Introduction
If we can describe 2020 with one world, it could be “change”. Every business aspect is moving fast ahead and tries a new and unexpected way to fit in an uncertain situation. Businesses have had to evolve quickly and understand the rapid change in client’s behaviour. eCommerce is not an exception.
But even as we are navigating our new normal, there is one place that is experiencing an incredible boom in traffic: eCommerce websites. Brick and mortar owners saw the opportunity and transformed their store into a digital one. Customers closed at home prefer shopping through a laptop or tablet more than ever before. In other words, if you don’t have an eCommerce shop, now is the perfect time to invest in one. If you have one, do you know how to beat the competition?
Trends in eCommerce are changing every minute, however, some will shape 2020. Find out, which ones will be the best to invest in this year:
Trend 1: Mobile dominates online sales:
Mobile online retail is an ever-moving industry and in Europe, this is no different. There are very mature mobile eCommerce markets, such as those in the United Kingdom, Germany and France, and there are industries that are still developing rapidly, such as in Greece or Hungary.
67% of European online eCommerce traffic is coming from mobile, compared to 59% in the US. Тhis is not a surprise considering the fact that the majority of European citizens own at least one smartphone.
Customers use smartphones more frequently to conduct researches and then make a decision whether to purchase a product or not. However, just because websites are accessible from mobile devices, doesn’t mean businesses are prepared to succeed at mobile commerce. The contrasting data states that only 5% of respondents plan to do the majority of their shopping via mobile.
To conclude – The mobile commerce trend needs improvement, but it can play a major role in your customer’s interaction and decisions.
Trend 2: Have an eWallet:
The definition of eWallet is a prepaid online account that clients use to store money and transact online. It is like a real wallet but transact money immediately. Cool, right!
Mobile wallet payments only accounted for $75 billion in 2016, they are projected to reach $500 billion by 2020. So, are you still wondering if your customers use this type of payment?! Yes, they do, and if you don’t follow the trend many of them could decide to try different online stores.
Trend 3: The increase of eCommerce subscriptions
Subscriptions are one of the main trends that are shaping 2020. The survey shows that over the past year, more than 15% of online shoppers have subscribed to an eCommerce service to receive products regularly.
The subscription market has grown for over 100%, and that is the data for just last year. This strong growth has attracted established brands and retailers, which have also entered the model, for example, P&G (Gillette on Demand), Sephora (Play!), and Walmart (Beauty Box) have all launched new subscription businesses.
Have in mind that consumers are quick to cancel services that don’t deliver an excellent experience, because of poor product quality, dissatisfaction with the assortment, or a lack of perceived value. So use them wisely and try to give your clients the satisfaction of using them.
Trend 4: Customization is the key to a better understanding of the clients
Customization is a well-known model of showing products that the client will like. Based on his previous searches, he/she will see more and more similar items and this way, the chances to buy something is significantly higher.
Brands try to customize almost every search nowadays and use re-marketing techniques to convert clients who haven’t bought anything yet. By empowering customers to become partners in the product creation process, brands strengthen the user experience, which increases customer satisfaction and loyalty and leads to higher profits.
Trend 5: Personalized product recommendations
Users are more likely to purchase if the store provides recommendations from previous buyers. Even in these technological times, the personal credential is the most trusted way of deciding whether or not to buy a product.
More and more eCommerce shops nowadays are using personalized product recommendations to attract new customers. The most exciting example is H&M. In the bottom of every product, there is a slider that states “The size fits perfectly. Based on 10 reviews”. Great way to show your potential customers, yes other people like this too. In fact, 45% of consumers are more likely to shop on a site that offers personalized recommendations, and 56% of online shoppers are more likely to return to a site that offers product recommendations.
Trend 6: The rise of augmented and virtual reality
The rise of mobile VR technology is about to create a new playing field in the eCommerce industry – and everyone needs to adapt. But how retailers and consumers alike, can thrive in the new era of online commerce? We all know the problem with cart abandonment, VR is a solution. What if you can see the product before you buy it? Companies like IKEA started implementing virtual reality so customers can see their furniture even before the purchase.
Trend 7: CRM integration improves eCommerce stores
Nowadays nobody uses only one channel to connect with customers. eCommerce stores connect with clients through all kinds of different ways, such as instant notifications, email, social network, even sometimes calling them on the phone. However, each channel should be carefully monitored to satisfy every client’s needs.
Here come the CRM systems. These client relationship management systems simplify the work of the eCommerce shop and resulting in better client communication. CRM eCommerce integration provides a central location for customer data that can be used to make marketing more effective. Automated synchronized data increases overall business efficiency by improving order fulfilment and timely communication.
See how your clients react through all the channels and satisfy all of their needs.
Trend 8: Have fun with gamification
Gamification is not just a game that stores add to make people play. By creating interactive experiences for their customers, they drive more sales growth in their stores. While it may seem like just a game, gamification apps have proven to increase leads and sales for many retailers.
eCommerce Gamification comes in place to stop the traditional shopping process. Awesomely, many eCommerce gamification web products have actively improved sales and conversions by double or even triple digits in the right direction. Some examples are businesses like eBay, NIKE and many more.
Three common gamification platforms include promotional contests, spin-to-win opportunities and tiered VIP loyalty programs.
Trend 9: Chatbots and eCommerce
Currently 47% of consumers will purchase items through a chatbot and this number is projected to grow. A chatbot is a computer program that simulates a human conversation. It instantly communicates with customers and can resolve their challenges among multiple platforms 24/7. This helps online stores to save manpower and to educate customers with ease.
It’s not just the sheer volume of users that make chatbots a MUST for eCommerce businesses worldwide. There are plenty of reasons brands are getting excited about bots. For example, 80% of adults and 91% of teens use messaging apps (including text and SMS) every day and over 8 billion messages are exchanged between people and businesses on Messenger each month. Chatbots are a need for the business and the data proves it.
Trend 10: The popularity of voice search
Your eCommerce store still doesn’t have a voice-search option? Solve this problem immediately! Voice search market is estimated to be $40 billion in 2022. More and more customers find this new trend quite appealing and search through talking almost every day. Not only is it convenient, but also stops us from typing down, so it also saves us.
Retailers have noticed the trend and are moving further in using it. For example, the recent partnership between Google and Walmart allows clients to voice search through Walmart’s Easy Reorder program via Google Assistant. So customers can shop all the millions of Walmart products just by talking to their digital assistant.
Final thoughts
Be ahead of your game and implement some of these eCommerce trends before your competitors. Change the retail game and finish it as a winner.
Customer’s behaviour is changing but the business knows how to follow the change, to understand it and to use some of the tools and win more and more clients. If these are the eCommerce trends for 2020, imagine the ones in 2021?!
