5 E-commerce trends that are shaping the future

If you are here, that means you do know a few things about e-commerce. However, you want to see the bigger picture of how e-commerce would likely be in the future. The initial few months of the pandemic taught us that with uncertain times business needs to improve quickly.

Consumers are moving from brick-and-mortar stores to online shopping even for essentials. In 2020 over two billion people purchased online, and during the same year worldwide e-commerce sales surpassed 4.2 trillion U.S. dollars.

In a nutshell, if you don’t have an e-commerce store then now is the time to get one. And if you do have an e-commerce presence now is the time to elevate the game.?E-commerce giants like Walmart, Amazon, and Alibaba have been spearheading adopting and reaping new trends.

We have worked with many retailers who stepped newly into the online business as well as market players who have been there for years now. Recently we discussed with industry leaders about changing trends and evolving technology. Let’s discuss the latest e-commerce trends that would shape the future.

1. The shift to mobile

Can you guess the number of smartphone subscribers worldwide? It’s over 6 billion and not surprisingly the forecast says further growth by several hundred million in following few years.?Hence, you can’t turn blind eye to the role of smartphones in driving e-commerce traffic.

Though many customers still use desktops to conduct research, search for a solution, and purchase physical goods or services; smartphones are taking over. As a consequence, the e-commerce store must be mobile responsive. If your e-commerce store is NOT, then do expect your customers to look out for your competitors.

2. Making e-shopping interactive with AR-VR

Will it surprise you to know that around 70% of online shoppers tend to abandon their carts before making a payment? That shows us how bleak things are for e-commerce.

AR (i.e. Augmented Reality) and VR (i.e. Virtual Reality) are changing the scenario in the ever-growing e-commerce industry. In 2017 Swedish furniture company IKEA gave customers a try-on experience i.e. placing furniture within rooms with technology. Recently Indian beauty retailer Nykaa launched Modiface which applies virtual cosmetics in real-time.?

3. Growing volume of voice search

According to U.K.-based analyst Juniper Research, the use of voice assistants would likely triple over the next few years. With voice technology coupled with AI, product search will be faster and more efficient as compared to typing. It would be a behavioral search within the e-commerce store. Making things more convenient.

In 2021, MMA India complied industry expert insights and analysis of the e-commerce landscape in India, ‘’Modern Marketers’ Guide to Connected Consumer Journeys’. According to the report, voice search is swiftly becoming the preferred medium to input across search engines and YouTube with an expected rise of 40% in 2022.?Interestingly after English, Hindi on voice assistant is the second biggest language and Hindi voice search has seen 400% growth YOY.

4. More ways to pay

Enabling customers with an option to use eWallet is no longer optional. Imagine how frustrating that would be to lose a customer during cart checkout. And now visualize the ease and comfort of having a safe secure and fast payment with eWallet.

Digital payments hit about 6.6 trillion U.S. dollars in 2021 and are expected to jump 40% in the next 2 years. Moreover, it gives the customer freedom and security over traditional cards. E-commerce stores also boost sales and conversion ratio.

5. Customize to enhance customer experience.

Make a swing to engage the customer with brand visibility using customization. All making an extensive shopping experience.

Ecommerce stores can utilize the data in hand like - purchase history, search queries, cart, geographic location, and segment to deliver a personalized experience with recommendations. Simply make the customer feel WOW and increase the likelihood of them making a purchase.

Be future-ready

Our world is rapidly changing. The market is ready for a leap in e-commerce and equipped with new technology you can embrace the change. In the end, providing value to customers matters. The better the customer experience, the better your sales.