Today’s most businesses will eventually have an online presence. According to Think With Google, there are an estimated 12 million – 24 million eCommerce stores across the entire globe, with more and more being created every single day. Retail e-commerce revenues will grow to $4.88 trillion in 2021, according to Statista. For now, 40 percent of small firms don’t have a website, and 38 percent don’t use social media, according to a 2019 survey conducted by Statista. That won’t fly in a struggling eCommerce online sector, therefore eCommerce websites must maximize sales, traffic, and referrals.
Why Is an E-commerce Store Important?
- By 2040, around 95% of all purchases are expected to be via eCommerce.
- 80% of Internet users in the US have made at least a one-time purchase online.
- 85% of consumers conduct online research before making a purchase online.
- 52% of online stores have omnichannel capabilities.
- 46% of shoppers surveyed confirm inventory online before going to the store.
- 59% of shoppers surveyed say they use Google to research a purchase they plan to make in-store or online.
- In a global survey, 74% of in-store shoppers who searched online before going to the store to shop, said they searched for something in-store related such as the closest store near them, locations, in-stock near them, hours, directions, wait times, and contact information.
Here are the most useful E-commerce trends for the future, I’d like to mention the must-have necessary points in your online store to every competition:
- Creative/high-Quality Content
- Brand Identity
- Better UI/UX
- Responsive and PWA Website
- High-Quality Optimize Images & Videos
Voice search refers to using verbal language as the medium of communication with search engines, rather than typing text into a search box. Virtual assistants such as Alexa, Google Assistant, apple’s Siri, Samsung’s Bixby, and Microsoft’s Cortana are just a few examples of some wonderful platforms that are highly capable of handling tasks effectively. With the help of a voice search, you can now order your goods and services, set reminders, call for a taxi, play music, and access any information you need.
The following statistics show the future of voice technology and voice searches:
- Search by voice will make up 60% of all searches by 2025.
- 58% regularly use a voice-activated speaker to say they create or manage shopping lists at least once a week.
- 52% of people voice-activated speakers would like to receive info about deals, sales, and promotions from brands.
- 58% of people have used voice search to find information about a local business.
- Mobile Users Are 3 Times More Likely To Use Voice Search
- 31% of smartphone users worldwide use voice search at least once a week.
- Google Claims 95% Accuracy in Their Voice Search Technology.
- The Voice searches market will hit $35.5 billion by 2025
- 43% of voice-enabled device owners use the technology to shop.
- 45% of people who used smart speakers said they’ve used Siri. 33% used Google Now. 27% used Microsoft’s Cortana, and 10% used Amazon Echo or Alexa.
Customization & Personalization
Product customization or product personalization is a process of delivering customized goods and services to the customers as per their needs and desire. Product customization has made a stand in the eCommerce store and has caught the attention of the e-retailers. Today’s consumers expect to have the ability to customize anything and everything to fit their specific preferences.
If you are an online business, you need to offer a product personalization feature to stand out in the competitive market. let see the important product personalization trends that would shape up custom products shopping in 2020.
For example, the Magento 2 Product Designer extension offers the web to print features allowing customers to customize the product!
Here are Some Customization options.
- AR and VR in Product Customization
- 3D Product personalization
- Mobile Customization
- Real-time Display
- Compelling Custom Options
- Visual Search Shopping
- Fast Shipping
- Social Sharing
- Add to Cart Feature
- Subscription Services
Benefits of Product Customization For eCommerce retailers
- Promotes Brand Loyalty And Customer Satisfaction
- Supporting Small and Local shops at any time
- Latest Technology Is The Future
- Get More Sales
- Get Better Insights into your Customers
New Payment Methods
In the competitive online store, consumers in digital payments can be as impressive as it is challenging with worldwide sales anticipated to be $5 billion in December 2021. The digital payment revolution in the e-commerce store can be partially credited to the developments within financial technology, such as e-wallets, new payment options, in-app purchasing, and peer-to-peer. Every online store wants to develop a payment solution for the future and be the first to enter the market with its solution. If you have been receiving online payments for the past couple of years, you already know that e-commerce does not stop. You and other online sellers are always in search of a payment solution that delivers a better customer experience.
According to Worldpay global in the future consumers refer to digital payment and mobile wallets are the biggest trend. Because online shopping is easier than ever and any eCommerce payment preferences with 42% of spending in 2019. if talking about the nation then china continues to lead way in digital and mobile wallet payment for 71% of eCommerce payment methods, but it is increasing everywhere: 32% of eCommerce spend in India, 25% in Germany, and 24% in the US.
For those of you who are ready to take your eCommerce platform to the next level, we suggest the best payment methods for a fast and secure checkout process.
- eCommerce Payments Methods
- POS Systems Methods
E-commerce Payment Methods
According to Wikipedia eCommerce payment system (or an electronic payment system) facilitates the acceptance of electronic payment for online transactions. Also known as a subcomponent of electronic data interchange (EDI), e-commerce payment systems have become increasingly popular due to the widespread use of internet-based shopping and banking.
The current COVID-19 pandemic could serve as the inflection point away from traditional payments towards eCommerce Payment Methods. Because of social distancing, many baby boomers and Generation X consumers have been forced to embrace e-commerce along with contactless payments or e-wallets.
POS Systems Methods
Point of Sale (POS) is the place where your customer makes a payment for products or services at your online store. A Simple POS system consists of one main computer which is linked to various checkout terminals, mobile or fixed, they’re completing a point of the sale transaction.
According to a recent analysis report, the Point of Sale (POS) industry will hit the $116 billion mark by 2025, with a compound annual growth rate (CAGR) of 9.9%. today, customers properly demand safe and unique shopping experiences while businesses depend on data to improve their decision-making process, which makes the point of sale system bridge the gap between consumers and business owners.
AI Assistance & Chatbots
“Increase your website conversion rate by 35% with AI Assistance & Chatbots”
The e-commerce business has long since become a serious competition for online stores. A recent research report states that almost 86% of people in the 18 to 34 age group make online purchases for everything, are more willing to shop online through eCommerce websites or online shopping platforms. So Online stores are now faced with the task of improving customer service and gaining those customers who consciously choose shopping in malls or stores due to a desire to maintain personal contact with sellers. Chatbots, i.e. Virtual Advisors, help to bridge this gap and build trust.
While the global E-commerce sales are projected to touch $4.5 trillion by the year 2021, Gartner predicts that around 80% of all customer interactions will be managed by AI technologies (without any human agent) by the year 2020.
So, how are AI and chatbots in eCommerce changing the shopping experience in the future?
Customers’ preferences are changing and they’re increasingly using message-based communications, making it more difficult and costly for businesses to effectively engage with them. The use of artificial intelligence in online shopping is transforming the E-commerce industry by predicting shopping patterns based on the products that shoppers buy and when they buy them. E-commerce industries are getting equipped with better technology, which lets them grow faster. Some AI tools like CSAT.AI, MaestroQA, ScorebuddyQA, and Salesforce Einstein are going down the line taking the business to the next level.
All these benefits of AI chatbot implementation will significantly minimize cost and allow you to develop a customer-focused approach.
Top Ways to Consumers are using Chatbots
Ideas for Purchasing
Buying a basic Item
Paying a Bill
Making a Reservation
Finding a human customer services
Getting Detailed Answers
Resolving a Complaint or Problem
Getting a Quick Answer in Emergency
Top Benefits of Chatbots according to customer
24 hours Services
Getting Answers to Simple Questions
Getting an Instant Response
Friendliness and Approachability
Omnichannel marketing is a Multi-channel retailing means a company sells in multiple online channels (e.g. a web store, marketplaces, and social media). Omnichannel e-commerce allows you to create a personalized experience. Creating a personalized experience is essential to omnichannel customers as they have a 30% higher lifetime value than those who shop using only one channel.
Here’s an example of a well-executed omnichannel retailing experience:
- Discover an interesting product from a Social Media ad or post.
- If you are visiting social media, you can see many ads about that brand. This time the ad highlights some lifestyle aspects of the product.
- When you follow the Facebook link to the eCommerce website, a tracking code takes note of the items you engaged with and launches a popup asking you if you’d like to be notified of similar products.
- You decide to visit the online store. As you enter the store, your phone shows you a personalized notification with items on sale you might be interested in. While you’re not ready to buy just yet, these items are right up your alley. You make a note to purchase these items online at a later date.
According to a 2017 survey by Square and Mercury Analytics on US business owners, common channels where brands sell their products and services include:
- Brick-and-mortar shop (56%)
- Website (34%)
- Pop-up shops, events, and markets (26%)
- Facebook (25%, but 40% as a whole on social media, including platforms such as Twitter and Instagram)
- Amazon (16%)
- Others (22%; includes eBay, Alibaba, Etsy)
Social Media Commerce
Social Media commerce is selling products directly within social media platforms Like (Facebook, Instagram, Twitter).
Social Media commerce is a next-generation trend that will reshape the future of eCommerce According to Statista in 2020, there are 3.81 billion people actively using social media in the world currently, and the number is expected to grow to around 4.41 billion by 2025. Categories such as fashion, consumer healthcare, baby products, food, and beverage industry, financial services, beauty, personal care, and women’s care are gaining prominence on social networking sites.
It makes complete sense if you take a second to think about your customers and their actions.
- There are 1.47 billion daily active users on Facebook alone.
- 60% of Instagram users say they find new products on Instagram (so it makes complete sense to also sell them on the platform).
- 30% of online shoppers say they would be likely to make a purchase from a social media network like Facebook, Pinterest, Instagram, Twitter, or Snapchat.
- Social media referral traffic to online stores has grown more than 100% in the past two years, more than the growth of any other channel
- This year, time spent on mobile devices is estimated to surpass time spent watching television
An online marketplace (or online e-commerce marketplace) is a type of e-commerce website or a mobile application where product or service information is afforded by multiple third parties. Online marketplaces are some of the best marketing channels like Amazon, eBay, and Alibaba. These types of websites allow users to register and sell single items to many items for a “post-selling” fee and it can be access these marketplaces to consult the catalogs of various brands, search by product type, price, and hundreds of keywords. Their greatest attraction lies in being able to make quick comparisons from the same website.
Here are online eCommerce marketplaces & platforms for creating your own eCommerce website.
Places to sell your goods online
Other top online marketplaces to sell online
Many other trends in the e-commerce online store in our present discussion. But all the major eCommerce website trends we explained so exist valuable truth for the future of the entire eCommerce online sector.