Ecommerce is a platforms that facilitates commercial buying and selling over the internet, it has been an attractive market for the last few years. In 2019, Ecommerce was responsible for sales of worth USD 6.2billionand is expected to grow at a CAGR of 16.3% till 2027. The Ecommerce sector is becoming extremely competitive. Hence, Ecommerce trends must be constantly monitored to stay ahead in the competition. With the best Ecommerce platforms trends, any business can boost its online sales, increase consumer awareness, and gain customer loyalty.
Following are the latest Ecommerce trends that one must know to be up to date and perform better in online business
Online sales volume is only expected to increase
The online shopping has witnessed a surge in past years, and is expected to grow gradually. Shopping has become one of the most popular online activities with the increasing options provided by the existing brands and startups. Online retailers are focusing to gain the trust of users and provide them a user-friendly experience.
Artificial Intelligence unlocking shoppers’ preferences
Artificial intelligence & machine learning make it possible for customers to have a personalized experience. AI helps in collecting the data from customer ends and also understand their requirements better. It focuses on what customers like and automatically sends personalized offers, which is an effective method to increase the chances of purchase. Presently, this trend is much easily implemented in online shopping than offline shopping.
The COVID-19 had one of the biggest impacts on Ecommerce platforms, authoritative bodies of various countries posed strict lockdowns forcing offline stores to shut down. This led more and more people to opt for online shopping, not just during the pandemic but post-COVID-19 as well. Users have become so comfortable with the convenient online shopping offers such as contactless payments. According to market analysis, the Ecommerce industry is expected to be one of the biggest beneficiaries of the COVID-19 pandemic, the current penetration rate of 15% is expected to increase to 25% by 2025.
Youth driven platform
Post-COVID-19, more than 54% of consumers are expected to spend more money on online shopping than before, and this shift to online shopping is expected across consumers of all ages but it is mostly the younger generation responsible for this trend. According to the survey, 67% of young consumers between the age group of 18 to 34 years are expected to spend more post the pandemic.
Social Media Platforms play an important role
With the rise in usage of Ecommerce platforms, there will be an increase in social shoppers. Social media is playing a vital role in the world of e-commerce, with the introduction of the ‘buy’ button on popular social media websites such as Facebook and Instagram. Social media has changed daily lives and the way it influences people is remarkable. Hence, retailers must focus on improving their position on social media as it is a great platform for brands to get discovered. Brands can also take the help of influencers to increase their visibility across platforms.
Currently, the consumer has become much more aware than ever and with the rise of green consumerism, brands must consider becoming more responsible. According to GlobalWebIndex 2020, almost four in ten digital consumers that poor environmental records that impact their purchasing decisions. As an Ecommerce platforms, one may try to adopt more sustainable and environmentally friendly practices. These practices include providing e-receipt, sourcing products from fair-trade organizations, and offering cruelty-free products.
Chatbots to the rescue
Chatbots interact more like in-store representatives. 24/7 availability of chatbots makes Ecommerce more convenient than ever, experts predict that 80% of business would be done using chatbots in near future. Currently, chatbots have drastically change the way people shop, in case of any delay or any payment-related issues, users can right away take the help of chatbots and reach a conclusion immediately.
Augmented Reality enhancing the shopping experience
Ecommerce is taking full advantage of AR to enhance the shopping experience and giving users more realistic ways to shop. As per secondary research, 35% of users that they will be shopping online more if they get to virtually try the product. AR not only grants user to see the project in 3D but also let users see how’d they look wearing it.
Customers’ needs might differ from one payment method to other, and if they do not find a convenient way to make the payment, they also might cancel the purchase order. This scenario can be painful for retailers, and retailers are taking all measures to enhance their checkout process and avoid this. A whole chunk of online shoppers depends on their mobile phones to access Ecommerce platforms to increase the conversion rate retailers must come up with new ideas, such as saving payment information is one such method. It saves a lot of time for customers for future purchases.