The e-commerce trend industry is proliferating due to the anticipated rise and the emergence of the 2020 impact on trade. Virtually every day, more retailers are switching to online sales, while entrepreneurs are starting out with e-commerce projects.
E-retail sales will rise to $6.54 trillion by 2022, up from $3.53 trillion by 2019.
Nevertheless, e-commerce is an ever-changing sector. A relatively new range of emerging trends sprung every year that can help your company grow and outpace your contenders – 2021 is no different.
The success of eCommerce is further fueled by the fact that more and more retailers have come to recognize its efficacy. For those who try to reject the idea, failure to accept it risks losing their businesses. This move, in turn, has resulted in the success of top e-commerce platforms among online retailers. Let’s look at the trends to watch out for in 2021.
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E-Commerce Trend #1 - It Will Get Bigger
Ecommerce is the most popular internet activity and has evolved exponentially. Online revenues are expected to hit $4.5 trillion in 2021. This popularity stems from the convenience and comfort that online shopping provides, causing more and more consumers to cut down on mall trips and buy online instead. In addition, customer confidence in online transactions has improved, further improving online sales. This rise can be proven simply by looking at the latest figures on e-commerce.
Today's websites are more user-friendly, giving consumers the latest online shopping experience. The processes relating to online shopping have also improved, allowing consumers to quickly search and select the things they want and pay using a range of payment methods. Nowadays, online shoppers are coming in hordes, unlike before, when people shy away from making online transactions.
E-Commerce Trend #2 - The Use of Mobile Shopping Will Increase
Another notable development in e-commerce is the rise in mobile shopping. Sales from mobile commerce are projected to rise by 15% by the end of 2021. In addition, smartphone sales account for 73% of all e-commerce sales. Just looking at these figures, it's easy to see how important mobile shopping for eCommerce companies will be in the coming years.
In order to better grasp the rise in mobile shopping purchases, we need to look at how mobile devices have been sold in the past year. Smart devices have entered the market in recent years, contributing to a rise in the number of people using them. And smartphone users are not only using mobile devices to browse but are also looking at items before they decide to buy one. Consumers have also established a flair for the use of mobile devices because of the ease they provide while shopping.
E-commerce mobile app will be the best extension of your business to increase conversion with loyal customers.
E-Commerce Trend #3 -The Incorporation of Multichannel Personalization
Customizing consumer interaction has become part and parcel of revenue. This practice has become a staple among e-commerce companies as it can boost customer experience. There are, however, a number of ways to exploit personalization. Imagine incorporating this definition into multichannel sales. Today, we know that multichannel sales are providing a range of ways to communicate with consumers. But what if you can make things easier by providing customized interactions? Results can only be improved by customer satisfaction and thus repeat business.
Such a set-up works by ensuring that individual consumers have the same customized brand experience regardless of the platform they use. This also means that you have only meaningful experience to your customers, removing the need to burden your clients with unnecessary messages. However, several marketers have yet to subscribe to the model, restricting their ability to provide a seamless, personalized experience.
E-Commerce Trend #4 -Advancement in Payment Processing
Whether or not payment processing is part of the customer's experience and plays a vital role in the conversion process. This is because customers may decide to cancel their order at the last minute. Simply put, a transaction is not a transaction until the bell rings in your cash register. So, it doesn't matter if you're sure that you're going to make that purchase. This possible conversion can also be scrapped if the customer feels that your checkout process is too demanding. This is very true of start-ups, most of whom are starting to reap the benefits of top e-commerce apps for small businesses, which allow them to process payments in a number of ways.
Shopping cart abandonment is very possible. One of the most cited reasons is having a complex checkout process in place. If you want to make your online store more competitive, you can set up a quick checkout process that includes convenient payment options. It is recommended for those who do business on a global scale to provide local payment options and to integrate all payments into a single platform. Now, if you hit regulatory glitches along the way, enlisting the support of a third-party service provider can assist.
E-Commerce Trend #5 -The Growth of Voice Shopping
Voice shopping has flourished in the United States and will continue to do so in the coming years. Evidence of this is the fact that those who own smart speakers have confessed to getting a voice shopped back as far back as 2017. The number of voice shoppers is projected to increase by 55% by 2022. The growth of voice shopping resulted from the launch of Amazon's smart speaker, Echo.
Although in Malaysia, the technology is still in progress where local words in Malay, Chinese and Indian will soon begin to be at the forefront of the voice search.
Now, unlike shopping on websites, voice shopping can be a little tricky for others. No graphics are involved in this channel, with consumers explaining the product they want to purchase. Common products that voice shoppers buy include household goods, food items, and low-cost electronics.
E-Commerce Trend #6 - Social Media Taking Part in Online Shopping
Social media isn't what it used to be. It's no longer a channel for people to communicate with others. Social networking has evolved as a marketing tool that helps marketers to expand their target markets. Platforms like Instagram and Facebook have been fitted with "buy buttons" that allow retailers to sell through them. Online stores have also developed ties to social media sites, allowing consumers to make transactions via social media platforms.
Many of the social media sites have focused on catering to online shoppers. More specifically, social media has become a medium by which brands can be optimally exposed. Exposure to social media results in more people being aware of the product or service. And since the effect of social media on users continues to grow by the day. That is why it will be good for eCommerce companies to come up with social marketing strategies.
E-Commerce Trend #7 - Artificial Intelligence Becoming the Integral part of Ecommerce
More and more companies have turned to artificial intelligence (AI) to develop their workflows and processes. And e-commerce firms are no exception to this. Retailers were among the first to consider the advantages of using AI in their technological arsenal. It's no wonder that online vendors are predicted to spend $7.3 billion on AI by 2022. The driving force behind this rise is the drive of retailers to have personalized customer service.
These trends in AI spending demonstrate just how keen retailers are to invest in enhancing the services they provide. To date, popular AI implementations include customer support, distribution, and marketing. Nevertheless, aspects such as forecasting and pricing are also seen to benefit from the use of AI. The advantages of AI in the sales process are also quite promising. It is in this context that e-commerce companies are urged to consider spending on AI technology.
Co-founder of Specflux Solution, he builds IT products that work. He is also running Ipoh based website design agency with his partner. If not working on client's project, he's a part of a vibrant IT community in Ipoh locally known as Digital Perak.