New Ecommerce Trends
According to Statista, Global sales revenue from eCommerce reached 2.8 trillion in 2018. Experts expect the figure to rise significantly in the current year. It is understandable why people are so much excited about the eCommerce phenomenon. In fact, we are living in the age of eCommerce. Over the next decade, this market will be responsible for significant growth. If you are interested in building a career in this sector, you must know the recent trends. In this post, we will focus on some of the recent eCommerce trends.
Small businesses, big data
Over the last couple of years, we all have heard about big data. The fact is, this trend will not go away very soon. The success of an ecommerce business greatly depends on the use of big data. The proper use of big data can make a business stand out from the crowd. To gain unique insights, small to medium-sized businesses are trying to use their data reserves. If we can properly use big data, we can not only analyze shopping behavior but also know what products will sell in the near future. Big data can also help us provide better customer service and take better security measures. And if we know how to use big data, we can get the most out of Artificial Intelligence.
Amazing customer service
Ecommerce is convenient for shoppers, and they are getting used to it. To meet the expectations of the customers in the new age, entrepreneurs must do what it takes. Entrepreneurs must make sure that customers have a smooth, secure and reassuring experience. Stores must make sure that customers get what they are looking for. Due to bad customer service, many customers cancel a purchase. We can deliver great customer service in a number of ways.
First, we have to ensure a smooth checkout. If the process is lengthy and complicated, customers will soon get fed up, and they will not return. The second way to deliver good customer service is to be responsive. We need to respond quickly when customers contact us via phone, email or social media. We also have to respond in a professional manner. We can even consider offering live chat on our business site.
To ensure excellent customer service, we should also listen to the customers. We should pay attention to the feedback and be open to suggestions. We should also be willing to listen to criticism and be ready to improve our service accordingly.
Use of artificial intelligence
In recent years, AI has greatly influenced ecommerce. An ecommerce store can go far only when it embraces the latest technologies. In numerous ecommerce stores, AI is already evident. Many advanced technologies such as data analytics, live chatbots and inventory tools are powered by AI. To deliver personalized customer service, many stores are using enhanced artificial intelligence. Now there are programs that can guide customers to purchase certain products. As an ecommerce businessman, one should understand the fact that people are now shopping on the move, and there is no alternative to using enhanced artificial intelligence to make them purchase certain products and services.
Some online stores such as Amazon use product recommendation algorithm. It may sound too good, but this algorithm increases Amazon’s sales by up to 35%. To know what products the buyer may purchase, Amazon uses a particular buyer’s interests, habits of shopping, and browsing history. To deliver the personalized experience of shopping, product recommendation engines are very effective. Using this technology, many stores have increased revenues. But if we want to make the best use of that improved personalization, we have to know how to place the recommendations appropriately.
Retail innovation is being driven by consumers
Innovation becomes easier for us when we understand our customers and know what they think of us. In this age of rapid communication, consumers and brands have got closer, and companies know a lot about their audience. Now it is consumers who determine what companies innovate and produce. In a sense, consumers are now involved in the process of production. So, as business owners, we must pay attention to the voices of our customers. We should not hesitate to take feedback and implement the ideas of our customers.
Death of the middleman
Ecommerce has made it easier for brands to reach their target audience. The result is, middlemen are getting less and less important. Yes, middlemen are going to feel the pinch. Manufacturers have found many ways to engage their end consumers directly, and as a result, the supply chain will not function in the near future. Those of us who work as middlemen should have a strategic approach to deal with the new situation. Middlemen should try to pivot out of the complex game of brokerage. They should try to work as marketing consultants. Whether we like the scenario or not, clients do not always want to go to middlemen.
Increase in mobile payments
Payment companies are going to take great advantage from the current ecommerce. Approach to payments will become more and more standardized, will become easier. Very soon the process of purchasing will become quicker, simpler and more secure. A revolution is going to take place in the mobile payment revenue. To deal with the current situation, we may need to reconsider our payment gateways. We should be ready and willing to accept payments via more advanced methods.
Role of Instagram
Currently, ecommerce brands are trying to get the most out of Instagram, and we don’t know how long this trend will last. Maybe we are still at the beginning of the game. We have a long to go to observe the possible potential of Instagram in the field of online marketing. Brands are now easily reaching their target customers. 8 out of 10 Instagram users follow businesses. On Instagram, many users—at least 6 out of 10—actively try to find the products they are looking for. And when they find the product, they start looking for another product.
With the progress of technology, ecommerce companies find amazing ways to deal with the changing scenario, because Instagram will also find ways to get the best out of both buyers and sellers. On Instagram in recent years, stories and shoppable posts have grown in number.
Acceleration of B2B ecommerce
In the B2B space, margins are getting blurred. Digital channels are now getting benefited from the opportunity of creating new markets. This trend is going to make it easy for businesses to reach their target customers. B2B ecommerce is growing rapidly, and there is no sign that this growth will slow down in the foreseeable future. In the next couple of years, people will get more dependent on digital devices, and businesses will find it easier to reach their target audience. Price optimization algorithms are going to be more readily available leading to dynamic product pricing.
More subscription boxes
In recent years, the subscription box market has reached new heights. To add to the breadth of the phenomenon, many new companies have sprouted that deal in subscription box SaaS. It is expected that the companies in the frontline will make significant progress in the next couple of years. To be specific, Dollar Shave Club and Blue Apron will go far within a short time. Recent surveys show that subscription sites are getting more and more traffic.
Shared fulfillment service
From recent trends in ecommerce, we can easily assume that soon we are going to see shared fulfillment service providers who will disrupt the involvement of the 3rd parties. We have already seen the implementation of these ideas in many ways. Home delivery companies have managed to maintain the core ideas of the shared fulfillment service. To take the most out of the situation, we should either start working with an existing company or consider a startup. Online retailers will be benefited from it, but courier and delivery companies will suffer.
As entrepreneurs, we can get the most out of ecommerce only when we embrace technology and use data in a creative way. All ecommerce business owners should know that very soon AI will become an inseparable part of our daily lives and personalization will become more readily available.
My name is Alexia Wolker, I am a blogger and work as an editor. I have a Master’s Degree in literature and love both reading and writing about books and literary topics. I also help students with their literary assignments – articles, essays and summmaries of books like this. My works you can see at freebooksummary website