The e-commerce industry had a fantastic year in 2020. eCommerce generated more than $3.53 trillion in sales worldwide. At the end of 2023, it is expected to have risen to $6.54 trillion. These figures speak for themselves when it comes to the global eCommerce boom.
In today’s world, the shift in consumer behavior is sudden and frequent! As a result, one must realize that catching up with market trends is not a luxury but a necessity for e-commerce businesses. Without further ado, let’s take a look at 6 e-commerce trends that will take over the ecommerce industry in the coming months.
eCommerce in the Midst of the Pandemic
The world around us has changed enormously since the pandemic shock happened. As the year progresses, e-commerce can only grow in importance, supported by new technologies. It’s predicted that the purchase behavior will drastically change as a result. A significant number of shoppers would eventually move away from in-store purchases to online purchases.
Revenue growth had increased to reach 68% as of mid-April, and e-commerce orders in the US and Canada had increased by 129% year over year. Due to the vast majority of the population being exposed to stay-at-home orders, conversion rates have also increased to almost 8.8% . The COVID-19 pandemic has shown many of us the value of getting an e-commerce business, and it’s safe to assume that if you don’t have one, you’re missing out on valuable sales opportunities.
Advertising That Is Contextual and Programmatic
This year, the eCommerce industry would see a spike in personalized and programmatic advertisements. By integrating with marketing analytics platforms, e-commerce businesses can obtain rich data on customers to understand the preferences of their target audience and implement programmatic ads for the same. Over a period of time, this method of retargeting will gain a better return on investment. To put it another way, it’s just about attracting the right viewers to the right ads at the right time.
Compared to traditional marketing, e-commerce businesses that use programmatic ads have a greater chance of attracting a wider audience.
Marketing automation, which is used by 49% of companies, shows no signs of slowing down. Customized landing pages and easy-to-use shopping carts are some of the trending and most-opted mechanisms by e-commerce businesses.
Automated marketing, when done correctly, would allow you to:
- Send personalized emails to your clients.
- Show new items and discounts based on the visitors’ previous purchases.
- Retarget customers for potential next steps in their purchases journey
You may also tailor the store products for each customer, thanks to the automation. What consumers click on during their visit has an effect on automated suggestions.
Artificial Intelligence (AI) In Marketing
In terms of automation and store personalization, eCommerce stores faced significant difficulties in segmenting customers and identifying trends based on their browsing background. Intelligent algorithms are now being celebrated as the answer to such problems. According to Business Insider, marketers that use personalization tactics see a 6% to 10% increase in revenue.
The consistency and scale of data have a significant impact on data accuracy. If you don’t have enough data, this can be difficult for small e-commerce companies. On the other hand, these companies can implement this tech by partnering with third-party vendors. It is predicted that more businesses will use AI-powered software. The reason? To provide each customer with a personalized shopping experience.
Omni-Channel Selling & Shopping on Social Media
It’s time to get on board with multichannel marketing. What is the reason for this? To begin with, customers purchase in a variety of ways, they purchase from marketplaces like Amazon, branded stores, eBay, mom-and-pop shops, on several platforms such as Facebook, Instagram shop and YouTube. Multichannel sale is expected to gain momentum among the eCommerce industry, which has been wary of the business model up to this stage. Social media is no longer what it once was. It’s no longer only a way for people to communicate with one another. Brands will also broaden their target markets by using social media as a marketing method. “Buy buttons” have been added to platforms including Instagram and Facebook, allowing retailers to sell through them. Customers can also make transactions via social media channels, thanks to the establishment of connections between online retailers and social media platforms.
In the United States, voice shopping has flourished and will continue to do so in the coming years. The fact that the global smart speaker market revenue is expected to grow from USD 11.9 billion in 2019 to over USD 35.5 billion, by 2025 is proof of this (as per Statista). Perhaps, the introduction of Alexa, Siri, Google voice assistant, and a few others’ introductions has fueled the rise of voice shopping.
Through voice shopping, customers describe items they want to purchase. Homeware, snacks, and low-cost electronics are among the most common goods purchased by voice shoppers. This pattern should be taken into account by online retailers, who should strive to provide consumers with the convenience they need when voice shopping.
The above-mentioned eCommerce patterns were intended to have a good view of what the future holds for online selling. Facts and figures suggest that the e-commerce industry has a bright future. Online selling has impacted a wide range of enterprises in various markets, transforming the way they do business. Because of the many advantages of e-commerce, companies are striving to establish an online presence. Organizations are adopting innovative technologies and marketing practices in response to the recent e-commerce developments, which are thought to increase online sales and revenue.
If you’re an online seller or want to start one, having these patterns in mind will help you sell more effectively online or even build a successful online company. You would, however, need to make use of available technology to accomplish this. Blue Logic Digital knows what it takes for an e-commerce business to prosper in this competitive world. Our e-commerce experts can strategize your store, go-to-market strategies, build your online presence across platforms and much more. Drop a line to build your own e-commerce store or to know more.