Updated: Nov 26, 2020
We have entered a new year and a new decade. In addition to the economic downslide, a key aspect for retailers to address is ever-evolving consumer behavior.
We may be rhapsodic about how far e-commerce has come in the last decade or two, but the most we care about at the end of the day is where e-commerce is now and where we're going.
The global e-commerce industry had revenues exceeding $3.5 trillion by the end of 2019 (according to Statista data) and accounted for 14 percent of the overall share of global retail sales.
So, what can we expect for 2020 ?
Latest Trends in Ecommerce Industry 2020 :
1. Augmented Reality Enhances the Reality of Online Shopping: When it comes to online shopping, Augmented Reality ( AR) has been a prominent game-changer, substantially closing the uncertainty gap. For clothing items or furniture, it helps online shoppers imagine the items that they're interested in. It makes visualizing the product in real life possible and overcomes the hurdle of not being able to see the product firsthand, upgrading comparison shopping to a whole new level.
2. Changing Consumer Behavior: Consumers are potentially changing rapidly in today's times when they buy online. Hence, setting a relentless task for retailers to keep up with their ever-changing outlooks. The underlying change in consumer behavior is the preference for online over offline shopping. There is a continuous progression within the online shopping room that companies are embracing, maintaining a loyal partnership with the consumers.
3. Future of E-Commerce After COVID 19: With governments worldwide closing down shops and enforcing lockdowns to restrict social movement in an attempt to fight the coronavirus for months on end, more and more individuals are resorting to purchasing products online. Experts expect that even post COVID-19, the effect of the coronavirus will not just be a short-term e-commerce boost but one that is here to stay. This is because of the ease and convenience it provides and the advantages of contactless payments, all of which are likely to trigger a lasting behavioral change towards digital transactions, which would make people content.
4. Mobile Shopping is Growing: The growth in e-commerce has been driven in part by the rise in mobile device use.
According to Statista, 73% of daily sales are taking place over Mobile.
Consumers are more comfortable shopping on mobile devices than ever before, as confidence in online shopping is growing. Millennials and Gen Z, who have grown up surrounded by computers and the internet, are especially concerned. These generations, in contrast to older generations, are even more likely to shop online using their mobile devices. As a result, there are now more places designed for mobile use.
5. Chatbots Improve Shopping Experience: At the crux of personalization and AI capabilities is the cheery chatbot who can serve the role of the brick-and-mortar greeter and salesperson. Chatbots allow stores to connect with thousands of customers based on their feedback, giving them the personal attention and insightful suggestions. In reality, a growing number of shoppers prefer to converse with bots and other digital self-service tools.
6. Seamless Checkout Experience: The last measures are always said to be slow and hard, but not for an eCommerce website's customers. A smooth checkout experience that can revitalize customer satisfaction and loyalty can be a game-changer. Abandoning the checkout is simpler for many users than going through a long and complicated process. Therefore it is of paramount importance to ensure that the last and most significant step in the journey of a buyer is an effortless one.
7. The Evolving Role of Social Media: The number of social shoppers is growing rapidly. With the introduction of the “ Buy ” button on Facebook and Instagram Checkout, social media is playing a significant role in the world of e-commerce. Social media, including the way we purchase things, has changed the way we live our daily lives. This is a great opportunity for brands to start thinking about how to strengthen their social media role, which serves as a great platform to discover brands.