The biggest 18 eCommerce marketplaces account for more than $1 trillion in global sales annually.
Is your business ready to join this eCommerce revolution? If you haven’t strategized yet, you could be missing out on the projected $4.8 trillion retail eCommerce sale predicted globally for 2021. Moreover, in 2017 the number of online buyers was 1.66 billion! This is expected to reach 2.14 billion by 2021.
Therefore, to take your eCommerce efforts to the next level in 2020, ensure that you take complete advantage of the emerging trends in the eCommerce industry.
AI and Chatbots
As per Chatbots Life, it is forecasted that 85% of customer interactions will be taken care of without a human agent.
This depicts that chatbots can meet a number of customer service needs like answering queries or discussing a complaint. In fact, online shoppers nowadays are knee-deep into chat culture and are turning to these chat platforms for every query.
To conclude, the eCommerce industry has just started to value the advantages of chatbots in increasing sales and retaining customers. Therefore, there’s a world of untapped possibilities that online retailers can exploit in 2020.
Native Social Selling
Communication that takes place digitally converts faster and reaches more people.
As per studies, online stores with a social presence experience 32% more sales on average than stores without any social presence.
Native social selling helps:
- Increase customer loyalty and retention
- Create authentic engagement and traffic
- Build a strong personal brand
- Shorten the sales cycle
It is yet to be determined if social commerce will take over the marketing scene, but at the pace digital media is growing, it is important that you prepare for the new wave heading your way in 2020!
The Rise of Virtual Reality
Think about it: What’s more engaging? Scrolling down a product description of a dress or virtually trying it on with different accessories? It’s a no brainer.
While VR has bridged a common trust gap, it has boosted many other aspects of the eCommerce industry like:
- Offering memorable customer experience
- Breaking down language barriers
- Keeping customers focused
- Giving personalized experience
How big is this trend expected to be? Virtual Reality and Augmented Reality revenue are projected at 120 billion by 2020, which will be a real eCommerce opportunity.
Voice Search Integration
Gartner predicts that by 2020, 30% of all web searches will be managed without a screen
Is your online retail store ready for this big change?
With enormous benefits like easy optimization, handsfree experience, and efficient results, voice search is expected to become a $40 billion market.
This fundamental shift in consumer behavior will continue since technology is improving and many big online retail players continue to invest in the development of voice search.
Consequently, the next logical step for merchants is to integrate this into the eCommerce landscape and website design.
The California Consumer Privacy Act (CCPA), a comprehensive new consumer protection law is set to take effect on January 1, 2020.
As per reports, 72% of American companies expect to invest in technology to particularly comply with the CCPA.
The right technology lets you stay away from the stress involved in managing multiple data regulations that different countries and states across the globe have implemented.
Retailers who sell on even two separate online platforms see a 190% increase in revenue over those who sell on just one.
That said, listing on multi-channel marketplaces offers many benefits. It gets your business new customers, reduced barriers to entry, and new revenue sources.
Therefore, your online retail sites typically need to be integrated with other marketplaces or digital channels. It would make it easier for a business owner to increase sales in 2020.
Punchout eCommerce System
Around half of the B2B organizations use a punchout eCommerce system and 33 percent have plans to start one.
A punchout system improves sales with existing customers and offers capabilities to attract new customers.
With the E-procurement system improving the user experience for your customers, it is important that you get it streamlined in 2020.
In a nutshell, the recent trends in the eCommerce industry are exciting and challenging. Implementing these in 2020 can help make your marketing plans successful and improve the conversion rate of your eCommerce store.
Is your eCommerce store ready for 2020?
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