The eCommerce industry boomed in 2020. The COVID-19 outbreak has changed the world like never before. National lockdowns, vehicle restrictions, and fear of viral infections forced abundant retail buyers to shop online when they require food or shelter. At the same time, many companies have no choice but to close physical stores and invest in eCommerce web design solution to open online businesses. It helps them to maintain business performance during the pandemic. Due to these shifts in retail sellers and buyers, the eCommerce market has expanded exponentially in the past few years. Before moving on to the trend, you must know everything about eCommerce.
What Is eCommerce?
eCommerce (electronic commerce) involves buying and selling products and services online. You can use your website to sell goods online. On the other hand, different platforms like Amazon, Wix eCommerce, and Shopify provides you with an online store. So, you can sell your products. These days eCommerce is a massive field. There are thousands of stores selling products to millions and billions of people. It is a growing industry. And, it is getting bigger and bigger every year. eCommerce is becoming a massive part of our lives that is not going away anytime soon.
Modern Trends Of eCommerce
eCommerce is the future of businesses. Moreover, it is necessary to evolve your business with time. Otherwise, you will be one step behind your competitors. To grow your business through eCommerce, you need to be familiar with the modern trends of eCommerce. Our list of 10 eCommerce growth trends is below.
Social eCommerce refers to an online shopping model in which products or services are purchased or sold directly through social media platforms such as Facebook, Instagram, and Tik Tok. This is an ongoing trend, and many online retail sellers are turning to it. Facebook and Tik Tok shop are two of the many giants in this new shopping trend. Nowadays, people spend most of their time using social media. So, it is an easy platform for retailers to reach their consumers.
In recent years the growth of mobile commerce has been spectacular, and the transition to mobile commerce is inevitable. Now more than half of the internet traffic comes from mobile devices. Mobile shopping has a place in eCommerce because of its convenience and localization. A few small business branding agency Australia can enable your website to run like a native mobile application with a seamless shopping experience. Investing in an eCommerce experience for mobile shoppers opens the gates for a larger audience.
The concept of live stream shopping is an upgraded version of social commerce. Influencers or brands often host a live stream which markets their products. Consumers can purchase those products during a live stream. It is a very effective method for eCommerce growth. Because people feel more comfortable while buying products shown on a live stream. Recently Alibaba hosted a live global shopping festival. The report shows that around 300 million people attended this event online, spending about $16 billion overall.
With augmented reality (AR), you can enhance the real physical world with digital visual elements, sound, or other sensory input. This latest technology allows the consumer to understand the product they are about to buy. Furthermore, AR helps them to make purchasing decisions easier. AR has changed the trends in industries such as fashion and home decoration. It not only provides customers with 3D models of products but also helps them to visualize products.
eCommerce personalization means providing a personalized experience to an online shopping customer. It includes various methods, such as product recommendations, browsing behaviour, and specific offers based on the user’s previous operations. As COVID-19 has formed a shopping habit, eCommerce personalization has become increasingly important for attracting potential customers. It significantly increases conversion rates and repeated purchases. AI solutions enable eCommerce to provide customers with a personalized online website.
It is a marketing medium that uses video to increase visibility, create engagement, and promotes sales. Reports show that by 2023, approximately 86 per cent of eCommerce stores will use video as a marketing tool. One of the key factors that drive the rise of video marketing is the increased time that people spend on social media. Nowadays, people want short but effective video content. So, your marketing strategy should fulfil their needs.
Various Payment Gateways
Another trend that is growing in 2022 is to provide customers with a variety of payment methods. Especially contactless payment to achieve a convenient and flexible checkout process. In the past few years, diverse payment methods are introduced. So, providing multiple ways to meet customers’ individual needs on your eCommerce site is a wise move to increase conversion rates. There are various payment methods, such as ApplePay, and PayPal, and people are even using cryptocurrency. Every person has different priorities, so it is a good move to give them various options.
Buy-Now Pay-Later (BNPL)
BNPL is short-term financing that permits customers to secure a purchase and pay later. It charges no additional fee or interest rate. This trend has become so much popular in recent years. The target audience of this strategy is usually millennials and the young generation. BNPL’s strategy makes a customer excited and curious about purchasing your product. Another potential motivation for this trend is that it encourages consumers to spend more money.
DTC is when a brand sells its products directly to end customers rather than through traditional retailers. Due to its ability to bring brands closer to their customers, the DTC retail model is gaining popularity. This model reduces several steps in the buying cycle and can provide a more efficient customer experience. A prime example is that, during the pandemic, Nike began pulling away from its customers. Later on, they announced that their digital sales increased by 82 per cent.
Sustainability & Ethical Purchasing
In recent years, public attention toward environmental issues and social responsibilities has increased. Almost 57 per cent of consumers are willing to change their shopping habits. But they want a positive impact on the environment. Companies that use environment-friendly packaging attract customers. Today, the consumer is concerned about how brands conduct their business from an ethical standpoint. The supply chain involves ethical labour practices, ethical raw material sourcing, and fair marketing tactics.
eCommerce is a grooming industry and the future of business. It has changed the concept of traditional businesses in just a few years. Now, it is up to you to decision-making and competes with your rivals. Your business should evolve with the future of eCommerce. Taking this approach will certainly improve your ROI.