In the history of the eCommerce sector, both potential and competition have never been greater. Brands are beginning to see the point in prioritising customer lifetime value and fostering brand loyalty as the return on advertising investment plummets.
The future of eCommerce will be largely based on Online shopping trends. Customers expect brands to be transparent, sincere, and accessible, particularly on social media, where they spend the majority of their online time. With firms investing in live shopping and social eCommerce trends, online shopping is at the forefront for consumers of the future.
Companies that sell their products directly to consumers (DTC) are increasingly investing in online communities to personalise their brands, boost client retention, and reduce soaring advertising costs. It is to an eCommerce merchant's advantage to know the influence trends wield on consumer purchase behavior in order to rationalize and proliferate their SKUs.
What Role Do eCommerce Trends Play In Shaping The Landscape?
The e-commerce industry is getting more and more cutthroat. Ecommerce trends must be continuously tracked if one is to stay ahead of the competition. No matter how developed your online store is currently if you don't stay up to date with eCommerce trends, you run the risk of slipping significantly behind. You must be aware of these developments in order to profit from them. Because of this, it's crucial that eCommerce trends are examined and incorporated as soon as possible. This can help you advance your e-commerce brand and keep you one step ahead of the competition.
Here are some eCommerce trends to keep an eye on in 2022 if you want to stay on top of the competition and expand your retail brand:
- Voice search will become more prevalent
More people use voice assistants to carry out regular tasks in addition to owning smart speakers. By 2025, 75% of households, according to Loop Ventures, will have a smart speaker.
More people will use voice search to conduct online shopping, place restaurant orders, and manage their daily lives as more houses embrace smart speakers. In terms of keywords and content, the rise of voice search presents an opportunity for eCommerce evolution.
- AI assists retailers in learning about their customers
It is now feasible for customers to have automated, personalised shopping experiences thanks to artificial intelligence (AI) and machine learning. AI is always gathering information on customers' shopping habits, the timing of their transactions, and the qualities they want in a good or service. It's a piece of technology that can't actually be duplicated in a physical location.
AI allows eCommerce businesses to streamline their operations in addition to growing audiences who become devoted patrons. For instance, modern chatbots may now produce pertinent offers in real time and offer clients support as soon as they need it. By replying faster and resolving up to 80% of common questions, chatbots actually assist businesses in saving up to 30% of customer service expenditures. AI also helps firms estimate demand and set prices and offers for the best conversion rates. Although there are countless uses for artificial intelligence now, e-commerce is only the tip of the iceberg.
- The growth of mobile shopping
In recent years, mobile shopping has grown significantly. Customers from all over the world plan to use their smartphones or tablets to buy goods and services. As mobile shopping increases, online businesses also adopt the mobile-first strategy. For online purchases, people are more likely to use their smartphones.
In 2022, there are expected to be 7.26 billion mobile users worldwide. And in the upcoming years, this e-commerce trend will continue. Nowadays, customers frequently verify the merchandise on their portable devices before placing their orders. For online retailers, it necessitates the use of mobile optimization.
- B2B eCommerce will keep outpacing B2C eCommerce
Both B2B and B2C businesses are changing their strategies in response to the emerging trend of eCommerce. In business-to-business eCommerce, suppliers sell products to other business owners.
Additionally, B2B reduces the inconvenience of manual procedures by employing an online sales gateway. Through internet platforms, it enables businesses to sell and distribute their goods to other businesses. However, a larger online presence at a reduced cost will enhance your sales.
- Rise in Adoption of Subscription Models
Customers that buy digital products prefer subscription-based business models to one-time purchases. It gives them self-assurance regarding their expenditures. Additionally, eCommerce business owners find it to be a simpler approach to bring in new customers and keep them coming back.
Over the past few years, this eCommerce model has gained popularity. You may lay the groundwork for your internet business by having a solid understanding of how it operates and by establishing a reasonable pricing strategy. Customers can pay recurrent fees on a monthly or annual basis to access a good or service. Customers need not pay a significant sum all at once as a result. Instead, customers have a limited time during which to use the goods. With the option to choose whether to renew the subscription after it ends.
Companies like Netflix and Apple Music are converting to subscription business models in order to develop enduring relationships with their customers and recurrent income. Additionally, digital payment systems like PayPal, Gpay, and Paytm make it simple to set up regular payments.
- Utilising AR to visualise purchases
Having everything delivered to your door thanks to online shopping makes modern living simpler. You can now make the purchase in only a few clicks, saving time on traffic and line waiting. You also have the freedom to quickly compare the price and quality of many different things as you shop. There is a better understanding of online shopping trends with the help of AI which pushes products online which have better visibility.
Online purchasing does have a significant drawback in addition to its many advantages. Not every time can you see the product in great detail. Customers can make incorrect assumptions about the goods and experience discontent. Virtual and augmented reality, however, can close this gap. It gives you a 360-degree view of any object or location. As a result, it is simple for you to see how it will help you achieve your goals in real life.
As a result, VR offers customers a virtual tour of how a thing appears in real life. Furthermore, AR provides additional information so that users can decide whether or not it suits their demands.
Take the well-known beauty retailer Sephora as an example. Customers can try on various products and create different looks using their "Virtual Artist" tool. This gives them more self-assurance and guarantees a unique shopping experience. Anyone is unlikely to say no to this facility, especially fashion enthusiasts.
- Headless eCommerce
Due to its simplicity, headless eCommerce is becoming more and more popular among store owners. It employs two distinct technologies, the front end and the back end. The standard front end promotes content use, whereas the eCommerce back end successfully manages your business activity.
The front end and back end of your eCommerce platform are separated with headless eCommerce. Consider a scenario where a customer hits "Buy Now," and the store is contacted right away to obtain data from the backend. This is basically how traditional eCommerce works. By leveraging an API to access the data, headless eCommerce will speed up the transaction.
- Social Media Has Arrived at Online Retail
Social media now serves as more than just a means of interpersonal communication. Social networking platforms enable retailers to sell their goods directly while also advertising their goods and services. Shoppers on social media can now buy items by clicking the Buy button on Facebook or Instagram Checkout.
The social media platform is frequently the initial point of contact for many customers with any company. Consumers today prefer to read reviews written by actual people. They support the brands and are more likely to purchase goods from such businesses.
As a result, social media emerges as a remarkable marketing technique to boost client loyalty and maximise sales for your company. Both social media users and social influencers are steadily growing in number. Therefore, in order to explore more chances for their stores, online retailers need to develop stronger social marketing techniques.
What's in Store for eCommerce?:The Takeaway
Let's look at the statistics that illustrate the potential future change of the eCommerce sector in 2020 and beyond.
- Nearly 95% of all purchases are anticipated to be made online by 2040.
- In 2022, it is anticipated that e-commerce would generate 5.4 trillion US dollars in revenue.
- Online retailers who are active on social media often see a 32% increase in sales.
- 52% of eCommerce companies, on average, have omnichannel capabilities.
- By the end of 2022, it is anticipated that mobile commerce will account for 72.9% of all eCommerce.
Since eCommerce evolution has linked people, technology, and other human beings together, we will constantly look to the future. It's never too late to get started, learn something new, and determine if it's appropriate for your company, that much is certain. Consumers are currently in control of the journey, which will be tailored for them by eCommerce companies.