Businesses around the world suffered massive setbacks due to the coronavirus pandemic, resulting in unprecedented financial losses and tremendous layoffs. The implications brought about by the virus, however, also provided added impetus to the growth of eCommerce. More and more people switched to online buying and selling, with many transitioning to internet connections powered by Spectrum WiFi plans for a smooth browsing experience.
Those interested in setting up online selling businesses must capitalize on the upcoming eCommerce trends. Analysts predict that e-retail revenues will grow up to $6.54 trillion in 2022 and that brands adopting dynamic pricing will continue to attract shoppers.
Let’s explore some of the eCommerce trends that will define the online selling business in 2021.
The Emergence Of Multiple Payment Options
The advent of digital wallets such as PayPal and Google Pay is considered a breakthrough in digital consumerism. Most online stores accept these digital payments in addition to the transitional debit and credit card options. Availability of multiple modes of payments is seen to generate more sales revenue as well as create a loyal consumer base.
Moreover, with cryptocurrencies such as Bitcoin gaining traction in the digital transaction sphere due to a number of benefits – including no reverse transaction and low transaction fee – it’s only a matter of time before these digital currencies become a trusted source of the transaction.
Omnichannel & Voice Commerce
Omnichannel seeks to provide consumers with a consistent and fully integrated shopping experience. An omnichannel marketing strategy focuses on providing a personalized shopping experience across all channels and devices.
Voice commerce involves the use of voice command assistants to search for and purchase products. The increased use of voice assistants such as Amazon’s Alexa and Apple’s Siri for placing online orders has prompted retailers to customize their websites for multiple devices. According to a report, voice commerce sales are expected to increase to $40 billion in the next year.
Mobile Commerce Will Become The New Normal
Market data shows that over 75% of shoppers in the U.S. used their smartphones to place orders during the last six months of 2020, and this trend is expected to continue into 2021. Moreover, another research into the preferences of online shoppers found that 30% of these individuals abandon their carts in the middle of shopping due to a lack of user-friendly features on retail websites.
Mobile apps offer tremendous benefits when it comes to providing a personalized and seamless eCommerce experience. Many e-retail giants including Amazon have introduced well-designed mobile apps to facilitate users in their online shopping concerns. Mobile apps load faster than websites and allow customers to view content with interruption.
AI & AR Will Improve eCommerce Experience For Users
Modern-day shoppers are accustomed to personalizing guidance and recommendations, thanks to Artificial Intelligence (AI) and Augmented Reality (AR). The recommendations are based on shoppers’ previous purchases, wishlists, and browsing habits.
AR allows would-be customers to inspect the product of their choice for themselves through computer-generated perceptual information prior to commencing with the final purchase. A fine combination of AI and AR can boost conversions and decrease product returns.
Dynamic Pricing Will Determine Market Leaders
Brands that adopt a dynamic pricing strategy are more likely to gain an edge over the competition. Dynamic pricing is the practice of setting flexible prices for products or services by keeping in view current market demands.
High prices do not necessarily translate to high-profit margins. More and more businesses have begun to realize the importance of adopting a dynamic pricing strategy. The influx of e-retailers is seen to create a highly competitive environment in the world of eCommerce, and businesses that do not come up with out-of-the-box pricing and marketing strategies will not be able to remain in the competition in the longer run.
Social Media Marketing Will Influence Sales
Most eCommerce handlers nowadays are leveraging social media to boost conversions. Due to its tremendous reach and the fact that the majority of smartphone users are now relying on mobile apps to meet their purchase needs, the e-retail business is thriving on social media.
Visual commerce is getting bigger with each passing day, with major retail brands utilizing image-based content to influence the decisions of potential customers. High-quality images and videos are adding to the appeal of eCommerce websites.
The year 2021 is expected to take eCommerce to new heights. So, take advantage of these trends and see your business soar.