The landscape of eCommerce has constantly been evolving ever since its emergence. Business is constantly changing their system and operational practices so as to meet the market requirements and gain recognition among the masses.
Amidst all kinds of ups and downs that this world is facing, the eCommerce market continues to expand and gaining more significance in the life of a common man. The most important driving factor is the competition in the eCommerce market and is forcing businesses to take concrete steps to keep up with the trends of the modern-day. This race to keep up with the trends and rise above one another is paving the way for even more competition.
This article aims to introduce you to the internal eCommerce trends which are capable of influencing and will thus shape the future of the eCommerce industry.
Six international trends shaping the future of eCommerce
With the advent of new trends come new ideas because people brainstorm to bring in innovative services and products. Thus the evolution of the market is highly dependent on the kind of ideas and trends that are flooding the marketplace. Is the competition enriching, and genuinely serving the needs of the customers or changes are just provisions of sources of minting money on the part of businesses?
More on this is as follows:
1. The rise in global eCommerce retail sales
Various statistical studies have been indicating that retail sales in the eCommerce market have been rising drastically. In 2014, the global eCommerce retail sales totaled to 1.3 trillion USD, whereas in 2021, businesses should expect the figure to top 4.9 trillion USD. The growth and evolution of eCommerce from a mere utility to an everyday need are evident in the past decade.
Ecommerce sales have now replaced the overall retail sales that used to occur globally. In the next year, the eCommerce retail sales will form an even heavier chunk of retail sales occurring worldwide. The physical retail stores will need to move to online means of retail so as to keep up with this trend.
2. The wide prevalence of Omnichannel shopping
In the twenty-first century, the distinction between the physical and digital environment has been diminishing at a rapid pace. OmniChannel shopping means that businesses need to decode as to how, what, where, why, and when are people buying the commodities they are purchasing on a particular channel where you are selling them.
Multi-channel shopping has been in practice for some time now. Any customer has seen a certain product at a social media site in a paid advertisement and then may have visited the online store for pricing and quality details, but end up picking up the product from the store after physical examination or vice versa. You have to study these patterns and promote your business accordingly.
3. Social shopping is becoming ubiquitous
Shopping via social media sites is becoming a more and more common practice all over the world. Platforms like Instagram, Pinterest, Twitter, and Facebook have introduced the buying options are most users are happily utilizing these. Social selling features are making up a significant percentage of eCommerce sales occurring globally, and these are only going to become more ubiquitous.
Social shopping features have made rendered purchases a tireless and more effortless process than ordinary online shopping. You can easily think of more creative ways similarly to improve your online presence and gain more clout on social media for your business.
4. The shift in the center of eCommerce from west
The United States of America has been enjoying its status as the leader of the world for quite some time now. But according to the latest developments, its share in the eCommerce retail market has reduced to 16.9 percent in the year 2020.
This decline has been experienced wing to the extant globalization at a large scale and is diverting the economic strength from the western hemisphere of the world to the eastern hemisphere. The same is the case for eCommerce. The eCommerce sales are occurring at a mass-scale from countries in the east as opposed to the past.
5. Cross-border shopping through online means
Since it has gotten easy to shop online, shoppers no longer feel bound by borders and territories. They can access the product showcase of a foreign brand in the same way as they can access a local retailer or brand. A whopping 57 percent of online shoppers in the past six months have been reported to be making online purchases from foreign retailers.
This trend calls for improvement as well as simplification of the shopping journey offered by B2B businesses. More seamless and less complicated transactions are the need of the day, keeping in view the need of the modern-day eCommerce trends.
6. Increase the level of personalization in eCommerce processes
Personalization has become a new standard in today’s eCommerce landscape. With the rise in this trend of eCommerce personalization, customer expectations in this regard are bound to increase. These trends are becoming a source of ecommerce website design inspiration and forming the most crucial source of strengthening the relationships between customers and businesses.
You can implement eCommerce personalization with the help of targeted cart recommendations and displaying relevant products to each customer.
Ecommerce is the future and need of the day!
It is high time; all businesses should start considering the retail market needs. While technology has begun to make lives easier, people are looking for easy in the shopping processes as well. When they can shop for their favorite product online, they would not bother to visit the store physically. Thus, a business that is solely relying on sales from the physical store.
As a retailer, you need to ensure that your physical warehouse and online store are in sync, and the users are getting up-to-date information on the availability of the products. Personalization, OmniChannel shopping, social shopping features, and the convenient transaction process is the way to go for all businesses in order to sustain in the constantly evolving market.
You have to keep up with these trends to keep your business system ready for the future of the eCommerce market. It’s not easy, but the effort is worth it!
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