Ecommerce businesses should anticipate a 265% growth rate, from $1.3 trillion in 2014 to $4.9 trillion in 2021, says Statista.
With online shopping becoming popular these days, people NOW prefer to buy stuff online rather than purchasing from brick and mortar stores. After witnessing such a huge growth in the eCommerce industry, it wouldn’t be wrong to say,
Ecommerce development is here to stay!
All thanks to the emerging ecommerce development trends prevailing in the market! We have discussed these trends in the blog. Read further to know more.
Ecommerce stores strive hard to keep up with the customer’s interest. They do so, not only to allure the users but also to increase customer retention. For connecting well with the customers, it's important for the ecommerce companies to offer their users with what they want.
In the beginning, e-commerce was about getting commodity products online as cheaply as possible. But now, it's about selling emotional products – the things that people really cherish. – Jason Goldberg
eCommerce Trends in 2020!
Acing the e-commerce game is not a cakewalk. It is not just about creating a website, bringing in products and then selling the same. The E-Commerce industry is one of the most dynamic industries.
So, in order to stay competitive and an edge above your competitors, you need to keep up with the ever-changing trends. Let’s have a look at some of the development trends transforming the e-commerce industry in the coming year.
“Ecommerce leaders will have to keep with these changes (and trends) to survive and stay ahead.” Linda Bustos, an Ecommerce Expert
Artificial Intelligence (AI)
Artificial Intelligence has revolutionised the business world! It has become one of the major development trends in the eCommerce industry. In the coming days, it is expected that more and more organizations will embrace this technology to bring changes in several functions that they perform.
83% of businesses say AI is a strategic priority for their businesses today.
AI applications help in rendering an improved personalized experience to users by identifying market patterns. This is why companies these days are leveraging AI-based personalization strategies to boost business revenues. You can also hire ecommerce developer to build an online store for your business.
The playing field is poised to become a lot more competitive, and businesses that don’t deploy AI will be at a disadvantage, said Paul Daugherty
Also <a href="https://dev.to/scarlett8285/is-the-advent-of-ai-in-ecommerce-a-silver-bullet-57ci">Read</a>- “Is the advent of AI in eCommerce a Silver Bullet?”
Also, using Artificial Intelligence helps businesses to study customer behaviour based on people’s browsing history thus allowing them to provide with what their customers desire for. AI benefits have greatly influenced the eCommerce space. It is no wonder to say that,
AI is a tool, the choice about how it gets deployed is ours.-Oren Etzioni
Augmented Reality (AR)
The Augmented Reality (AR) market size is estimated to increase by over 195 billion U.S. dollars, increasing from roughly 3.5 billion in 2017 to over 198 billion U.S. dollars in 2025, says Statista.
There is a huge demand for online shopping these days as it makes shopping so convenient. But, there are many customers who still like to shop using the traditional ways. They would prefer to experience and see the product before they buy it.
That is what Augmented Reality (AR) does. It provides a whole idea of how something will look and feel in real life. For example, if a customer wants to buy a chair online, then AR will let him know how it would look inside their living room.
AR is revolutionising the way we shop by bridging the gap between digital and physical worlds –Muchaneta Kapfunde
In order to stay at an edge above your customers, you should certainly incorporate the AR feature in your eCommerce store so that the customers stay inclined to buy your product.
Voice Search
Smart voice-search devices like Google Assistant, Alexa, and Siri are disrupting the market space delivering users with required information. In fact, voice-empowered shopping has become a popular trend in the eCommerce space.
The voice search usage is seeing a huge growth and is being recognised as a trailblazer in the eCommerce development industry. It has become a preferred way of shopping that enables the customers to buy things online using voice searches.
Voice-based shopping is expected to jump to $40 billion in 2022.
So, you can use this technology while building your Ecommerce store. All that you require is to use relevant and long-tail keywords in the product page so that it appears in the queries made by the customers.
Marketing Automation
Marketing automation is not a new term in the e-Commerce space. In fact, some companies are already using it and have achieved 17% percent higher CTR using marketing automation.
Marketing automation techniques allow you to schedule social media posts and to automate email marketing. You can send out personalized emails to your prospects and customers for nurturing lead conversions. This is why,
Using marketing automation, you can use people’s shopping history to display new promotions and products so as to render an improved customer experience. Also, you can entice your users to buy from you which is very essential for any website to be successful. Even Joel Anderson, Walmart CEO said this,
“You can’t just open a website and expect people to flood in. If you really want to succeed you have to create traffic.”
Enhanced Shipping Options
The shipping strategy that you choose is the key to your online store’s success. A survey stated that,
- 38% of customers say they’ll never shop with a retailer again following a negative delivery experience.
- 60% of customers have chosen a competitor with more convenient delivery options.
- 45% of customers have abandoned a shopping cart because of unsatisfactory delivery options.
Amazon recently implemented enhanced shipping options using specialized drones deliveries in the USA. By assimilating the benefits of Google Maps, these drones can identify the shortest route to the delivery destination thus allowing you to deliver products in time.
Clearly, drone delivery will become one of the popular development trends of the eCommerce industry that will revolutionize the shipping methods being adopted so far by online businesses. Hire web developers for building enticing apps to increase customer engagement for your online business.
Social Payments
The coming year 2020 will render an incredible shopping experience to the consumers with the availability of social payment options. Popularized by Paypal, social payment options let the users pay for their online purchases using social media.
At present, almost all major social media platforms have come up with their own versions for online payment. ApplePay, WhatsApp Pay, GooglePay, Facebook payments, and Twitter Buy are some of these.
These social payment methods have contributed a lot in the eCommerce development. They work similar to a digital bank account, the only difference being that these work on a social media platform.
Subscription-Based Models
Ecommerce businesses have derived a number of benefits from the subscription-based models. This is why, Subscription based models have become one of the most noteworthy eCommerce development trends in the business world.
The subscription e-commerce market has grown by more than 100 percent a year over the past five years.
People prefer subscription models for buying products only if they are good enough in providing an end-to-end experience along with other tangible benefits, such as lower costs or increased personalization.
So, it's important that the online businesses offer the best subscription models to the customers that compels them to keep returning back.
The Bottomline
So, in this blog, I gave an exclusive sneak peek of the eCommerce development trends ruling the roost in the year 2020. You can incorporate any of these in your online store, in order to win and stay ahead of your competitors playing in the eCommerce field. Never forget the success mantra,
“Always deliver more than expected.” -Larry Page, Co-founder of Google
Always remember that connecting well with your customers and offering them with the right thing at the right time is the secret to a successful online venture.
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