Latest Trends of E-commerce
2019 has been a wonderful year for the e-commerce sector. Global e-commerce revenue was more than 3.53 trillion USD. By the end of 2023, it is expected to rise to 6.54 trillion. Such figures speak for themselves about the development of global e-commerce.
Trends in the e-commerce industry stem from different things like, what customers want to buy, how they buy, and to what extent they react to marketing strategies used by the companies. Therefore, it is obvious to look into the patterns of customer’s behavior and then design strategies accordingly.
E-commerce, also known as electronic business or an online business that uses internet and several applications to process. These may include email, instant messaging, websites, and mobile applications. In particular, e-commerce is a sale and purchase of products via internet.
Now, whether you are a retailer who is thinking of setting up an e-commerce store, or if you are the one who already has an e-commerce store, there are 5 E-commerce trends you need to take note of to stay on top of the e-commerce game.
1: Role of social media on E-commerce:
According to Statista, the number of social media users worldwide has increased and is forecasted to increase for the upcoming years too. Social media including Facebook, Instagram, and LinkedIn have ridden on the online shopping trend. These platforms are now considered as e-shops, because the buy now button has increased ease for the buyers. So, if you are a retailer, you can link up your e-commerce store with your social media pages to engage more customers.
2: Increase in mobile shoppers:
According to Statista, 73% of E-commerce sales are going to be made on mobile by the end of 2021. So, if you are an online retailer you need to optimize your mobile sites, some of the things that you should take note of includes site speed, responsive design for smooth sailing users experience as well as seamless payment options. People are more connected to mobile rather than computers. Therefore, you need to bring ease for people, upgrade your native websites to modern mobile stores.
3: Artificial intelligence (AI):
Artificial Intelligence is a machine learning that helps to automate operational process and enhances the customer’s shopping experience. Examples of A1 tools include auto-generation of timely offers as well as chatbots that frees up your time and allows you to focus on other aspects of your business.
4: Growth in voice search:
According to Statista, 35% of all households in the United States have smart speakers equipped and 26% of consumers have made a purchase using a smart speaker last year. Just like usual google search, here are also rankings for voice search and criteria to rank is similar. Some of the things you have to know for your e-commerce stores are site speed, domain authority, and security.
5: Augmented Reality (AR):
Augmented Reality or AR has been a game-changer when it comes to online shopping. As customers are unable to touch, try, or feel the product. AR has helped to bridge this gap.
An example of Augmented Reality is the HQ Demand app. It is a novel app that is explicitly designed to provide both buyers and sellers with better choices. HQ Demand virtually shows the products to the customers and the buyer can easily ensure the quality of the products. This feature helps customers to check the reliability and validity of the products, eventually it adds well to customer support.