The very first product that was ordered online on Amazon was a book in the year 1995.
Nearly 20 years later, the e-commerce industry has generated more than $ 2 trillion in worldwide sales. Now it is not possible to look back.
Ecommerce has transformed the entire retail sector. It came out and evolved to meet the changing taste and preferences of the people and make shopping digitally easier for new-age customers. When it began, ecommerce was quite limited in its capabilities. But, not anymore. Either it is customization, boosted return policies, and improved integration; all these transformations have taken the ecommerce on new heights. And 2020 is a year that is further transforming the ecommerce world. Well, ecommerce development services, too have updated their strategy as per these trends.
Let’s discuss those trends which are fully transforming the ecommerce in this new decade:
- Enormous Online Sales Growth:
Sales in ecommerce are growing tremendously and increasing for a good reason. Online shopping is one of the popular online activities people do in their daily life. As per the Statista 2019, the sales projection is increased from 1.5 trillion in 2014 to 4.5 trillion in 2021. This is huge. It merely means to be a threefold increase over a period of 7 years. Even though online shopping is among the most popular online activities, the use of it differs from region to region. Rising digits in the number of people doing online shopping showcase the increasing popularity.
- Future of eCommerce post-COVID-19:
Undoubtedly, one of the most significant impacts — not so the largest — on ecommerce trends in 2020, would be COVID-19. And experts forecasted that the impact of coronavirus would give e-commerce not only a short-term boost but one that can also be seen after COVID-19. This is because people will be more comfortable with the contactless payment i.e., digital payments and also get benefitted by the offers, both of which are going to make a significant shift towards ecommerce and online shopping.
The market leader says that the e-commerce industry will be the biggest beneficiary of the coronavirus epidemic. As per the MarketWatch 2020, Penetration rate, which is currently at 15%, is going to get a sharp boost and expected to increase by 25% by 2025. This marks a 67% increase in five years.
- Mobile shopping is on the rise:
The growth of mobile commerce has been remarkable. Since 2016, sales through smartphones have increased by 15%. As per Statista, 73% of ecommerce sales will initiate via a mobile device by the end of 2021. Such figures can’t be figured. Enhancing the experience for mobile customers can be a significant opportunity for businesses to tap in through robust and mobile-friendly ecommerce web design.
Ecommerce growth has been partly driven by the increase in usage of mobile devices. People not only shop online, but they also utilize their mobile devices to search up or research before going with final purchase decisions. Especially when it is about Millennials and Gen Z who are surrounded by computers and the Internet, these generations are more likely to shop online with the help of mobile devices than older generations.
- Rise of Voice Commerce:
Voice shopping is getting immense traction in internet users. As per OC&C Strategy Consultants, 13% of U.S. smart speaker says that they are going to do voice search in 2017 and is expected to grow to 55% by 2022. Total spending on voice shopping has also increased in the U.K. This ecommerce trend grew mainly in popularity in 2014 when Amazon launched its smart speaker – the Echo. While voice shopping is in its early stages, this data shows that it is going to get immense popularity in the upcoming years.
- Role of Artificial Intelligence:
As per BusinessWire, Global retailer spending on Artificial Intelligence (A.I.) will reach $7.3 billion by 2022, an estimated up of $2 billion in 2018. This research showcase that retailers are ready to invest heavily in devices that will help them in improving their customer services and give them an edge in competition. Other sectors where Artificial Intelligence will be helpful for estore owners which include AI-optimized pricing and discounting, along with demand forecasting.
With the technological advancement and transformation in consumer behavior, you have to keep a keen eye on these ecommerce trends. Whatever ecommerce trend you are following, do it to improve and create a shopping experience for your customers and maintain a long-term relationship with them. Take your e-commerce development to the next level, evolve with it, and take benefits of these e-commerce trends.
Panacea Infotech is the leading ecommerce website development company. We have a team of experienced developers that helps us in delivering the best and advanced ecommerce website as per clients’ business needs.