it boosts a product’s perceived value. For businesses that sell non-branded or drop shipping products, private labelling is everything they need.
Closing Thoughts
Just a few years back, shopping was intended using physical stores only. Now it has an entirely new side with the advancement of eCommerce.
The eCommerce future is surely going to be filled with interesting changes and creativity for businesses and customers. The best suggestion is life-long learning from wherever you discover something new.
