E-commerce Future Trends: -E-commerce revenue in the United States alone was $225 billion in 2020 and is expected to grow to $320 billion by 2022 and 2023. The largest segment of transactions was retail sales, accounting for $214 billion in 2018.
What is E-commerce?
E-commerce, or electronic commerce, is a transaction of buying or selling using computer networks, such as the Internet. Electronic commerce draws from technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, and online transaction processing. The number of e-commerce businesses worldwide reached 375 million in 2020.
Now you know what e-commerce means! In your opinion, why should anyone have an e-commerce website?
People buy goods over the internet because it’s convenient and can be done 24/7. People that don’t have the time or ability to go out to a store can use an e-commerce site to order what they need when they need it.
E-commerce stores offer a simple solution for those who wish to buy goods online, as there is no need for them to enter their credit card details anymore, as long as they have funds on their account on the e-commerce platform. In addition, people might not feel comfortable buying certain products in person as it would make them feel awkward due to shyness, whereas over the internet buyers won’t have this problem.
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Why should anyone have an E-commerce website?
An e-commerce website helps promote your business online, however, it cannot be just any website. An e-commerce website is different from a normal business site in the sense that it has specific functions which pertain to selling goods and services online, rather than information about your company or its history.
This means you will need more than just a static HTML website in order to accommodate an e-commerce store, which is why you will most likely need shopping cart software in addition so that customers can purchase products easily.
What are the advantages of having an e-commerce platform?
When people shop online there are going to be certain benefits for them as consumers compared with buying from a physical store, such as:
- No queueing – E-commerce sites allow buyers to browse and select products without having to wait in line until they are served like a regular store. This means they can shop and make payment at their own pace.
- Convenient – Not having to go out of your way to purchase goods or services, while still being able to outperform physical retail stores in terms of product choice, is the convenience e-commerce shoppers enjoy.
- Accessibility – The online world is accessible anywhere with an internet connection so you are not restricted by geographical location when shopping online. All e-commerce sites have very high conversion rates because buyers can browse products anywhere, anytime before making a purchase decision.
E-commerce Future Trends
Here are some upcoming e-commerce future trends that can impact your business growth in 2022:
1. Omnichannel shopping
What is omnichannel shopping? Omnichannel simply means “a company’s desire to offer their customers a unified personalized experience across multiple channels (e.g., via phone, online, in-person) regardless of distribution touchpoint” according to the Google dictionary. This basically means that companies want you to feel like no matter how or where you buy something there should be some kind of basic consistency between each other.
Omnichannel is the newest trend in e-commerce, as customers are shopping on laptops, mobile phones, and tablets at their convenience. Brands must understand their customers before they make a purchase as they would like to know shipping options as well as the return policy.
In order for an online store to survive, it must have a user-friendly website that can be navigated by multiple devices. Retailers have also started to use social media platforms such as Pinterest and Instagram to market products through Carousels or Buyable Pins.
Social media is very important with omnichannel shopping because users follow brands on these channels and if a Facebook ad was shared from an influencer who purchased your product from Wal-Mart for example, it would be a sign of trust and credibility.
With the expansion of online buying and selling, customers want to get their products in a single click itself without having to go through different steps at each site. So they prefer an option that lets them buy from multiple retailers in one place.
2. Various payment options
People these days are more inclined towards playing with cashless methods like Credit/Debit cards, net banking, and digital wallets (Paytm, Google Pay, etc.). Customers’ desire for novelty and new ways to pay need various forms of payment options on e-commerce platforms so that they can choose the best among the many types of payments available according to their convenience.
A variety of payment options is crucial for customer satisfaction, especially in cross-border transactions which are now more popular than ever.
According to Global Payments Report by ACI Worldwide & The National Retail Federation Commerce Quarterly, there’s nearly $1 trillion worth of total B2C eCommerce sales expected in 2021. ANd marked by double-digit growth throughout this period; multiple payment methods will make it easier for consumers all over the world to buy stuff online without worrying about how to pay (especially beneficial for emerging markets).
Online customers get flooded with choices when it comes to e-commerce; also, they get exposed to a variety of sites and products at the same time. To consider what all customers may find useful and like can be overwhelming for an online customer.
Thus, retailers need to know the use of Artificial Intelligence and how to use it in web design to understand customer behavior and preferences in order to create user profiles and proactively present personalized offers across multiple channels based on individual interests & needs.
Artificial Intelligence will play a significant role in the E-commerce Future Trends by helping marketers personalize each customer’s experience with such diverse data as their demographics, past purchases, browsing history, and even how they browse or search for items across websites apps.
This is an effective way to reduce shopping cart abandonment rates and provide consumers with a better product discovery process throughout all stages of the funnel (consumer research, purchase, and post-purchase engagement).
4. Voice search
Voice search has recently become the next big thing in mobile apps and commerce: according to Google’s latest findings, 20% of mobile queries come with voice acting, and consumers’ interest in using voice assistants is expected to grow exponentially by 2022 and 2023.
Customers are increasingly inclined towards ordering or buying stuff just by saying into their smart speakers or other devices such as smartphones or iPads. Brands should be aware of this tendency and provide their e-commerce websites with a voice-friendly interface so that the customers could easily order products they need by speaking to their devices.
While mobile browsers are already predicted to overtake desktops within two years, voice search – which was recently introduced on Google’s smartphone assistant – is expected to make its presence at least 4 times bigger than it is now. According to ComScore, Google voice search already accounts for around 20% of all mobile queries – an impressive statistic, especially given its limited availability.
Online shopping is on the rise, and in 2022 they will expect a seamless experience with just-in-time delivery. Investing in eCommerce trends now can help you stay ahead of consumers’ demand for convenience as well as an unforgettable online retail atmosphere!
To differentiate yourself from your competition make sure that those areas where there’s growth potential (or was) such as social media analytics tools or personalization approaches aren’t overlooked when planning out future marketing strategies.