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The Future of E-commerce. 5 Worldwide Growth Trends

The global E-commerce market is estimated to reach a whopping $5879.1 billion by 2022. And no signs of decline have been detected. Moreover, global E-commerce sales have been steadily eating up the worldwide retail market. In fact, by 2021, it will account for 17.5% of the total global retail sales. Whatever ups and downs you may have encountered this year, the eCommerce market is still expanding bigger and brighter as ever. Which means more opportunity for growth in the future and so many new ways to find further prosperity of online platforms & brands.

However, identifying the right eCommerce trend is the next big challenge you might face. Here we will cover 5 global eCommerce trends that are shaping the future of this industry as we speak.
Here we will cover 5 global E-commerce trends that are shaping the future of this industry

  • Mobile
Mobile is continuously shaping the landscape of customer engagement. Shoppers desire to accomplish their transaction without having to go through a desktop. They want that convenience of shopping right at their fingertips. With mobile accounting to $175.4 billion in revenue by the year 2020, mobile shopping will still be as relevant in 2020 and the next couple of years as ever. There's an immense opportunity for potential revenue to go after because 54% of consumers already used an app for their shopping activities.To join in the mobile shopping revolution you should take care of next things:

  • User-friendly mobile check-out

  • Optimise your website for mobile (app or PWA)

  • For cashback & coupons platforms it is essential to implement such tools as cashback reminder ("Cashback Bubble") in order to eliminate users' loss.

Future generations will find ways to take mobile shopping, mobile checkouts, mobile payments to another level.

  • Omnichannel
The omnichannel shopping experience isn't just a buzzword. It is something that businesses need to adhere to. 73% of customers using multiple channels during their shopping journey. What it means for eCommerce is to understand how your customers buy, which marketing channels do they engage with, and their motivations and main drivers to purchase. To establish your omnipresence you should be able to decode what, where, when, why and how people are purchasing the items you sell on a particular channel. Social commerce is critical to the omnichannel experience as 87% of shoppers say social media helps them with the buying decision. We have talked more about this particular trend here.

  • Voice commerce
A very recent trend to the eCommerce world is the rise of voice technology. Voice searching gives consumers multiple ways to be served, therefore the introduction of voice devices, like Amazon Echo and Google Home, has already led to new ways on how people interact with brands through voice-activated online browsing. This opens up a new channel for eCommerce businesses to sell and grow their businesses. In fact, it is estimated that by 2020, voice commerce will generate a total of $40 billion in sales in the U.S. alone. Around 20% of smart speaker owners use them for shopping-related activities, whether that's ordering products, creating a reminder, conducting research or tracking deliveries. This figure is expected to jump to 52% within the next 3 years.

  • Cashback value is growing
As soon as the pandemic hit, shoppers started to turn more to rewards platforms. Cashback industry plays a significant role in the eCommerce industry and its value is growing rapidly. Back in 2016, one of the biggest cashback platforms in the UK processed more than $64 million of cashback payments to its 7 million registered users and facilitated sales of close to $1 billion for 4,300 retailers –that represents 1% of all e-commerce in the country for that year. The largest and strongest companies saw growth or maintained monthly traffic levels between November 2019 and the end of April 2020. Many merchants and cashback operators seized on the opportunity to promote products that consumers wanted to buy online in response to the coronavirus crisis. That trend continues.

  • AI & AR
AR and VR's immersive user experience increases product value. In fact, a survey pointed out that 40% of the consumers are even willing to pay more if AR is a part of their shopping experience. In the current global situation it is essential to allow customers to try before they buy. AR not only helps alleviate the issues mentioned but it also boosts sales and improves a brand's image because of the immersive experience. By integrating AR with your app, shoppers stay 2.7 times longer and are 11 times more likely to make a purchase. VR is not too far behind. Google has already shipped around 15 million cardboard headsets, and you bet people would want to use them for online shopping. While the two eCommerce giants – Amazon and Alibaba – made some efforts to bring online stores to life using VR. Both of them attempted to create virtual stores for shoppers and still continue investing in the technology.
eCommerce is constantly growing, and that means that the industry is getting more competitive every year. With intensifying purchasing power of global consumers, the proliferation of social media users, and the continuously progressing infrastructure and technology, the future of eCommerce in 2020 and beyond is still more vibrant as ever. If you want to ensure long-term success for your store, you need to focus on improving customer experience.

Contact us for more advice and tips.

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