Ecommerce trends have constantly been giving a new outlook to the world and have removed all the geographical and linguistic barriers. Anything, anytime, anywhere; just a click away! Products have become more accessible, and starting a worldwide business has become easier. The e-commerce industry has faced numerous changes over time, but 2020 and 2021 have remained the most transitioning year so far. Due to COVID-19, almost every industry has learnt to adapt the functioning and implementing strategies of e-commerce and gone digital. According to UN trade and development experts (UNCTAD), the e-commerce sector’s share out of all retail sales rose considerably from 16 % to 19 % in 2020. The digitization in e-commerce has not only helped mitigate the economic downturn caused by the pandemic but has also played a significant role in meeting customer needs and demands and improving their experiences. Some emerging e-commerce trends which are giving shape to 2022 are as follows:
Augmented Reality (AR) is Revolutionizing Customer Experience
One of the major game-changers in e-commerce trends is the introduction of Augmented Reality. It provides customers with a gist of what they’re going to purchase. Not entering the physical stores and shopping for their favourite brands has genuinely been a hurdle for consumers. Augmented reality in the e-commerce industry has made things so much easier and feasible at the same time. Items such as spectacles, home decor, fashion can be tried and tested before the door-step delivery. It provides consumers with real-time interaction with the products and services virtually. For example, Lenskart has used the AR feature and has enabled customers to test the frames and lenses through their mobile phones and PCs. It helps build faith and provide assurance to the buyers that they are buying a reliable product.
Chatbots for personalized interactions
Chatbots are the key role players to make good impressions during merchandising conversations. They’re AI-powered computerized software that covers the customer support wing of a company. They help save all the briefing time and satisfy the customer with prompt responses. These responses can be customized as per the companies requirements and depend solely on their niche. There are different types of free chatbots for websites that can help improve customer experience and drive conversion.
AI plays a big role
Artificial intelligence enables customers to have personalized shopping experiences with just a click. AI not only helps in predicting human behaviour but also resolves a lot on the seller’s part. By observing the shopping patterns, it displays the product recommendations as per the needs of each consumer. The audience wants to feel that they’re essential to the brands, so they eventually crave the care, and AI will be programmed automatically. Google Duplex tool, an AI-enabled digital assistant, is one of the new adoptions in the e-commerce industry. It can create grocery lists from the consumer’s natural voice and even place online shopping orders for them.
Mobile shopping is spiralling
Shop anything, anytime and anywhere! With the steep rise in global usage of mobile phones, the world has adapted itself as per consumer needs. Mobile shopping apps like Myntra, Amazon and Flipkart have witnessed a sharp rise in sales. This happens because customers constantly view new offers and exciting deals on their go-to device, which eventually prompts them to shop the products or services. Mobile apps enable users to buy the products at their convenience with just a click. Statistical reports show that 73% of sales happen through Mobile clicks. The e-wallets add a cherry to the cake by making the products more affordable at times.
Subscription is the new “stay in touch”
Most websites and selling apps offer subscription packages to keep their customers engaged with their websites. These subscriptions are usually beneficial for both consumers and producers. The continuity of orders remains constant or even increases over time, and the consumers get inexplicably affordable benefits and prices. And if somehow the continuity is disrupted, then the AI feature helps identify the products which are regularly screened by the users and offers them subscribed benefits and rewards to prompt them to make a purchase.
Sustainable selling is here to stay
According to researchers, the sellers are becoming more aware of the environmental damages. Also, customers prefer sustainable shopping. There has been a massive shift from synthetic packaging and products to sustainable ones. Organizations keep coming up with more eco-friendly and recyclable products to grow and attract an audience.
Alternative payment methods are on the rise
As of FY21, digital payments have seen exponential growth from $ 61Bn to $ 300Bn in the last five years, with UPI comprising 60% of total payments by volume. The different modes of payment like UPI, Wallets (PhonePe, PayTM etc.), BNPL (Buy Now Pay Later) have enabled customers to make payments more conveniently than ever. With more wallets and alternative payment methods on the horizon, the need for internet banking is almost becoming next to null! Apart from wallets like PayTM, PhonePe etc., alternative payment methods like Slice, Simpl, Lazypay, Onecard are penetrating the Indian market at breakneck speeds.
Those mentioned above are some of the top payment processors in India. These processors optimize the checkout process of consumers and allow them to go cardless. Certain shopping websites also offer cash rewards and schemes when using digital modes of payment, adding further to their appeal.
From TV ads to social media ads and from shopping malls to shopping apps, the world is evolving with every hour. It’s essential to know the trends and changes happening around us. Statistical data from Finaria and Forbes, the global e-commerce retail sales will reach more than 2.7 trillion dollars by the end of 2021 and should reach 3.4 trillion dollars in 2025. To ensure their survival in the continuously evolving e-commerce industry, businesses need to adopt the e-commerce channel as part of their brand strategy. We at Brandshark solutions help you build a brand while keeping you and your business up to date with the upcoming trends! We believe that your footprints should be as unique as the customers using them. With the right combination of conversion-optimized digital marketing strategies and expertise, we help you take your business to the next level.