E-Commerce is evolving and changing with the business world. E-Commerce has proven to be very profitable with over 2 billion people using it by 2020. In 2020, worldwide e-retail sales exceeded $4.2 billion. To stay competitive, it is crucial for businesses to keep up to date with current trends and changes. For eCommerce to succeed, business owners must be aware of the following 10 E-Commerce trends.
Personalization in e-Commerce is expected to be a standard because customers’ expectations are constantly rising. Customer satisfaction is the key to successful personalization. Personalization allows customers to have a great shopping experience and business owners can connect with customers better. Businesses need to have a loyal client base in order to succeed. Clients will feel valued and cared for by businesses.
2. Green e-Commerce
The promotion of sustainable business practices has become almost a mandatory part of the global trend to protect the environment. E-Commerce companies can choose to offer packaging that is recyclable and environmentally friendly. They could also donate to environmental organizations. Cloud computing eliminates the need for expensive and power-intensive servers.
3. Social Media
To increase a brand’s chances of being found on social media and to gain more clients, brands should focus on increasing their social media presence. A strong social media presence will target customers as well as potential new customers, as they spend a lot of time on social media. Instagram and Facebook both offer a “buy” button so brands should adopt a shopping-focused approach to their social media strategy.
4. Emerging Voice Commerce
Voice commerce is any transaction that takes place using your voice to communicate with a business. Voice commerce has grown in popularity. This includes the ability to search for and purchase items using your voice. New research shows that voice-assisted devices are used by 83% more people annually. These technologies include Amazon Echo and Google Home. The first smart speaker, Amazon Echo, was launched in 2014.
Chatbots can improve customer experience. More than 60% of chatbot users consider chatbots their first choice when it comes to customer service inquiries. Chatbots have been used by brands to improve customer service, give faster and more accurate responses, gather more data, and create a better customer experience. Chatbots can be integrated into a business’s business system by brands. This will allow for better customer service and increase sales.
6. Artificial Intelligence
Business Wire projects that by 2022, global retail spending on artificial intelligence will be $7.3 billion. This indicates that AI is valued by retailers and they are willing to invest to improve their services. Chatbots and automated marketing platforms are two examples of such tools. Investments will drive the development and integration of AI. This will enable brands to offer a more personal experience to their customers online.
7. Subscribe to E-commerce
Customers can subscribe to e-commerce and receive the same products each time they purchase. This market has seen rapid growth in recent years, particularly for everyday products. Brands must ensure their products are of high quality and provide a great customer experience if they want to increase subscriptions. Personalization is another factor that customers love and encourages them to subscribe.
8. Mobile shopping
According to some estimates, mCommerce will account for 44% of e-commerce traffic by 2024. It will make e-commerce sites more accessible to mobile users which will result in more customers. E-Commerce companies can also invest in developing mobile versions of their online shops.
9. Omnichannel Shopping
Omnichannel means to be available at all times to help and assist customers. Customers have the ability to make individual decisions and receive targeted information. Considering that 73% of customers shop via multiple channels, e-Commerce would be able to provide a better customer experience if they used omnichannel.
10. Augmented Reality
Augmented reality (AR), allows customers to view the product right in their own home. PR Newswire predicts that AR technology will be used in over 120,000 stores by 2022. This will improve customer experience and enable them to understand their needs.
It is not difficult to see how the e-commerce market is growing and evolving. Business owners must stay up-to-date with the latest trends in order to be able to compete in their industry. Entrepreneurs must choose the right business structure to maximize the benefits of these trends. Incorporation Rocket can provide more information for entrepreneurs who are looking to start a business.