A lot of growth was seen in the eCommerce industry in 2020. Due to the advancements in technology, scalability, internet penetration, and user behavior, the retail business has been able to compete with traditional stores by providing superior customer experiences. The only way for companies to succeed in today’s world of extensive knowledge and intense competition is to anticipate changes, spot lagging areas, and jump on emerging trends as soon as they emerge.
Have you ever thought about where eCommerce is going?
The retail industry has been revolutionized by the explosive expansion of online shopping over the last few years. This trend picked up steam with the recent coronavirus outbreak, which kept people indoors and made online purchases the most convenient alternative to going out.
However, e-commerce has experienced significant changes as a result of the widespread adoption of new technology and the development of cutting-edge methods within the sector. This is undoubtedly the start of something much bigger.
We have discussed some predictions for the upcoming years. Some of these trends are already present in our lives, but they are just going to intensify. Some are quite close to coming true, while others will likely need some time to settle down, but it is still a good idea to be prepared.
The Growth of Online Retail Markets Around the World
The number of items purchased online has been steadily increasing. In the last 25 years, it has completely altered the retail market. Statista predicts a doubling of sales from 2014’s $1.35 trillion to 2021’s $4.52 trillion. A lot of changes have happened in response to new technologies and shifting consumer preferences.
Recently, purchasing online has risen to the top of the list of most-liked web pursuits. As a result, entrepreneurs place a premium on providing a satisfying service to their customers. They’re always coming up with innovative ways to make online shopping a breeze for their customers.
Websites have evolved to become more user- and reader-friendly. Customers may easily make product selections and complete related transactions. It’s also worth noting that these sites have many, very secure payment gateway options from which to choose. They have started hiring Magento development agencies in UK and other countries for better performance.
In addition, the giants have very stringent security measures in place to protect their customers’ personal information. Due to these advantages, shoppers are shifting their spending preferences from traditional businesses to online marketplaces.
Growth of Omnichannel Shopping
Most people nowadays looks at a brand online before even setting foot in a shop. Because customers’ experiences increasingly span several devices and touchpoints, it’s crucial that organizations combine all of their channels to provide a seamless, unified buying process.
Omnichannel retailing seeks to fuse a company’s offline and online storefronts into one unified purchasing experience. In the right hands, omnichannel approaches have the potential to be very profitable. Google found that businesses using omnichannel strategies saw an increase of almost 80% in-store visits.
The World Goes Mobile
When it comes to online shopping, mobile devices are no longer the wave of the future. Customers are increasingly turning to their smartphones to do online transactions, making the function of smartphones in e-commerce traffic more important. More than half of the global population now uses a smartphone to purchase online. The majority of online purchases are still made on a desktop computer. But this won’t continue for long, as predictions from experts in the field of electronic commerce show that mobile devices will soon replace desktop computers as the key tool for gathering information, doing research, and making purchases.
Any search engine’s ranking of your online shop may be affected directly via mobile optimization since mobile-friendliness is now a significant feature in the ranking algorithm. The fact that 40% of mobile consumers would hunt for a rival after a negative experience may be understood with only one example.
Voice Search
One-quarter of the world’s connected population is utilizing voice search on mobile devices, reports Google. However, voice searches often only yield a handful of relevant results depending on factors including the user’s purchase history, personal preferences, and speech recognition technology.
Companies need to make their e-commerce platform accessible to customers who prefer contactless payment methods, those who use voice-activated search agents, and those who want to use voice commands. If businesses aren’t optimized for this new channel, they’re missing out on a valuable opportunity to get insights from a hitherto untapped pool of customer data.
Delivery Drones
Inevitably, delivery drones will play a role in the future of online shopping. Not too far into the future either.
Businesses across industries, including the food industry, are already testing drone delivery systems. The online retail behemoth Amazon has been working on its own delivery drone project since 2013. Due to internal issues, the project has been delayed and is not expected to begin running in any cities until the end of 2019.
An increasing number of e-commerce firms are expanding internationally
In the future, more e-commerce firms will go global when their local expansion slows or stops.
Consumers share the sentiment of becoming global. A recent poll found that 76 percent of internet buyers had shopped at a foreign site.
Personalization of Products
Allowing for product customization is rapidly becoming a vital feature in the e-commerce sector. One other rising technological trend in the e-commerce sector is the ability to personalize products. Customization has the ability to streamline the online shopping experience and meet the demands of modern consumers.
Automation is becoming more important in the personalization of goods and services. For instance, based on a user’s history, YouTube might suggest a playlist of videos to watch. With each user’s unique behavior, the service adapts to better meet their needs.
A similar method is being used by a number of other companies all around the world. Customization of products has become more than a passing fad, influencing everything from entertainment to fashion to home furnishings.
Conclusion
Consistent improvements in technology and infrastructure suggest that e-commerce will thrive and expand in the years to come. Keeping up with the rapid development of e-commerce requires constant improvement and planning. You may need the help of a Magento eCommerce agency. However, if you follow the patterns that have been shown here, you will definitely be heading in the correct direction.
