The dynamic world has made the eCommerce business both scary and exciting. Changes either help us to grow or face new challenges that we are not able to sustain. This business is still expanding bigger and brighter than before. This content will give you a sneak peak of the eCommerce growth in 2020 and beyond.
#1. Global eCommerce Sales:
The market share of eCommerce business is 17.5% of the total global retail sales. Studies state that eCommerce sales will reach a new high by 2021. It is going to grow approximately up to 265%, from $1.3 trillion in 2014 to $4.9 trillion in 2021. eCommerce business has more opportunity for growth in future. This shows that traditional business should embrace online business trends along with their offline business.
#2. Prevalence of Omni Channel:
Omni channel shopping means to know what, where, when, why, and how people are purchasing the products you sell on a particular channel. Multi channel shopping is on the works for instance, people search for the product online but then buy in-store directly. Knowing your customers taste and preferences will help you to promote your product. Make sure that you adapt click and collect strategy, where shoppers can purchase online and pick it up in a store close to them.
#3. Shopping through Social Media:
Instagram, twitter, Pinterest, Facebook and YouTube are the social media channels which provide shopping facilities just a button away. social media allows businesses to enable product tags in their posts. when people tap to view a product, they usually see the product image, product description, price and a link where they can purchase the product. Social media is a tool for hassle free communication.
#4. Cross Border Shopping:
Study shows that 57% of online shoppers have made online purchases from an overseas retailer in the last six months. Shoppers are looking for products online outside their home country. Growing eCommerce trend is going global. Make sure that you invest in infrastructure and technology which will help your eCommerce business to adapt to overseas buyers.
#5. B2B eCommerce:
B2B eCommerce is the online selling and marketing of products from one business to another. The target audience of b2b company is not a consumer, but another company. So these companies require a unique approach of marketing and branding their products. B2B buyers usually need to go through various steps including sales representative interaction, negotiations and approvals before they can make a successful purchase.
#6. Mobile Shopping:
With their mobile devices shoppers can now browse, research and purchase products whenever and whatever they want. more than 50% of all internet traffic is from mobile devices. google has also shifted its algorithm towards mobile users. The websites that perform best on the mobile will be ranked accordingly. websites which do not accommodate mobile users, will have low readability and slow page loading speeds. To optimize your site, Google provides you with few tools to check if your website accommodates mobile users.
#7. Voice Commerce:
Voice operating assistants like Alexa, Siri or Google voice console are going to be the buzz in the new year. A very recent trend to the eCommerce world is the rise of voice technology. It has led to new ways on how people interact with brands through voice activated online browsing. As soon as the device has input, it will detect the language in which the query has been asked. The keywords in the query will be captured and answered accordingly. Voice commerce are faster, easier and time saver.
#8. New Payment Modes:
Flexible payment mode has become the priority of online business this year. Popular payment services such as Google pay, PayPal, Google wallet, PhonePe and more have significantly helped to increase the conversion ratio. This digital mode of payment allows the customer a frictionless shopping experience. In fact 70% of people expect that digital payments will overtake cash and cards by 2030. The more convenience you provide in payment, the more and better results you reap.
The competition online is already stiff and it is only going to get tougher in the coming years. So arm your website with new trends for eCommerce to help you get ready with the changes of the coming years and elevate your eCommerce business in 2021 into a new height.