Top 5 Ecommerce Trends for 2020
The e-commerce industry is said to be on a substantial rise, seen through both the popularity and revenue produced. The Statista e-commerce research has suggested that there will be a projected $4.8 trillion made in online sales worldwide by 2021, an amount to which potential e-commerce owners should be jumping at, embracing this rapid growth that is expected to be experienced.
Since 2017, the e-commerce industry has been on the rise, but nothing like what is expected to be experienced within the next year. The once described 1.66 billion online buyers, will instead climb to great heights of 2.14 billion by the end of 2021.
As there has been much emphasis placed on the future developments predicted in the e-commerce industry, those involved can only await the trends that will be in place. In this article we will be discussing just this, what e-commerce trends should you expect in 2020, and how will they change the e-commerce industry for the better.
1. Artificial intelligence assistants
An issue experienced when it comes to online shopping, and that is the inability to see, try on and touch the product. This is usually the prime reason why people avoid online shopping as a whole, so they are not disappointed by order when it arrives.
Because of this, it makes it very difficult for e-commerce sites to be able to sell different types of product, from furniture, clothing and even technology, as there is this underlying lack of trust experienced throughout the buying journey.
2020 is hoping to solve this issue, through the use of artificial intelligence and virtual reality. Through these ever-growing technologies, customers can now have the opportunity to try the products on without needing to physically hold or buy them.
Technology is working perfectly to revolutionise the customer buying experience, through digital systems being able to offer a better quality try as you buy, home buying experience.
2. Shopping through social media
Social media has quickly become more than only likes, comments, shares and followers within the last year, and it is said to only adapt even more within the future. The way in which it has changed is through the development of social media shopping.
There are many channels and pages dedicating their posts to encouraging their followers to buy amazing products through e-commerce marketing, and it is working. There are now 55% of online shoppers buying directly through a social media brand post.
It has become rather easy for almost anyone to sell through social media, with sites allowing the use of their own, embedded click-through links. This allows the audience to click the link and be taken straight to the product page. This not only makes it much easier for a customer to find a product they will like, quickly but also increases the potential of impulse buying.
Proving that social media is a powerful tool and that its value within the ecommerce industry is working, influential and will only continue to grow in the future!
3. Flexible payment options
This is a great amendment for those e-commerce sites that tend to sell products that reach the more expensive, higher end of the shopping sphere or are looking to offer an affordable option to those currently without the means to splurge on your product. If this is the case, finding a solution and allowing customers to make that transaction that they otherwise could not have afforded is crucial in hitting sales targets.
However, through new app developments, 2020 is said to see the increase of e-commerce sites using available, flexible payment options. These are giving the customers the choice to order the product now and pay later, setting up a monthly direct debit payment process, or order the item on just a trying basis. Sites that are already offering this option to customers are ‘Clearpay’, ‘Klarna’ and ‘Afterpay’.
These services make larger payments more attractive and appealing to those who may not be able to purchase the product in full, and in fact, the process is working; with Afterpay seeing an increase of transaction conversions rates up by 30%, due to there being the more affordable, split payment option.
4. Environmental mindfulness
Caring about the environment has become less of a personality trait, and more of a worldwide trend in the past few years. Many consumers are much more conscious of the environment, and the way in which the products they would like to purchase will impact it.
This can actually be a reason many will deflect buying something they need, if in doing so they are only causing more harm, or contributing to climate change.
To ensure that products are still purchased, businesses are jumping on the e-commerce trend to ensure that they offer eco-friendly products. Research has found that 87% of consumers say that they will continue purchasing from a brand if they offered a social or environmental benefit.
Working as a trend, many businesses are now working to reduce product shipping waste by sending their products within biodegradable, recycled materials.
5. Shopping personalisation
According to Bazaarvoice, more than 50% of shoppers believe that a personalised shopping experience is very important, with 74% of agreeing marketers saying that personalisation has a strong impact on advancing customer relationships.
Online shopping can sometimes become a bit of a chore, with the time it takes to sift through thousands of pages to find a product to be rather extensive, something many just don’t have the time or effort to complete. This is where the personalised experience comes into play.
A personalised experience will avoid the occurrence of poor reviews, disappointing customer experience or the chance of potential customers avoiding the online store altogether.
The company can offer personalised messages, discounts and customer engagement to make the consumer feel included and that they are receiving personalised offers, instead of being a small part of their sales journey.
With the development of various digital advancements, the e-commerce industry is definitely benefitting and changing in a way that is making the industry a much more popular sector to be involved with.
With the potentials the e-commerce industry is said to reach within the next year, there is no reason why those involved within online sales, should not use the up and coming e-commerce trends to make these potential statistics a reality and be a part of expanding the businesses for the better.
From shopping personalisation, flexible payment schemes, the assistance of AI and environmental benefits, e-commerce shopping has never been more appealing to a wider stretch of people, and will likely continue to be so within 2020.