WHY ARE ECOM TRENDS IMPORTANT?
The outbreak of Covid-19, in 2020 resulted in disruptions and created a huge global shift. eCommerce is now valued at over $25 Trillion globally. eCommerce’s share of retail sales also increased by 19% in 2020, establishing its dominance as a global retail channel. How can you make sure your business is leveraging this boom? Understanding the latest eCom trends is an important step to building brand loyalty and extending your customer base online.
Now we can see why eCom Trends are important. Next, let’s see what the current trends in eCommerce are and what these mean for you.
TREND 1: ECOM TREND SHIFT TO M-ECOMMERCE
Mobile commerce (m-Commerce) allows sales to be taken from anywhere, which is a necessity nowadays. Moreover, there is a growing demand for m-Commerce. It is predicted that by end of 2021, 73% of eCommerce sales will take place on mobile.
What this means for you: Optimize heavily for Mobile users
Think mobile first! Develop new eCommerce features for mobile users as the default audience. If you are working with omnichannel retailers, see how your products look on their mobile site or app. If their eCommerce site isn’t responsive on mobile, you could be missing out on big opportunities. Additionally, a complicated user interface results in a high bounce rate.
TREND 2: VIDEO CONTENT SURGES AS AN ECOM TREND
In 2020 in China, 37% of online shoppers purchased products through video. Major markets around the world are taking notes. For example, brands like Sephora have integrated video into guided- selling. This is where a consultant offers guidance through video chat.
What this means for you: Use this ecom trend to add value to shoppers
Video is your way of bringing the in-store experience online. In fact, incorporating video-based content allows you to have better control over your brand on retailer platforms. Moreover, using video consultation creates a dialogue with users thereby increasing conversion rates.
TREND 3: SOCIAL COMMERCE DOMINATES ECOM TRENDS
Social commerce has been growing massively. For instance, in 2019 it counted for 22 billion US dollars, and it is expected to grow to 67 billion by 2023. Users are spending more time on social and eCommerce platforms. Thus, social eCommerce was the natural outcome. We can expect even greater channel share growth among total retail sales in 2022.
What this means for you: Account for lower funnel activity on social media
Depending on your product, you no longer need to direct social media users to your website to close a sale. As a brand, you can push conversions on your social media marketing campaigns further down the purchase funnel. Users can discover your brand, engage in conversation and make purchases all on the same platform.
TREND 4: ARTIFICIAL INTELLIGENCE (AI) & AUGMENTED REALITY (AR)
Personalization, driven by AI, is a key factor in eCommerce. Many brands such as L’Oreal Paris have also been integrating augmented reality features. This is where a potential customer can “live try on” certain beauty products. Personalization helps you increase engagement and provide better service to online shoppers.
What this means for you: Adapt to new technology to enhance the shopping experience
Enhanced tech eCom trends can help you in a few different ways:
- You can use AI and Machine learning to tailor recommendations to users to enhance conversion.
- Additionally, you can combine features like live chat (powered by AI) with live trials (powered by AR) to replicate the in-store shopping experience online.
- AR can also help you create UGC or user generated content that can aid your marketing efforts.
TREND 5: RAPID GROWTH OF MARKETPLACES
Marketplaces have grown massively and have been a lifeline for many retailers in 2020. For instance, 1.3 million new sellers joined Amazon in 2020. In addition, 46% of online retailers have considered collaborations with fulfillment networks to compete with Amazon.
What this means for you: Marketplaces may open up a new revenue stream
Using marketplace versions of your B2C retailers can provide you the familiarity and comfort of the B2C platform. This can now be translated to simplified B2B interactions. Marketplaces can also help you cast a wider net for your products. Further, creating compelling content enables you to sell complex products through these platforms while reducing overhead.
The top 5 latest eCom trends above are important to observe and apply in the near future. Certain eCom trends such as mCommerce, video, and social commerce are likely to become a norm in the future. Thus, it will be essential for online shops to adapt to survive. Other trends such as AI and marketplace should be monitored if it applies to your specific industry. For example, the beauty industry can benefit massively from integrating AI, by allowing a “real touch” element to shopping and trying out cosmetics online.
WHAT TO DO NEXT
Want to attend an exclusive eCommerce briefing for the pharma industry? Register Now: https://www.watersky.digital/ecommerce-executive-briefing-for-pharma/