Important E-commerce Trends You May Be Missing Out On
More than half of the global population today loves to shop online from the comfort of their homes. Clearly, the e-commerce boom has brought about remarkable changes not only in consumer buying behaviors but also in the retail segment. For most companies, having an online presence isn’t optional; it is necessary for survival in the current internet-oriented market. You should be able to showcase your products and take payments online.
If you truly want to be a leader in the e-commerce marketplace, you’ll need to know all the online shopping trends. Below are some ever-changing trends you can explore to stay relevant in the industry.
Increased Mobile Use
Mobile devices have become an important factor in online shopping, and this isn’t about to change. According to estimates, it’s projected that 50% of revenue will come from mobiles this year. A large part of consumers now reach to their smartphones and other mobile devices to place orders rather than logging onto websites through their PCs. What’s more, Google’s announcement regarding the ranking algorithm that counts on the responsiveness of a site on mobile devices has made these devices even more crucial. Mobile shopping is set to increase the overall e-commerce revenue since people can shop online irrespective of their location.
Increased Voice Purchases
The recent mobile devices come with voice assistants that consumers can rely on to operate the gadget or search the internet via speech. Additionally, smart home speakers such as Google Home and Amazon Echo have gained a lot of popularity too. E-commerce has managed to leverage this to provide more customized shopping experiences to their customers. An e-commerce application can deploy the feature to help buyers search products simply by voicing their wants. 40% of millennials have used the voice assistant before making an online purchase.
Enhanced Payment and Fulfillment Options
Other than the flexible shipping options, e-commerce owners are providing offers like free shipping above a specific order amount or within a certain distance. More lucrative fulfillment is being provided to beat the competition. Currently, businesses are creating premium shipping options such as speedy, same day delivery, etc. New options have also been unveiled on the payment side such as mobile pay, e-wallet, purchase now pay later, etc. Therefore, consider all these options if you wish to secure your position in the current competitive market.
Big Data Analytics
Due to big data and analytics, all types of industries have been transformed, including e-commerce. Almost all actions users conduct online can be converted into data, which can be later used to analyze and optimize e-commerce websites.
Through big data analytics, businesses can predict the demand, optimize pricing to boost sales and personalize consumer experiences. You should always keep in mind that a slight increase in price can lead to a huge increase in profits. Simply put, big data analytics will help you make informed decisions to increase sales and also offer your customers the best experience.
Chatbots and Messenger Apps
The chatbots which operate via messenger applications like Facebook Messenger are on the rise in the e-commerce sector. Online businesses can use these technologies to send special coupon offers and deals, send customized marketing content, and suggest a purchase to customers. Furthermore, chatbots also help retailers to heed to their client’s queries and requests and free up staff to handle more complex customer service problems, among other projects. Since the technology is still improving, chatbots and messenger application marketing are going to become even more popular and useful.
Through online shopping, businesses get the opportunity to create unique consumer experiences for each individual client. For instance, a platform like Amazon suggests products depending on consumers past purchases, and streaming services such as Netflix recommend similar shows to those you watched in the past. Personalization will likely be common in the future so your business should adopt it to improve customer experience in order to retain old customers and attract new ones.
It is clear that e-commerce has become a substantial segment of the overall marketplace and companies that do not plan to make their presence felt in this segment do so at their own peril. If your business doesn’t have an online presence or you haven’t implemented any of these e-commerce trends, you are likely missing out on a significant section of your potential sales. By keeping up with the ever-changing trends, you will be able to capture the growing online audience and convert this into more sales and profits.