The number of consumers of goods and services of e-commerce enterprises worldwide grew by 9.5% in 2020 and continues to grow. What new trends will shape the future of online trading? We have selected the latest ecommerce trends that will affect business this year.
Boom in e-commerce
E-commerce allows shoppers to avoid queuing in stores and makes it easier to compare products and prices. Improvements in online shopping are driving more and more people to shop online instead of wasting time traveling to a brick-and-mortar store. The global e-commerce market is projected to grow by more than 17% this year. This rapid growth is driven by the demand for online shopping during the pandemic, forcing many businesses to turn their attention to online shopping.
Increased attention to ecology
The increased amount of information on environmental issues has allowed clients to understand the environmental impact of factors such as non-recyclable packaging and environmentally harmful manufacturing processes. 73% of consumers say they are willing to change their consumption habits to reduce their negative impact on the environment. This trend is leading to increased awareness of environmentally friendly and sustainable brands.
In 2021, almost 73% of all online purchases will be made on smartphones. Nearly three quarters of consumers want to stay connected and shop when it's convenient for them. If you want to attract customers, now is the right time to optimize your online store for smartphones.
Social media commerce
According to the latest figures, there are over 4.2 billion active social media users in the world, making social media an ideal place to find new clients. Instagram recently introduced the "Checkout on Instagram" feature, which allows you to buy an item without even leaving the app. Analysts believe more such features are coming soon, making it easier to sell products and services to large audiences directly from users' favorite apps.
Long-term customer relationships
Online stores generate 65% of their profits from customers who already have a satisfactory shopping experience in those stores. These customers are 14 times more likely to shop in the store than new ones. More brands are expected this year to work not only to improve the overall shopping experience, but also to build strong customer relationships so that customers want to come back and buy again.
More and more companies are integrating AI solutions into their systems to simplify various processes. AI-driven tools can perform many types of tasks such as data analysis or demand forecasting. The demand for AI solutions in e-commerce is growing, and they are most used in customer service, sentiment analysis and AI-based automated marketing. More information on elogic.co/services/enterprise-ecommerce-development
In order to improve customer service, many companies install chatbots on their websites. It is a virtual assistant who can answer specific questions by communicating with customers. The chatbot market was valued at $ 17 billion in 2020 and is projected to grow to $ 102 billion over the next five years. According to the findings, chatbots will save businesses and users up to 2.5 billion hours by 2023.
While e-commerce is usually targeted at B2C (business-to-consumer) customers and B2B (business-to-business) customers are more likely to order by phone or email, this is changing now. With corporate restructuring, adapting to new customer needs and emerging from the COVID-19 pandemic, the global B2B e-commerce market is expected to grow 5.8% this year.
These e-commerce trends provide a clear indication of:
Many of prevailing trends are a good illustration of what matters to customers and how their shopping experience can be improved. To find out what Venipak can do to improve the customer experience, please see our full list of services.