Every year, people from all walks of life make new promises. Ecommerce, like all activities, is a dynamic platform that constantly introduces new opportunities and trends. The pandemic has only aided Ecommerce's growth. It is no longer an option to have a digital platform; it is now a requirement.
E-commerce has grown by 36 percent in terms of volume and 30 percent in terms of value, year over year. According to Shopify, ten years of Ecommerce growth occurred in just 90 days during the peak of the pandemic. The market has seen fierce competition during this time, with businesses catering to their customers like never before.
We understand that customers' preferences and trends change so quickly that it can be difficult to keep up. Thus, we've compiled a list of some of the Ecommerce trends to keep an eye on in order to steer your business in the right direction:
Sustainability and Ethics
Climate change's negative effects are becoming more visible by the day, requiring the attention of the ecommerce marketplace as well. One of the most recent and emerging trend in online retail is sustainable commerce. As a result, it is critical for brands to provide eco-friendly experiences to their customers. According to a research, customers are more likely to purchase from a company that uses eco-friendly packaging and shipping. This is something that the younger generation is willing to pay more for. Brands are also learning that profit isn't the only important factor in running a business. When you think about it, it's a win-win situation because you're not only earning the respect and admiration of your customers, but you're also making the planet habitable. 92% of consumers according to Forbes say they’re more likely to trust brands that are environmentally or socially conscious.
Some well-known brands are also moving toward a more sustainable model. As consumers become more conscious, green consumerism is unquestionably a trend that E-commerce brands must consider.
Aside from that, buyers have become more progressive in terms of a company's moral image. The audience is more likely to support or oppose brands based on their ethical stance on important issues.
mCommerce and Voice Search
Mobile shopping is the most popular division of mobile commerce which deals with the purchase of products from the comfort of one’s mobile device.
Mobile commerce has accelerated in recent years as people's preferences for convenience have grown. Starting with Generation Z, the trend has only grown among other generations. People are relying more and more on the convenience of buying products in a click or two as apps and websites become more user friendly and easier to access over the phone. Easy and diverse payment methods have also played a significant role in increased mobile sales.
Business Insider Intelligence suggests that a 44% growth in ecommerce to be owed to mcommerce by 2024.
Voice shopping, which began with Amazon Echo, has revolutionized the market, encouraging an increasing number of people to shop without even relying on visuals. However, this is only applicable to items that do not require a lot of visual attention, such as everyday food items.
Rise of AI, AR and ML
If you know anything about ecommerce, you've probably heard of the terms mentioned above.
AI/ML has become an integral part of our shopping experience without our knowledge. With each search, machine learning learns our likes and preferences and presents us with products that are relevant to us, while AI assists us in shopping from the moment we add an item to our cart to the moment it arrives at our door.
Both of these enable shoppers to have a one-of-a-kind hyper-personalized experience that is on par with, if not better than, physical shopping. As a result, if you own a store, you should consider implementing more AI and AR-based technology to increase the value of your brand. On the other hand, customers can use AR solutions to customize and rotate a product from any angle and even try it on! Furthermore, according to research, 63 percent of people believe that augmented reality will improve their shopping experience. Here's why personalization is one of the most important current trends.
A lot of users prefer Enalito as it is also an AI/ML-powered email marketing and personalization platform, which enables marketers, brands, and eCommerce professionals to deliver one on one personalized shopping experiences and engagement with their customers across all digital channels, resulting in a genuine Omni Channel Experience.
Utilize The Power of Various Payment Options
Although cash on delivery is widely acknowledged to be the safest payment method, the younger generation appears to prefer the convenience of online payment. Every day, new payment methods are being invented by brands. Optional payment methods other than debit card, credit card, and Paypal should be considered, as shoppers frequently seek fee-free payment methods. Keeping more options on hand is likely to increase your customer base and decrease cart abandonment.
Buy Now, Pay Later (BNPL) has also emerged as a viable payment option. This method, in particular, has gotten a lot of attention because it allows customers to pay in installments over time. It is preferred over credit cards because it is an interest-free method.
Aside from that, the future may see the use of cryptocurrency as a feasible method of payment.
The Global Payments Report of 2021 by WorldPay (from FIS) projected that digital wallets would make up 51.7% of e-commerce transactions by 2024.
It is a much simpler concept than the name implies. It is an ecommerce technique in which the front and back ends are separated to improve the ecommerce experience. This approach allows both ends to function more independently, allowing the front end to deliver high-quality content while the back end handles more functional aspects. It makes use of a variety of resources, the most important of which are APIs, which enable developers to deliver customer experiences on any platform required.
Brands prefer headless commerce because it enables users to virtually turn any screen into a digital retail store, among other things. It enables you to use existing content management techniques to publish new product updates. Through a single back end, one can sell their product or service on any platform that their customers use, while also allowing their developers to use a language and framework that they are familiar with.
According to Forbes, over the last two years, over $1.65 billion in funding has been raised for headless technologies.
Customer Feedback is Becoming Increasingly Important
Lastly, the adage "customer is king" has stood the test of time. Your top priority should be to accommodate your audience and make them feel valued. One excellent way to accomplish this is to solicit feedback from your customers in order to improve their overall experience. The plan is to give them exactly what they want. If used correctly, social media can be a fantastic tool to understand and communicate with your audience.
Struggling to get customer feedback? Here are 7 effective ways to encourage customer reviews.
How Ecommerce Trends Shape the Future of D2C
D2C has emerged not only as a perfectly good marketing strategy, but also as a distinct business model in its own right. The model is rightfully gaining popularity in many countries, including the United States, India, Japan, and China, because it allows customers to obtain products and services directly from the manufacturer, cutting out the middlemen. As it has become clear that brands using this model use their own channels from beginning to end, it should also be noted that any physical outlets that are set up, if any, are designed to encourage online sales rather than sales from the store itself, while also promoting brand awareness and customer engagement. E-commerce platforms have transformed conventional intermediaries with an online marketplace with advertisements. According to a Salesforce Research study, "99 percent of consumer goods company leaders are investing in D2C sales." The basic idea is to own the entire customer journey, beginning with purchasing patterns, moving on to the checkout process, the post-shipment experience, and finally the feedback process.
The online market is no longer what it once was, which is why it's critical to think about e-future commerce's trends. By providing a hyper-personalized experience, the eCommerce industry can meet the expectations of buyers. If your online business isn't prepared for future e-commerce trends and customer expectations, standing out can be difficult. The rise of online shopping is being fueled by convenience, personalization, and a feeling of belonging. User-generated content, virtual product try-ons, direct interaction with brands and peers, and instant gratification are just a few of the exciting new features that technology is bringing to social shopping. Enalito will assist you in reimagining your strategy to incorporate great elements by introducing innovative and engaging formats to bolster the effectiveness of your campaign.
So, what are you holding out for? Now is the time to try out our free demo! Enalito