What Does the Future of eCommerce Look Like?
The shift of businesses from offline to online channels has driven double-digit growth year after year, with 2020 being no different. Despite the pandemic taking a massive hit on businesses worldwide, the future of eCommerce looks bright. Retailers are transitioning to online selling platforms while fresh entrepreneurs are kick-starting their ventures online.
Want to step on the bandwagon and earn a portion for yourself? Understanding the potential of global eCommerce is the way to go but it’s even more crucial to be aware of eCommerce future trends to stay at the top of your game.
Read more: 11 Pillars of Great Ecommerce User Experience
Looking into the Future of eCommerce
Research suggests that e-retail revenue will grow from $3.53 trillion in 2019 to $6.54 trillion by 2022.
Upgrading regularly, each year brings new trends in eCommerce that can benefit your business and make you a strong contender in the world of e-retail.
The following are the eCommerce future predictions that will steal the spotlight in 2021.
Voice Assistance Integrated E-stores
Devices such as Alexa, Cortana, and Google Home are already making their place in the market especially due to increased accuracy and convenience. Google and Amazon are ahead of the time and are adding regional languages in virtual assistant devices for increased convenience for its users. According to OC&C report, voice shopping will touch $40 Billion by 2022, producing a 20-fold increase from 2018, making it crucial for retailers to integrate voice assistance into their e-stores.
Omnichannel and Social Commerce
Harvard Business Review survey reported, 73% of the total sample gave the nod saying that they use multiple channels throughout their shopping process. In 2021, with the augmentation of the latest smartphones and voice assistants, the number of omnichannel shoppers are expected to escalate. Thus, it is vital that you optimize your website along with other social media platforms. Social media websites are now allowing merchants to publish and sell their products from their pages/profiles.
Enhance Customer Experience with AR and AI
To enrich the shopping experience for customers, online sellers are predicted to spend $7.3 billion on AI by 2022. AI works by recommending products to the customers by acting as an in-store associate based on their browsing behavior and past purchases. On the other hand; Augmented Reality (AR) lets customers view how a product would look on them before making a purchase. A combination of the two is a sure shot way to increase conversions and decrease returns.
The Emergence of Multiple Payment Options
How an eCommerce store accepts payments plays a major role in attracting and retaining customers. Lack of offering multiple payment options will negatively affect your sales. Along with debit and credit card options, digital wallets that include Google Pay, Apple Pay, and PayPal are widely accepted by most e-retailers. The future of eCommerce will see a boom in accepting cryptocurrency, especially Bitcoin, due to minimal transaction fee and no reverse transactions.
Dynamic Pricing Equates to More Sales
Incorrectly pricing your products, can potentially minimize sales. Pricing your product dynamically means to sell it at a price that ensures most sales while simultaneously making the maximum profits. Dynamic pricing software provides the potential tools to give real-time insight into market prices, demand, and perceived value of your product.
Mobile Commerce Takeover
With an increase in remote customers, the use of mobile devices has seen a drastic hike. By 2021, a whopping 72.9% of the total eCommerce sales are expected to be made by mobile commerce only. It’s also to be noted that almost 30% of the total shoppers tend to abandon their carts if the website is not mobile-friendly. To grow your business, check your website’s compatibility with mobile devices, a progressive web app, accelerated mobile pages, and a smooth checkout process.
Read more: Delivering a complete customer experience using Microsoft Dynamics 365 Commerce
Revolutionize your eCommerce Business with Catapult by Visionet
Catapult by Visionet assists brands on their digital transformation journey to harness the future of eCommerce trends with the help of a multi-tier Microsoft Dynamics 365 Commerce implementation in minimum time. Tailored according to your business requirements, we promise to revolutionize your eCommerce business that captivates your customers by equipping you to:
- Utilize up-to-date digital and marketing solutions to enrich user experience.
- Uncover the power of omnichannel for a seamless shopping experience for your customer, leading to better conversions.
- Draw valuable customer insights by analyzing data from Dynamics 365 platform and external sources to enhance customer experience.
- Ensure a smooth checkout system with multiple payment options to better suit the customers need.
- Construct responsive and intuitive user experience by cultivating the benefits of Dynamics 365 Commerce and its customizable themes.
- Customize services according to your requirements and deliver value at all touchpoints.
- Foster brand loyalty by providing post-purchase support to the customers with our post-purchase customer interaction platform.
The future of eCommerce looks rosy that has remodeled the way businesses operate worldwide.
For dominating eCommerce in 2021, now is the time to equip yourself to integrate the latest trends into your business. Voice commerce, omnichannel shopping, AI and AR integration, cryptocurrency usage, and dynamic pricing strategies are all significant in enticing customers to choose your marketplace.
If you want to be a part of the eCommerce revolution, get in touch with our experts.