ECommerce has grown and transformed very rapidly over the years. The pandemic of the new coronavirus, further enhanced and added to it by forcing the population to stay at home and compelling them to shop online.
Along with the many latest technologies and refinements in the industry, e-commerce itself has experienced major modifications. And this is, to be honest, just the beginning.
By the year 2025, it is predicted to reach $4.2 trillion in revenue. But the rapidly growing eCommerce market is developing just as quickly as it’s extending. And because of rapid invention and creation in this space, the future’s eCommerce landscape could look extensively different from the existing one.
We definitely cannot predict the future, but there are some indicative signs of what can follow. Here is a list of some of the trends for the forthcoming years. Some of them are already part of our daily lives, but they will evolve and become stronger. Others are nearly on the brink of becoming a reality, and there are those that will likely need some time to settle down, but it is better to be prepared.
1. US$3.4 trillion as Revenue in 2025
In order to talk about the fate of e-commerce, nothing is better than beginning with data and statistics.
An Italian consultancy firm says that global e-commerce retail sales are supposed to reach more than 26.7 trillion dollars in 2022 and should reach 38.4 trillion dollars in 2025. Once again, these figures convey that the future of e-commerce is steady, with no signs of dropping down.
2. Drones for Delivery
Delivery drones will undoubtedly be part of the future of e-commerce. And, it seems to be coming soon.
Many businesses, such as food, are already running tests with drone deliveries.
Delivery drones are qualified for handling and automating shipping in different magnitudes, all without human interference.
3. Multichannel Experience
Offering a multichannel experience (also known as omnichannel) for the customer is increasingly crucial and this will definitely be an everyday practice in the future of e-commerce.
People are using more and more online services, as the statistics show, but this will not end physical retail, as it is not just a choice, but an amenity and convenience. The customer act in the way that seems the easiest and the most practical at that moment.
4. Diverse payment options
In the line of talking about trends in e-commerce, another strong trend in e-commerce is to give different payment choices to the customer, especially speedy payments, making the checkout process more comfortable and more agile. As the pandemic taught us, it is important to set up accepting payments online. Online payments provide customers the flexibility to pay from anywhere and at any time.
5. Rising M-commerce
Mobile commerce (m-commerce) already covers more than 70% of online retail and it will surely continue to rise in the forthcoming years. As per a survey performed in August 2020 by Panorama Mobile Time and Opinion Box, 91% of Brazilians who have a smartphone have already purchased online via the device.
6. Personalized Experience
Customization of experience will definitely be an increasingly important requirement in the future of e-commerce in various aspects, as customers are more and more valuing a customized and individualized service.
At present, most of the virtual stores have a system for giving recommendations, which suggests the purchase of similar and closely relevant products for each customer in the smart shop windows.
7. Visible stimulus
We are in an extremely visual phase and, with the advancing technology, visual and visible stimuli will make even more difference in decision making during purchases in the future.
Inspecting a product from various angles using an RV headset, indoors or anywhere else, is the plus point of this technology, and, undoubtedly, it is much more impressive and real-looking than viewing 2D images virtually.
8. Automated service
Automatic attendance systems, such as chatbots, are already used vastly but will be even more prevalent in e-commerce in the future. By implementing certain keywords and even with the use of artificial intelligence, the machines get to know what the customer requires and interact with him in a quick and assertive manner.
9. Social responsibility and Sustainability
With every day passing, customers care and value more firms that value sustainable consumption and have a sense of social responsibility.
This is the reason why several huge companies are working on the mindful use of natural resources and the reduction of harmful materials like plastic. They also invest in sustainable actions that protect the environment, such as planting trees.
Assistance for social causes, with donations to NGOs, for example, is also a growing trend. O Poland is an initiative aimed to fulfill this purpose. It connects companies to social projects and allows the customer to opt for an action for which a part of the payment will be donated. Many businesses have already used the service and obtained a higher retention and conversion rate, proving that the customer approves of this type of conduct.
10. Voice commerce and audio search
Voice technologies are growing at a very fast pace. They have already become part of the daily life of e-commerce and will be preferably present in the online shopping of the future.
In the United States of America, voice commerce, or voice shopping, is the most rapidly growing sales channel. It is now possible to shop using voice assistants, such as Alexa, and Google. Very soon this trend will roll out in other countries.
And, both in foreign countries and here, it is also very common for customers to enter search engines, such as Google and Yahoo, and search for products and commodities using voice search.
According to research, 48% of respondents use voice search help at least once a week and 85% mainly use voice assistants. In addition, 86% find it way easier to use their voice than having to type and 75% see more value brands that use this feature of technology.
Long-lasting technological and infrastructure advancements indicate that the future of e-commerce will be even more lively and scalable. To face the hardships of modifications in e-commerce, it is crucial to update and be prepared. But, using the trends mentioned here, it is sure for someone to be on the right path to success.
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