As the business world changes and evolves, so does e-Commerce. The e-Commerce market has been very profitable seeing over two billion people make use of it in 2020. In 2020, e-retail sales surpassed $4.2 trillion worldwide. It is important for businesses to follow and keep up with changes and trends to stay competitive. To do so, the following 10 trends need to be noted and considered by business owners to maintain a successful eCommerce business.
e-Commerce personalization is likely to become an e-Commerce standard seeing that customer expectations constantly rise. The key to successful personalization is customer satisfaction. A personalized customer experience allows an excellent shopping experience with the ability for the business owners to connect with their customers more. For businesses to thrive, they need a supportive client base. By showing clients that the businesses care about them, they would be able to achieve this.
- Green e-Commerce
Protecting the environment has become a global trend, therefore sustainable business practices and the promotion of this has become almost mandatory. For e-Commerce companies to do so, they could choose to provide packaging which is non-plastic and eco-friendly, by donating to organizations which work towards protecting the environment, and by using cloud computing which eliminates the need to use expensive, power-intensive servers.
- Social Media
For brand’s to improve their chances of being discovered on social media and gaining more clients, they would have to focus on growing their social media presence. Seeing that the customers spend a large amount of their time on social media, having a strong social media presence would target them as well as new, potential customers. Seeing that Instagram and Facebook offer a ‘buy’ button, brands need to have a shopping focused approach with their social media strategy.
- Emerging Voice Commerce
Voice commerce describes any transaction with a business while using a voice. Using voice while searching and purchasing items has become extremely popular. According to new research, the use of voice-assisted devices has increased by 83% annually. Examples of these technologies are Amazon Echo and Google Home, with Amazon Echo being the first smart speaker having been launched in 2014.
Chatbots have improved customer experience, seeing that over 60% of end-users consider chatbots to be their main choice for customer service inquiries. Brand’s have used chatbots to improve customer service, provide faster and better responses, and to gather more data to create a more enjoyable customer experience. If brand’s develop and successfully integrate chatbots into their business system, it will bring a range of benefits allowing better customer service and more sales for the business.
- Artificial Intelligence
Business Wire has projected that global retailer spending on artificial intelligence (AI) will reach $7.3 billion annually by 2022. This shows that retailers see the value of AI and are willing to invest in it to improve their services. Examples of these tools are automated marketing platforms and chatbots. The development and large scale integration of AI will be driven by investments and will allow brand’s to create an even more personalized experience for their online shoppers.
- Subscriptions to E-commerce
Subscription e-Commerce is an option customers have to receive the same products on a repeat purchase basis. This market has grown rapidly in recent years, especially for products that are considered everyday items. If brand’s want to gain more subscriptions, they need to ensure that the quality of their products is excellent and that they offer a good customer experience. Another enticing factor leading customers to start subscriptions is personalization.
- Mobile shopping
It has been predicted that 44% of e-Commerce traffic by 2024 will be mCommerce generated. By improving e-Commerce sites for mobile users, it will be more user friendly which will lead to more customers. e-Commerce brands can also invest in creating app versions of their online stores for mobile users.
- Omnichannel Shopping
The meaning of omnichannel is to be present at all times to assist and help customers. This provides customers the option to make personalized decisions, in order to receive targeting information. Seeing that over 73% of customers use multiple channels when shopping, if e-Commerce uses omnichannel, they would be able to provide a better customer experience for their customers.
- Augmented Reality
Augmented reality (AR) provides customers the ability to see the product in front of them, while they can be in the comfort of their home. PR Newswire has predicted that over 120,000 stores will be using AR technologies by 2022. This will allow a better buying experience and will assist customers in understanding their needs.
The e-Commerce market continues to grow and evolve, and it may seem intimidating to some. To stay on top of trends and changes, business owners need to stay informed at all times to take advantage of new trends and to remain a viable competitor in their field. But before being able to use the advantages of these trends, entrepreneurs need to select a business structure which suits them. For entrepreneurs who want to form a business alone, Incorporation Rocket is able to offer more information about their options and formation processes.