ECommerce is a massive industry and people are continually asking about its future, which is understandable. Trends are constantly evolving in an attempt to influence how consumers buy things all across the world. To say the least, this bodes well for the future of many small businesses.
Introduction
Customers appreciate the ability to make purchases on the go and eCommerce is just the right business that caters to this need. ECommerce has a bright future ahead of it, and the growing use of devices will only serve to accelerate it. As it developed its pace, the eCommerce industry rose to market growth of $5.4 trillion 2022.
The Potential in ECommerce
ECommerce has a promising future. The next few years will not only be years of innovation, but will also provide businesses with new challenges in terms of developing new strategies and providing better customer service. We also expect a slew of intriguing new technologies, eCommerce trends, and intelligent automation tools and solutions to emerge.
Over the last few years, the eCommerce market has exploded. In reality, it brought in $4.28 trillion globally in 2020, and it’s predicted to hit $5.4 trillion by 2022. According to predictions, the user penetration rate in eCommerce will reach 54.6 percent in 2022. Furthermore, the number of opportunities that will emerge from online purchasing and social commerce will undoubtedly increase dramatically.
So, what does the future hold for eCommerce businesses? Continue reading to learn about the most recent eCommerce trends and advances, as well as how to incorporate them into your business strategy for the coming years.
Top 5 Latest ECommerce Trends
1. Live shopping
Many people have had to find new ways to make a living as a consequence of the pandemic. The importance of live video as a conduit for selling items and interacting with clients has been recognized by successful entrepreneurs.
While live video was once only a fun function for social network users, it’s now becoming one of the important eCommerce tools and features. Even Amazon, the world’s largest online retailer, has adopted this approach to make online buying more enjoyable and participatory. Because sellers can provide clarity and reply swiftly to inquiries about the things they sell in real-time, live selling and purchasing are more interesting, engaging, and educational.
Small businesses that are still looking for leads and extending their customer base may find live selling to be an efficient strategy, and we anticipate this will become a big trend.
2. New marketplaces
Amazon, eBay, AliExpress, and Etsy are all well-known international marketplaces. Did you realize, though, that practically every country has its own online marketplace? It won’t be long before some of them find their way to global users and consumers.
Shopee, for example, is a marketplace that was previously exclusively available in Southeast Asia but is now growing to India and Latin America. Flipkart, founded in India, and MercadoLibre, based in Buenos Aires, Argentina, both have a lot of room to grow their market share.
Given the rapid growth of eCommerce and the high rate of user penetration, worldwide expansions of some marketplaces will be a wonderful opportunity to expose your brand, market, and sell your products to a bigger audience, and stay ahead of the competition.
3. Voice commerce
The concept of voice commerce isn’t entirely new. When Amazon Echo became popular in 2014, the idea of creating a gadget that was connected to a voice-controlled personal assistant and could be used to make purchases was clearly in the works. However, it has only been in the last few years that more people and organizations have begun to embrace the convenience of making purchases via smart gadgets and mobile phones.
Voice assistant transactions and purchases are predicted to increase by 400 percent in the following two years. The voice commerce market, which is expected to be worth $40 billion by 2022, is expected to grow to $19.4 billion by 2023. With this in mind, voice search in 2022 will undoubtedly be a game-changer. To keep extending your digital reach now is the time to enhance your brand, products, and services for voice search.
4. Augmented and virtual reality
Many companies, including IKEA, Sephora, and Adidas, have used augmented reality and virtual reality to increase their product advertising. From both a brand and customer standpoint, providing a virtual experience to drive customers toward completing a purchase is quite fascinating and thrilling.
In and of itself, AR and VR technology is fascinating, but when it comes to creating an interactive shopping experience, it’s much more so. Furthermore, this type of technology can give customers additional knowledge about a brand’s items, reducing the possibility of returns as a result of deceptive sales.
5. Environmental sustainability and cruelty-free products
Environmental preservation and protection is a major consumer concern that continues to influence how brands act and operate. People are more aware of environmental issues, such as global warming, pollution, and ozone layer depletion, and they expect ethical and responsible behavior from the companies they buy from.
As a result, customers are becoming more conscious of their purchasing habits in order to lessen their environmental impact. Many people are also actively supporting cruelty-free items and analyzing how companies create and package their products, such as vegan food brand Beyond Meat and environmentally sustainable toilet paper firm Who Gives a Crap.
Consumers nowadays would rather actively support businesses that address sustainability rather than simply avoiding or refusing to buy from those that do not line with their beliefs.
Ecommerce Industry’s Most Recent Technology Trends and Their Benefits
The eCommerce industry has benefited from technological improvements, which have allowed incumbent players to better communicate with their clients. It not only improves the user experience but also assists customers in the buyer’s journey and decision-making.
1. Chatbots
Chatbots communicate with website users in the same way that a salesman would in a shop. Chatbots may ask you questions about your tastes and then recommend the best items and alternatives. This technology is very beneficial to eCommerce organizations when it comes to customer service.
The future of eCommerce is totally dependent on offering a great consumer experience. They assist in letting consumers communicate with the company 24 hours a day, seven days a week, and they also help to cut customer care costs.
They may also remind consumers of products left in the shopping cart that they had forgotten about. Customers may return to the cart and complete the transaction as a result of these reminders. Chatbots may also assist in answering questions and providing shipment details.
2. Background remover tools
Excellent editing methods such as the use of background remover tools used on product photographs have an impact on e-commerce sales. This sector is entirely reliant on the power of photography, with product images being the most effective instrument for a successful marketing plan.
Background removal seems to be the most well-known of picture editing procedures. Many background remover service providers are focusing on creating new ways and technologies to remove background from images for free and quickly.
Humans are extremely visual beings. According to studies, most people can recall 80 percent of what they have seen vs just 20% of how much they have read. Rather than memorizing descriptions and instructions, we tend to recall how an object looks and functions. To have a greater impact, business owners must devise a plan that allows customers to retain as much knowledge about the product as possible, in order to be attracted to buy or utilize it.
3. Voice search
Voice search has grown in popularity over the years. Customers may utilize their smart speakers in addition to the website. The usage of voice search necessitates a rethinking of firms’ SEO and content strategy. Companies may use audio signatures to ensure that consumers are buying from the appropriate location.
The usage of voice search makes it even easier for consumers to purchase from the comfort of their own homes using a voice assistant. Customers may also use voice assistants to create shopping lists without having to use a smartphone. The technology has the potential to reach out to a broader audience, including youngsters and the visually handicapped.
4. Delivery drones & robots
Major corporations have taken notice of the use of robots and AI and are coming up with innovative methods to incorporate this technology into their operations. Droid deliveries for example are a result of this development. Amazon, UPS, Domino’s, and other retailers are already using this technology. Believe it or not, the daytime espressos, sandwiches, and organs needed for life-saving transplants have already arrived at their locations.
However, these service drones have not yet been certified for commercial use. There are several hurdles and procedures that organizations must overcome in order to minimize dangers and alleviate public worries when adopting such a complex technology.
Among the many issues, these merchants must deal with are the various regulations imposed by the government, public skepticism, and the safety of the packages they ship. The commercial use of drones for deliveries is just around the corner.
Stores and couriers also have significant logistical challenges as consumers increasingly choose internet shopping. The fate of eCommerce shipping will bring together messengers, postal operators, and sellers to explore precisely what constitutes a successful shipping technique and various challenges that may be transformed into the largest opportunity in the commerce and logistics sectors in years.
The Future of Ecommerce
Unpredictability and interruptions are a part of the future, but they provide us a glimpse of what eCommerce will look like in the future nonetheless. More customers will be able to purchase online in new ways as a result of creative innovation. Merchants must also respond to emerging trends and keep pace with rapid changes in the eCommerce market.
ECommerce business is seeing a surge in popularity. Despite the fact that a variety of reasons have contributed to this development, it is important to remember that not all eCommerce businesses succeed easily. Therefore, it’s best to take part in the community and turn to eCommerce as a solution to growing demand like the rest of the world.
