The global eCommerce market is rapidly expanding. It is expected to generate $4.2 trillion in revenue by 2025. However, the rapidly expanding eCommerce market is evolving at the same rate as it is expanding. Because of the rapid pace of innovation in this space, tomorrow’s eCommerce landscape may look very different from today’s.
Although we cannot predict the future, there are some indicators of what is to come. While We Creative is always available for E-commerce store development, this guide will inform you about 5 trends that are reshaping the world of E-commerce. Let’s get started!
5 Trends Shaping the Future of eCommerce
Nowadays, the vast majority of consumers conduct online research before visiting a physical store. Because the customer journey now includes a plethora of touchpoints across multiple devices, businesses must fully integrate their channels to provide a frictionless, holistic shopping experience.
That is what omnichannel shopping seeks to achieve: the seamless integration of a company’s physical and online channels. When implemented correctly, omnichannel strategies can be effective revenue generators. According to Google research, omnichannel strategies can help generate an estimated 80% of a company’s in-store visits.
AI and AR
Artificial intelligence (AI) and augmented reality (AR) are revolutionising the online shopping experience, with innovations such as:
- Chatbots powered by AI
- Virtual personal assistants
- Personalized shopping with AI
- AR apps that aid in the replication of the physical world online
Ideally, these applications make shopping easier and more enjoyable for customers. AI and AR technologies are impressive on their own, but when combined, they complement each other to provide an enhanced shopping experience. For example, an AI and AR-enabled app could listen to what you’re saying and then render an image right in front of your eyes.
New Payment Options
In general, technological advancements aim to make online shopping as seamless as possible. And payment is an important part of that process, which is why businesses must provide customers with a variety of payment options at checkout in order to reduce cart abandonment. Among the payment options are:
- Electronic wallets
- Payments via mobile devices
Cryptocurrency is especially popular as businesses become more open to blockchain technology and cryptocurrency as payment.
Rise of Visual Commerce
We live in an age of information overload, which means that brands are constantly competing for consumers’ attention. Therefore, visual communication has become more important than ever before.
Businesses are using visual tactics such as high-quality photography, videos, and augmented reality (AR) to keep customers engaged.
Visual commerce, like omnichannel strategies, can help significantly increase revenue. Customers who viewed a product in AR were 65 per cent more likely to make a purchase, according to Shopify research.
Data-Driven, Dynamic Pricing
Dynamic pricing occurs when a company adjusts its pricing to reflect consumer demand. While this is not a new phenomenon, AI and new technology have improved its accuracy and accessibility.
Companies such as Amazon have already implemented technology to help them optimize their pricing strategies, and other businesses that follow suit may see an increase in earnings.
How Companies Can Stay Competitive?
The eCommerce market is rapidly expanding and changing at the same time. You must create an appealing store if you want people to buy from you. Your users’ experiences will have a direct impact on the number of sales you make. Companies, on the other hand, can remain competitive by adhering to the aforementioned trends to the greatest extent possible.
To Wrap Up:
These trends are reshaping the world of E-commerce and in the future, we expect to see more such trends. We can say one thing for sure that online shopping will become much easier for the customers. With that said, if you’re looking for E-commerce or social media management services, WeCreative is here to serve you.