Top Ecommerce Trends That Are Knocking on the Door!!21-Apr-2023
Each year comes with technological innovations, a new set of strategies, and daunting challenges which requires one to roll with the punches. A surging technology is driving us forward at great speed. Technology is currently at the forefront of every aspect of our lives, and its impact is significant. In the modern world, we feel the influence of technology extending to all facets of the business.
The COVID pandemic led to increased internet penetration, which led to a surge in online shopping. As a result, eCommerce businesses need to rethink and revamp their existing models to satisfy users' needs.
Changing consumer habits and purchasing patterns gave birth to a new generation of online shopping experiences. Mobile apps have become the new norm when it comes to shopping.
These new emerging trends in eCommerce business have taken the world by storm with their easy scalability and convenient features. Social commerce, digital marketing, mobile gaming, and sustainability became the favorite catchphrase among the people.
A study shows that in February 2022, there were 692 million active online users in India, and eCommerce penetration was 76.7%. The online retail market size grew to 73bn USD in 2022. Global mobile advertising spending reached a record high of 223 billion dollars, up 17% from last year.
As global change occurs at an astronomical rate, we need to know what the future holds for us. To know what the future entails for us, it becomes necessary for us to understand its nitty-gritty. This way, we remain relevant in a competitive market. Many people in this modern world continue to live traditionally with old beliefs despite technological advances. There is no doubt that their survival is at risk.
So, here we give you a primer on these evolving trends that are trendsetters in the eCommerce business for future generations.
1. M-commerce and Mobile Friendly Generation are here to Stay
A whopping 53.9% of all retail sales occur through M-commerce, accumulating almost 649 billion dollars. We expect these figures will skyrocket in the coming years. Undoubtedly, this eCommerce trend is going to stay for a long in the future.
The smartphone has powerful features and can do many things. Around 80% of social media marketing takes place through this device. With the use of smartphones, click-through rates on several advertisements have increased. These advanced gadgets enable influencers to take their marketing to unprecedented heights. An impressive percentage of people clicking on a specific web page or link is due to a high amount of time spent on mobile devices.
Eventually, this will result in a downturn in the laptop market and a rise in conversions. Push notifications will continue to target audiences with specific interests or demographics and segment the consumers based on their browsing history.
With mobile searches and purchases getting a lot of traction from all generations, where users spend 80% of their time on their smartphones, these mobile apps are driving engagement in a new way.
As a result of M-Commerce, brands have gained awareness, engagement, and credibility with existing customers. Due to this fact, they are turning into a repeat customer for a brand.
The digital wallet has eliminated the need for debit and credit, and we make digital payments in real time through these blazing wallets. This trend is straight-fire and will continue to appeal to future generations.
A mobile app gathers a lot of information about consumers through their social media handles, including their interests and previous purchases, and sends them recommendations based on this information. This helps them to grow their ROAS(Return on Ad Spend) and thrive in their businesses. Thus, this trend is powerful and has already started knocking on your door.
2. Automation plays a pivotal role in our daily operations
We are at the crossroads where automation is a need of the hour and where managing a humongous amount of data in any business is going way above our heads. In addition to being time-consuming, manual labor is also inefficient in speed, budget, and allocation of resources.
Marketers must manage almost 10000 campaigns across a multitude of publishers and sub-publishers. They have millions and zillions of data to parse through, and it is draining on their part to dig into this data in search of particular data or some specific information.
As a result, you should have tools and software in place that make your job easier and enable your business to operate smoothly. These tools and software are free from any flaws. They give marketing specialists ample time to focus their efforts and energy on planning, devising strategies, and some creative work. It leads us to dispense the grueling manual labor which requires one to scour through a truckload of spreadsheets, pdf files, and tables. Tools like these are super-dialed in and overcome all challenges of manual work.
Users have already started witnessing the advantages of these automation tools in their daily chores. We foresee Automation tools as one of the potent eCommerce trends for the future.
These tools are beneficial as they help businesses and marketers to design, launch and manage affiliate programs. They help us to monitor performance and maintain an overview of campaigns. They also go a long way toward creating engaging and insightful content. Personalized to meet your specific needs, they boast specialized features and functions.
Based on your skill level, some tools require solid programming language knowledge on your part, while others are straightforward and designed for beginners. Even beginners can cruise along with these tools and can do web hosting and page building.
They are not only failsafe but safe and secure to use and implement. One can use them for free or for a reasonable subscription fee. They are not out of your league, and all your data and documents are stored in a cloud-based platform to ensure their safety and easy accessibility.
It is a boon to automate day-to-day tasks such as tracking affiliate performance and calculating their payments, which are subject to human error. We can easily avoid these errors with these tools and software. So, why put yourself through the rigors of a manual job when these tools are at your disposal? Just get the hang of these tools and software.
3. Personalized Experience with Artificial Intelligence
A growing number of industries and domains are utilizing artificial intelligence-based tools. Whether it is the optimization of advertising campaigns or predicting customer behavior and lead generation, it has touched every facet of life in a revolutionary way. AI analyzes your company network and generates high-quality referrals.
This eCommerce trend is perennial and a force to reckon with in future eCommerce.
AI is used in copywriting and content writing platforms to create high-quality content.AI powered 24/7 virtual assistance tools are more intuitive by conversing like a human being to boost engagement and drive conversions.AI assist users on their online stores to manage stock inventory, reordering, and shipment mechanism. While doing online shopping, the self-checkout option saves a considerable amount of time for users.
AI and Machine Learning driven algorithms contribute to research on consumer behavior. Accordingly, a retailer or vendor can zero in on their attention to target customers and market products to them.AI technology is data-driven and utilizes Big Data to harness a large amount of data and enables vendors to achieve their goals.
AI and machine learning make shopping smooth sailing, quick, and direct when there is a personalized touch added to it. Collating data about how and when customer shops and their preferred products help to decide what they will purchase in the future, and this immersive experience cannot be made possible in an offline store.
We closely monitor customers' reactions and display curated products for them to take a pick. You can use these AI-powered mechanisms to read emails, listen to conversations, monitor sugar levels, and help solve problems.
AI will minimize the severity of risks and fraud through increased safety mechanisms. In addition, they will radicalize the workplace by training, staffing, and ensuring 360 degrees of employee satisfaction.
AI and Machine Learning are a sunrise sector and will play a dominant role in the future.
4. Voice-Based Search And Shopping will Make A Splash
Online retailers should tailor their product information pages for smart identification of voice search commands. It will make search, comparison, analysis, and purchase of products go swimmingly.
Retailers should integrate voice commerce into their businesses to enhance the user experience. Increasing customer engagement and generating critical insights require a speech-friendly commerce site and a largely contactless experience.
Over the next few years, everything will become more organized, from ordering food to buying clothes. You'll get a supernatural and unusual feel with voice assistants, and eCommerce professionals need to understand these trends for the future.
Voice-Based search will remain in business for the foreseeable future and will make waves in future eCommerce.
5. Virtual Reality and Augmented Reality will become a thing of the future
Augmented Reality and Virtual Reality technologies will go the extra mile to give a natural and more realistic spectacle of customers’ products in a natural environment before purchase. It will help them make an informed decision on a whim and assure them that the product meets their needs. You may look at a product in 3D format and from different angles through an AR-VR-based headset, irrespective of location. It will reduce time to market and customers will be more convinced to get the right product at the right time at their doorstep. It will eliminate unnecessary hold-ups in due process.
AR and VR will have a consequential role in the future eCommerce scenario. It will also act as a catalyst for change in the future.
6. Sustainability will be the Cynosure for sure
People will become more and more environment-friendly and socially conscious. In addition to ethical shopping, ethical sourcing, packaging, and manufacturing initiatives will result in an upscaled level of consciousness. Their primary focus will be reducing the carbon footprint from the ground up. Sustainability and Ethical practices will undoubtedly become the buzzword in the future eCommerce market.
7. Headless and API Driven eCommerce with Omnichannel experience
Omnichannel experiences ensure consistency across disparate platforms, devices, and social media channels. Product pricing, promotion, stock availability, and user journey across the length and breadth of these platforms will appear the same. It will reinforce trust in the brand, and users can swiftly resume their journey from any channel.
Headless eCommerce will build an omnichannel experience in the front end with a robust B2B engine running on the backend for driving complex transactions. It will facilitate this communication between the front end and back end via RESTFUL APIs that use JSON messaging formats.
In addition to connecting data to the application, this API will feed data to the backend. Proper data orchestration is vital in the eCommerce business.APIs ensure the same by linking your eCommerce platform to numerous back-end systems like ERP, CRM, CMS, POS, OMS, etc.
With API-driven eCommerce businesses, customers and software systems can communicate more securely to reduce the chances of fraud. Reusing APIs can help save money and time, and there will be room for scalability and flexibility in the existing systems. It will add extensibility to systems and they will be poised to meet the changing market behavior and dynamic buyer behaviors.
The headless and API-driven eCommerce trend is making good strides and will continue to overpower the future of eCommerce.
For your eCommerce business to pull off, it is required on your part to remain updated with the changing customer demands. Consider these changing trends thoroughly before jumping into the dark to determine the best solution for your customers. It's essential to remain perceptive to these changes, but one should also understand the feasibility and viability of change since some of these trends may not apply to all businesses.
Also, it is imperative to talk to industry experts and influencers, get in on some brainstorming sessions with them, derive as much knowledge of them and share valuable ideas to stay ahead of the curve.
All these trends are a cornerstone for eCommerce business and we will see these trends making the eCommerce industry boom in the future.