Did you know that the first-ever online purchase was made on April 3, 1995, on Amazon’s website? Now you know. Learning the E-Commerce Trends is very essential for running an E-Commerce business.
Statistics show that 95% of online transactions will be done online by 2040. Besides, the eCommerce business is expected to be a $4.9 trillion industry in 2021.
What do these stats tell you?
From the figures, it’s clear that the eCommerce business is evolving at lighting speed and the trend does not show any signs of declining.
In this article, we are going to take a close look at 5 e-commerce trends you should keep an eyeon in 2020.
If you are looking to grow your e-commerce business, or if you are a small business owner preparing your e-commerce website for 2020 and you are unsure about the future of eCommerce, this article is for you.
From these e-commerce trends, it’s clear that eCommerce isn’t just growing rapidly, but it’s here to stay.
You should also get inspired to include these developments in your eCommerce business so that you are not left on the fence. Besides, the retail eCommerce sales are projected to reach $4.8 trillion by 2021. Don’t be left out. Implement these emerging eCommercetrends of 2020 and enjoy the benefits of eCommerce.
Electronic commerce, internet commerce or eCommerce is the trading or transfer of money and data using the internet.eCommerce is a type of business that’s not restricted by distance or time. People can buy and sell products or services across countries at any time.
The four types ofeCommerce models include:
This type of e-commerce model involves a business selling products or services to another business. For instance, a software company may sell a program or application to another business.
This is a type of eCommerce business where a business sells goods or services to a customer or consumer.
A consumer or buyer may sell goods or services to another buyer or customer. For instance, when a customer sellsa used MacBook computer via eBay to another customer.
This is when a customer sells products or services to a business or company. For instance, an influencer may promotea company’s products in exchange for money.
An eCommercefollows the sample principles of an offline or retail store in that a customer orders an item(s) through an online platform and the seller receives it.
The seller then processes the order and delivers the item to the customer.
If you do eCommerce business as required, you can expect your business to grow tremendously as you enjoy the benefits eCommerce offers.
ECommerce is becoming increasingly important in our lives and for many reasons.
Here are just a few of the reasons why eCommerce is becoming important in our daily lives.
Traditional commerce has been considered a job provider for many people in big cities for many years. However, eCommerce is seen to create more employment opportunities given that a graphic designer can make more money from home by providing online products anywhere at any time.
Local retailers can market their products and sell them online; experts can educate other people through the internet and make money in return at the comfort of their couches.
Every activity is automated hence the cost of maintenance is low. A customer orders items, the seller notes the order and processes it and then delivers the items to the doorstep of the customer.
Customers and sellers can decide what marketplace to use. Startups can promote and sell products via social media for free. This couldn’t be achieved by traditional commerce. That’s why eCommerce is becoming increasingly important in our lives these days.
In small cities, people are forced to buy limited products or services. Traditional commerce cannot satisfy customer demands and if you want to get all the items you want, then you may have to visit more than 3 stores.
With eCommerce, you can order anything you want and it will be delivered to you on time. You can even order items from more than one eCommerce platform at one time.
eCommerce enables sellers to sell products or services without spending too much, unlike traditional selling. With eCommerce, you are relieved from counter costs, security costs, shop rent, salary, etc.
As the eCommerce sphere continues to evolve, competition continues to get fierce. If you are looking to get into eCommerce business or to stay ahead of the competition, you must always pay attention to emerging eCommerce trends.
Regardless of the level of your eCommerce store, if you don’t pay attention to these trends, you are risking your business.
Take a look at these five eCommerce trends of 2020 and implement them into your business to avoid falling drastically behind.
People are using their mobile devices to not only shop online these days but also to browse or research before making a purchase decision. According to a 2019 report by Statista, more than 73% of all e-commerce sales are expected to come from mobile devices by 2021.
It is, therefore, important for any business owner wanting to tap into these benefits to improve their eCommerce experience for mobile customers.
Millennials and Gen Z make the largest percentage of those who are buying online through their mobile devices.
Website owners are now putting more effort to optimize their websites for mobile use. This is aimed at making eCommerce simpler and more accessible through different media devices.
13% of the US people who own smart speakers are said to have started shopping online by voice toward the end of 2017. The number of voice shoppers is expected to reach 55% by 2022.
The voice shopping trend is said to have become popular after the launch of the smart speaker-Echo by Amazon since 2014. This trend is expected to become increasingly popular in the years to come.
With voice shopping, customers shop by providing a voiced description of the items they are looking for. This way, customers don’t have to spend more time browsing for a product or item they are looking for.
Social media has influenced various aspects of our daily lives. These days, we can connect with friends, share, promote, and sell products via social media. Social media hasn’t been left out in the eCommerce wave.The inclusion or the “Buy” button on Facebook and the introduction of the Instagram Checkout has also led to the increase of social shoppers.
For this reason, businesses of all levels should start to think about how to take advantage of social media.
People are spending more time on social media platforms like Facebook, Instagram, etc. and eCommerce businesses can increase their visibility on the internet by use of influencers.
The good thing is that eCommerce platforms can integrate social media into their online stores making it easier for customers to find them.
As people are using their mobile devices to browse and buy products, mobile payment is also growing. A 2018 report shows that people using mobile payments increased from 26% in 2016 to 37% in 2018.
Undeniably, the world is becoming cashless. China is leading in mobile payments and soon and very soon, we can expect the whole world to adopt this eCommerce trend.
Mobile payment is no doubt here to stay given that comfort is a priority when it comes to eCommerce.
Worldwide online businesses are expected to spend $7.3 billion per annum by 2022 on Artificial Intelligence. This is because online retailers are looking for more personalized customer experience. This is a clear indication that retailers have no option than to use tools that will boost the way they serve customers to stay ahead of the competition.
We can expect to see automated marketing platforms that process offers timely to chatbots that answer customer questions promptly.
The role of AI is expected to grow stronger in the years to come given that retailers are looking for ways on how to understand customers’ reactions to products or services rendered.
A 2018 report suggests that 50% of shoppers will conduct business with eCommerce business offering a personalized experience. In fact, 74% of marketers admitpersonalization can build a strong customer relationship.
If you want to keep your eCommerce customers satisfied, you must personalize your online shopping experience.
Technology has advanced and today’s consumers are different from yesterday’s. To improve the shopping experience for your target customers, you need to pay attention and adopt the emerging eCommerce trends.
As eCommerce continues to evolve, don’t be left out. Evolve with it side-by-side by adopting these eCommerce trends.
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