The beginning of eCommerce emerged in 1991 when the Internet was opened to commercial use. Since then, the eCommerce industry has not stopped growing and changing with technology and consumer expectations. That leaves online retailers struggling to keep up with the constantly changing and evolving shopping trends to remain competitive in the industry. To take your eCommerce efforts to the next level, Smart Warehousing has compiled a list of rising trends.
1.) Online Shopping Sales Increasing
Online shopping sales are projected to increase from 1.3 trillion in 2014, to 4.5 trillion in 2021 (Statista, 2019). This goes to show that online shopping is one of the most popular online activities and is not slowing down anytime soon. The level of comfort, increased trust, and improved shopping experience are all contributing factors to the growth of online shopping.
2.) Going Green
50% of digital consumers have stated that environmental concerns impact their purchasing decisions (GlobalWebindex, 2018). Shoppers are now more conscious of the environment than ever and need to create more sustainable and environmentally friendly practices to remain competitive.
3.) Mobile Purchasing
By the end of 2021, 73% of eCommerce sales will take place on a mobile device (Statista, 2019). Consumers use their mobile devices to browse or research before making a purchase online and should not be ignored. Make sure that you are capturing this by optimizing your website for mobile devices.
4.) Voice Shopping
13% of U.S. smart speaker owners say that they were making purchases by voice at the end of 2017. That number is predicted to grow to 55% by 2022 (OC&C Strategy Consultants, 2018). Browsing capabilities are restricted through voice shopping, so is therefore mostly used for repeat purchases, as opposed to new customers or less frequent shoppers. Popular products include food items, low-cost electronics and house essentials.
Now with the ability to shop through social media platforms, such as Facebook and Instagram, company’s have an increase opportunity to be discovered by their target audience. To stay relevant, companies must create a shopping focused approach to their social media platforms and strategies.
6.) Mobile Payments
In recent years, the usage of mobile payments has grown rapidly. Research shows that it has increased from 26% of the online population using it in 2016, to 37% in 2018. More than 1 in 3 Internet users have made a payment using their mobile phones (Globalwebindex, 2018). The effects of this can be seen not only in online shopping, but also food delivery and car-sharing.
7.) Artificial Intelligence
Global retailer spending on Artificial Intelligence (AI) will reach $7.3 billion per year by 2022, up from an estimated $2 billion in 2018 (RetailDive, 2018). With a focus on customer experience, these tools include platforms that deliver timely promotions, customer support chat boxes, strategic discounts and customer demand predictions. This plays a useful role in understanding customer’s reactions to products in order to stay competitive.
8.) Augmented Reality
By 2022 over 120,000 stores will be using Augmented Reality (AR) technologies, offering a much richer buying experience (Prnewswire, 2018). This technology allows for online shoppers to better see the product and help bridge the gap between shopping for the product in store. Building on the consumer’s shopping experience in this way will help companies stand out from their competitors.
9.) Personalized Shopping Experience
More than 50% of shoppers say that a personalized online experience is important (Bazaarvoice, 2018). In addition, 74% of marketers believe personalization has a “strong” or “extreme” impact on advancing customer relationships (Evergage, 2018). This personalization can include customized emails, accurate product suggestions, tailored customer communication, and individualized promotions to build a strong bond between the consumer and the brand.
The subscription eCommerce market has grown by more than 100% a year over the past five years (Mckinsey, 2018). With the increased customer need for comport, everyday items such as baby products, beverages, pet food, feminine hygiene product, vitamins and many more are commonly included purchased as a subscription. To ensure success, everything from web design to product packaging must create a high-quality customer experience.
The eCommerce world is moving fast with ever changing consumer behaviors and expectations, but embracing the current online shopping trends will surly improve the shopping experience for your customers. For additional help navigating this complex industry, you can reach one of our Smart Warehousing Account Executives at (913) 888-3222, email@example.com or request a quote here.