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The eCommerce sphere is growing by leaps and bounds, with consumers making more purchases online than ever.
From fashion brands to household goods, multiple eCommerce stores are giving stiff competition to each other. This is why brands need to constantly keep up with the latest trends and innovate to get ahead of the curve.
Since the trends change rapidly and in the blink of an eye, here’s a compilation of the key trends that will shape eCommerce in 2020.
Let’s look at each of them in detail:
Chatbots and AI have been in use for quite some time, and they are evolving like never before.
They are being used for enhancing the consumer experience on eCommerce platforms and will continue to do so in 2020 as well. For instance, 48% of the consumers would rather connect with a company via live chat as opposed to other means of contact. This explains why investments in chatbots builders are on the rise. In essence, eCommerce platforms integrated with chatbots and AI can drive more engagement, sales, and offer the best customer support in real-time.
This trend is likely to stay for a long time.
Rich-media has always worked for brands, especially on websites. Think hero images, video in banners, animations, and illustrations, among others. While some brands used them sparingly, it is going to become more of a prerequisite in the future as customer expectations and use of mobile devices keep increasing.
The logic is simple.
When consumers want to make a virtual purchase, they don’t want to take chances and order the wrong product. This is something that even the best text descriptions can’t help them with. Video product descriptions offer them the opportunity to view the product of their choice before they put it in the cart.
As per eMarketer, in 2017, 35.6 million Americans used a voice-activated device at least once per month. If this was the case a couple of years back, imagine what is going to happen in the future, with the emergence of several new tools and technologies related to voice-based assistants and voice search.
In fact, by 2020, 50 percent of all internet searches will be done using voice search, and eCommerce businesses need to embrace the change sooner than later. They can achieve this in the following ways:
Augmented Reality (AR) is expected to rapidly grow to a staggering $120 billion in revenue by 2020. This can be attributed to the many benefits that it brings to the table.
For instance, it gives shoppers the chance to engage or interact with products, giving them a better sense of ownership. Next, it can be used as a visual storytelling tool that can make the customers take more interest in the products and become inclined to make a purchase. It also takes the personalization of shopping to the next level.
Therefore, implemented in the best manner, AR can boost sales and conversion rates for any online store as it enhances the shopping experience manifold.
Gone are the days when eCommerce meant showcasing products on a website.
Today, online sellers focus not just on creating stellar eCommerce websites with the best plugins and other features, but also on omnichannel selling. The main aim is to reach a broader audience, irrespective of where they are on their buying journey or device.
The benefits are confirmed by an SAP survey according to which - almost 75% of firms said that using a multi-channel system has increased sales, 64% said it upped customer loyalty, and 62% said it gave them a competitive advantage.
While there are several hiccups along the way, it is beneficial for firms that want to stay ahead in the race despite facing stiff competition from biggies like eBay, Amazon, and Walmart. The catch is to do research and understand which channel is going to prove more beneficial for them. This takes us to the next point.
Social shopping took some time to arrive and is gaining foothold rapidly on almost all social platforms such as Facebook, Instagram, Twitter, and the likes.
According to Adweek, the top 500 retailers gained about $6.5 billion from social shopping in 2017, which comes as no surprise. This is the reason why social media platforms are making it easy to shop directly.
The change reflects in the fact that 30% of consumers now saying they’d make a purchase on platforms such as Pinterest, Instagram, Twitter, or Snapchat. They find it convenient to go directly to the website from the platforms without opening a new app, having a seamless experience throughout.
Even if the consumers don’t discover a product via a website or even through social media (think ads or product pages), they can still come across it in a different way. For instance, they can know about it via an influencer or someone else they follow on social channels via their posts or shoppable stories. This not only helps increase sales but also web traffic.
More often than not, customers abandon their carts because of payment issues. They are discouraged by the lack of payment options. They need more convenient methods to pay for their purchases.
2020 will see the emergence of more variations of existing payment options. These may include digital wallets, apps, and other technologies that can facilitate quick checkout. Ergo, it is all about being able to deliver a customer-centric experience involving a mix of choice, flexibility, and speed.
These are some of the key eCommerce trends that will be widespread in 2020. With the current year coming to a close soon, eCommerce businesses need to up their game and join the bandwagon soon to kickstart the new year with these trends and rake in the profits. What’s your say? Leave us a comment!