Top eCommerce Trends You Canâ€™t Afford to Ignore in 2020
Are you searching for ideas to enhance your own online eCommerce business? Check out the top eCommerce trends you need to follow in 2020 that will harbor optimal growth and ROI. eCommerce has been relentlessly growing around the globe over the past few years and is not going to stop anytime soon. As per Statista, eCommerce sales reached $2.3 trillion worldwide in 2017, and are expected to grow to $6.5 trillion in 2022. The expected global sales for 2020 turns out to be an anticipated $3.9 trillion.
The eCommerce industry has transcended the physical stores. And, the online revenue continues to grow every year. With 47% of transactions, Amazon has outperformed Walmart as the worldâ€™s biggest retailer. So, the total retail sales are now 16.4% global eCommerce, accounting for more than 75% of overall retail growth.
How Amazon Leads the eCommerce Trends Race, Let’s See Amazon, launched in 1995, was exclusively an online book store. Within a month, the company started shipping books to over 40 different countries. Since then, Amazon is rising and has now become a global giant in the eCommerce industry. It went from selling only books to now selling clothing, housewares, furniture, toys, and so on.
Amazon’s success largely stems from its innovative technologies and practices, many of which were championed by its CEO, Jeff Bezos.
“I’m going to do this crazy thing. I’m going to start this company selling books online.”– Jeff Bezos Looks like Jeff Bezos knows precisely what he needs to do and what his customers need. He did what he said! Determination and Experiment Constantly is the key reason for Amazon’s listings ranking on the top in Google searches. Following Amazon’s footsteps, many marketplaces like Etsy, and eBay have immediately become some of the top go-to places to fulfill online shopping needs.
But now, as businesses experiment a lot, the online retail space is changing swiftly. With the rise in eCommerce stores, things (the ideas, techniques, and strategies) change to create a better online shopping experience.
To bridge the gap between how retailers sell their products and what their customers expect in the digital economy, here are the top eCommerce trends that dominate the eCommerce industry in 2020.
Top 11 eCommerce Trends for 2020 While not all of them are the latest eCommerce trends in essence, and most of them have stuck around for a few years now, there are some that will hit the industry for the first time. Let’s get on with what 2020 has for us in store.
1. Voice Search and Home Assistant will Become Mainstream “voice shopping market is expected to soar from $2 billion to $40 billion by 2022.” Voice search and home assistants – Google Home, Alexa, Google Assistant, Siri, Android Phones, Microsoft Cortana – are set to drive your eCommerce business in 2020. Voice control features function faster, to help you bring your desired products out of the enormous market effectively and quickly.
With voice assistant devices rising in popularity, users are also increasing their usage. As per an online survey, an ever-increasing number of customers make their searches by voice to experience online shopping. In fact, according to The Verge, “39 million Americans reportedly own a voice-activated smart speaker” These are adding one more channel to the omnichannel eCommerce that is operating full-throttle already. Voice savvy customer experience has already taken over the American market. According to Voicebot.ai, “A focus on voice search will dominate in 2020. Organizations will seek new opportunities to tap the power of virtual assistants and conversational AI”
This will help customers to learn and engage more with the brands through next-generation SEO and conversational calls to action that solves their relevant queries.
The Imperative Integrating voice search into your websites and apps, and optimizing them is your next step. The easiest way to get into the smart home voice assistant market right now is to launch the Alexa Skills Kit. Choose a headless digital experience platform to add this new channel and manage it constantly.
2. Personalized Experience Persists According to research by Dynamic Yield, “9/10 shoppers believe that mobile shopping experiences can be improved.”
Personalization is the next big trend of every eCommerce business success. The whole game depends on how smartly businesses leverage this trend to tailor their product offerings and content based on behaviors, interests, and past purchases of the customers. Many online stores are using interactive content like quizzes and surveys to build fully customized products that cater to every customer’s needs.
The entire eCommerce industry is at present experiencing a digital transformation to use big data to set its relationship with buyers. Amazon has attributed around 35% of its total sales revenue of the product recommendations that its engine makes to its customers. Most of your prospective customers are keen on saving time in their busy lives. They ‘d rather choose a way to shop that saves their effort and gives them what they need in a jiffy. When many customers think
that eCommerce websites and apps could offer them better experiences, personalization is the rule of thumb rather than a trend you should follow.
The Imperative Catering personalized experiences in the form of the product and offering recommendations based on the customersâ€™ journey, preferences, and behavior is the way to go in attracting and retaining customers.
3. Progressive Web Apps Transform the UX Progressive Web Apps (PWAs) is the next great trend that will rule in 2020. This is the new standard of going about the dual business of capturing your audience on the web as well as on mobile. It has the best of both worlds.
The demand for PWA development is rising since it encourages your eCommerce business to achieve the target audience with negligible time, effort, and expenditure.
With PWAs, brands can achieve a fast-loading, compelling mobile experience, easy use of pre-installed web browser, responsive website, offline capabilities, push notifications, and so on, to deliver better connectivity and fast user experience.
For example, Alibaba, by upgrading the website with a PWA, had the option to observe a colossal increment in its business success with conversion rates reaching 76% across various other browsers.
The Imperative The world is quickly shifting to PWAs as they offer native-like experience and don’t have the downsides that cross-platform apps do.
4. Shoppable Videos: The New Face of eCommerce Today, brands can’t ignore videos in their marketing strategy. It is one of the quintessential ways to engage customers, increase traffic, and improve conversion rates.
“90% of customers say videos help them make buying decisions.” While videos can be short and intuitive, making them actionable is a daunting task. With shoppable videos, brands approach an enhanced video marketing strategy. These videos are one step ahead of traditional videos used for eCommerce marketing.
There are many brands using and experimenting with shoppable videos in the form of animation, short brand film, product videos, FAQ or even testimonial based videos. This strengthens their brand message engaging and interactive.
For example, TikTok is now the next big social commerce destination for every brand. In April 2019, the platform offered its first shoppable video ads for brands. And in November 2019, TikTok started beta testing shoppable videos with selected influencers on the platform, and now ruling on the internet.
The Imperative The video is one of the most important current trends in eCommerce that you cannot afford to leave unexplored, leave alone shutting your eyes to. Be creative and use videos to strike a connection with your customers. Break from the beaten path and see how you can use video to set your products apart from the crowd.
5. Image Search This one is an entire game-changer in the custom eCommerce development niche and the market. This trend will set apart the image search enabled eCommerce applications from the ones that aren’t.
It is one of those latest eCommerce trends that will empower its users. It will allow the user to refine the search as much as possible in contrast to the keyword-based search where the query results are only as accurate as the user’s ability to describe a product. The engine’s recommendations for viewing similar items also add up to the “don’t make me think” rule.
The Imperative Integrate the image search functionality to your web and mobile app to make search more user-friendly and boost keyword searches by giving a context to the user to make better searches.
6. Customer Services is Better Automated with Chatbot Chatbots are moving at full throttle and are on their way to becoming a staple in eCommerce website development. Its popularity can be seen by the fact that 80% of businesses want chatbots by 2020.
Chatbots improves websites with better-automated customer service for 24/7 to engage with every customer visiting your pages. This gives a rescue to save users from getting engaged in phone calls with executives. Chatbots resolve the same problems in less time and with much fewer resources. Whether giving the answers to FAQs, guiding customers to the products theyâ€™re looking at, or taking down support tickets â€“ chatbots are a flexible tool. Theyâ€™re being adopted by websites at an amazing rate. In fact, projections show that by 2020 roughly 47% of organizations will have chatbots deployed to support customer service.
Chatbots, much contrary to the belief that they are depersonalizing customer service, are streamlining it in a much better way than human executives may. They are great at culling the right answer for the queries and grievances and connecting customers to the right human executives when needed.
The Imperative Invest in automating your customer service through chatbots. They are the best way of not only saving your customerâ€™s time but also providing a personalized experience.
7. The Love for Machine Learning and Artificial Intelligence Gets Deeper Artificial Intelligence (AI) and Machine Learning (ML) have introduced an entirely new level of data processing which leads to deeper business insights. Creating more focused and fulfilling experiences, successful marketing campaigns is what we are talking about.
Both AI and ML are the force behind the chatbots and recommendation engines. These technologies are making it easier to segment customers and allows you to analyze customer behavior and preferences to make products and offer recommendations for a personalized experience, apart from allowing you to automate customer service.
AI and ML play a crucial role in controlling cyber attacks by delivering real-time fraud detection and identifying anomalies.
The Imperative AI is revolutionizing the online shopping experience by introducing the visual search engine in the eCommerce sector. It is the most stimulating trend that helps the users by making their buying process easy with just a single click.
8. AR and VR are Ready to Change the Game According to Deloitte, “90% of companies with annual revenues of $100 million to $1 billion are leveraging AR/VR technology.” Augmented reality combines virtual reality to offer live and real visualizations to the real world. In this manner, customers get a real-time experience. By empowering AR, you can offer customers a continuous experience in shopping, furniture dislocation, selecting a design for the kitchen, and so on.
Brands like Walmart are already investing generously in both AR for providing out of the ordinary browsing and shopping experiences to their customers while they are in their consideration phase. IKEA, in fact, took it to the next level with its app called Space, which lets you place their furniture into your space via augmented reality, so you can decide if it’s the right choice and the right fit. Thus, the customer’s interaction with the product is emotionalized. The high-resolution graphics enable customers to see machine components that are otherwise hidden. While AR is pretty much progressing and easier to implement by eCommerce companies, VR is still in its nascent stage but is now finding ample use cases in the travel industry and real estate.
The Imperative While the idea is tempting and this new eCommerce trend might just become the norm soon, the imperative right now is to find a use case for AR and VR for your business.
9. SaaS eCommerce Rules the Roost The SaaS development industry is on fire! Considering the present eCommerce industry market trends, SaaS is considered as the best alternative to the online store. It enables businesses to personalize their infrastructure without abandoning the shopping cart. The API, Product information, order data, and customer information can be changed naturally. The SaaS eCommerce platform is proving to be a gamechanger in the eCommerce market.
For your online store setup, you wonâ€™t bother with any technical skills. From designing the template to store features, everything is pre-defined for you. The SaaS eCommerce platform could deal with the increased traffic to your store â€“ which means your store will never crash at the time of incoming traffic or huge user access.
It is speed, flexibility, and stability that is going to be your saving grace. SaaS eCommerce platforms are going to grant you that. Take a cue from the best of eCommerce brands like Amazon.
The Imperative SaaS is becoming more popular than ever, so there is no better time to join it. As new channels of eCommerce sales emerge, SaaS is just the eCommerce model that’s going to give you an edge. If you haven’t taken note of this rising eCommerce trends already, please do, and please execute.
10. B2B will Be More Like B2C B2B businesses are thinking out of the box to attract the new generation of buyers. B2B eCommerce is growing by leaps and bounds like B2C. They are taking cues from the growing B2C businesses to bring innovation in presenting the brand to the customers.
The proliferation of new digital channels like your website, social media or email marketing will expand the markets for B2B eCommerce and finding success. According to Williams Commerce, “7.3% is the average conversion rate on B2B eCommerce sites, compared to 3.0 percent for consumer retail sites. And, it is expected to grow for the next 5 years.”
Many retailers are nowadays merging the two as the relation between the buyer and the seller is more complex. By following the B2C strategy, businesses fully communicate with individuals as well as other businesses from a single platform to sell their products.
The Imperative B2B is certainly growing like B2C. Expand your horizon and think about the new channels that you could use to reach your target audience. Develop a strategy for the same. Take a cue from Alibaba. Consider your business customers as individual customers in terms of catering wholesome shopping experiences.
11. Pay As You Want â€“ Newer Payment Methods Like Cryptocurrency Soar Cash on delivery is almost passe now, and a spectrum of payment method options rule the eCommerce space. Apart from debit and credit cards, users are now becoming comfortable with an instant layby (ZipPay, Afterpayand digital wallets like Google Pay, Apple Pay, etc.).
And itâ€™s already time to familiarize yourself with cryptocurrency (like Bitcoin, Etherium, etc.). It is certainly one of the newest trends in eCommerce. All these newer payment method options have empowered the customer to buy with or without a deposit at that point in time.
They are helping them achieve instant gratification with the least friction. Long forms slow down the conversion process; quick payment methods shoot it up by more than 20%.
The Imperative Integrating better and modern payment methods is not a choice, but a requirement. Though cryptocurrency is far from becoming a norm, still businesses are trying to leverage it. Thus, gain a first-mover advantage.
The Takeaway In this decade, eCommerce has grown by leaps and bounds, especially with the spike in the number of smartphone users. As the trends in digital devices and user behavior changes, so do the trends in eCommerce. With these eCommerce trends for 2020, there is a lot you, as businesses, can do to attract and keep your customers. Donâ€™t get scared of Failing! keep experimenting by including these eCommerce trends because if you donâ€™t do it, your competitors will.
Originally Published on: https://www.netsolutions.com/insights/top-ecommerce-trends-2019/
If you're searching for ideas to harbor optimal growth and ROI, check out Top eCommerce Trends You Can’t Afford to Ignore in 2020.
Published on Jan 14, 2020
If you're searching for ideas to harbor optimal growth and ROI, check out Top eCommerce Trends You Can’t Afford to Ignore in 2020.