Due to an unexpected increase in the 2020’s commerce effect, the e-commerce industry is expanding rapidly. More and more retailers are moving towards online selling, and entrepreneurs are starting their e-commerce ventures. It has been estimated that e-retail revenues are expected to increase beyond $6.54 trillion from $3.53 trillion in 2019. E-commerce is an unpredictable industry. Every year something new is getting introduced in the market with several unique trends that help your business boom and stand out among competitors.
As we are moving forward in 2021, we identified some top listed e-commerce predictions to watch in 2021. Let’s have a look at it! All these will help your e-commerce business to move forward hassle-free and get a huge success.
E-Commerce Predictions To Watch In 2021
- Voice Commerce will take a new shape
As the technology trends are booming worldwide, people rely more on voice assistant devices like Google Home, Amazon Echo, and Alexa to do everything. 75% of US households will be having smart speakers by 2025. Voice commerce sales are expected to reach beyond $40 billion by 2022. Another reason for which voice commerce is getting immense popularity is because of its accuracy and convenience of the technology. Google and Amazon are adopting regional languages in their virtual assistant devices to help customers shop without much effort. That’s why it is essential to optimize your online store for the need of voice search.
- Omnichannel shopping will become normal
Omnichannel retailing refers to offering shoppers a consistent experience on various channels and devices. With the boost in mobile devices and voice assistants’ adoption, they can imagine that omnichannel customers will boost more in 2021. Using analytics tools like Finetza offers detailed e-commerce analytics for identifying customer behavior and tracking everything concerning the cash flow. An analytics tool will help you determine which products are in huge demand, track your profit and loss, and evaluate customer loyalty.
- Digital transformation
Looking back at 2020, we will come to know that digital transformation is incontrovertible for businesses to survive and stay competitive from the future perspective. As per McKinsey and Co., B2B digital leaders encourage more revenue than non-digital peers. B2B and B2C’s buying behavior is moving towards the digital experience because of the new generations that start entering the labor market. Many companies have begun to look for different solutions that will enable them to sell their products or services on online platforms. The question is not about putting your business on an online platform but about not missing out on the market as it is adopting digital trends speedily.
- AR and AI will improve the e-commerce experience
It has been estimated that online sellers will be going to spend around $7.3 billion by 2022. Not only spending is going to increase, but more than 120,000 stores will be adopting AR technologies for offering customers a rich and interactive buying experience by 2022. AI functions as your online in-store associate as it offers persona guidance and recommendations to your customers. Artificial Intelligence uses the past purchase history of shoppers and their browsing behavior to show them products they are interested in buying. Like in physical stores, online shoppers can not try or take a physical look at the products they are thinking of buying. AR will help eliminate this hurdle by allowing customers to see how products are looking before buying the product. Implementing AI and AR in your e-commerce store, you will be able to see an instant boost in your conversions and decrease your returns rate.
- New Payment Options will get introduced in the market
Payment options play a vital role in the online e-commerce industry. Also, a lot depends on payment options depending on which customers choose a particular brand. If the customer is not comfortable with your offered payment option, then there are full chances that they will not purchase from your e-store. Most e-commerce businesses have started accepting digital wallets like Samsung Pay or Apple Pay, PayPal, and Google Pay. Most of the e-commerce businesses started taking digital wallets apart from credit and debit cards. Cryptocurrencies, specifically Bitcoin, leverages online shop owners like low transaction fees and more such.
- Mobile commerce will dominate e-commerce
Consumers have started trusting online shopping more, so they are more comfortable purchasing on their mobile phones. The statistics state that till the end of 2021, mobile devices will make around 73% of e-commerce sales. Approximately 30% of online shoppers are expected to leave their shopping in the middle if they do not find your website mobile-friendly. Being an online seller, you must focus on enhancing the customer experience for your valuable mobile users. Check your website for mobile-friendliness with the help of the Google Mobile-Friendly Test. You just have to enter the URL in the tool, and then it will show that whether your e-store is responsive or not. Also, it will show any type of loading issues on your website.
- Personalized e-commerce experience
As more and more people are moving towards online shopping, their expectations regarding shopping are rising. Building a website and selling your products on an online platform has just not remain enough. The competition level is escalating at a higher pace, and customers’ online shopping behavior changes day by day. Customers are spending around 48% when they get a personalized shopping experience. To deliver a personalized experience and present offers to your customers, it is vital to know everything about your customers. Approximately 55% of online shoppers share their personal information with any brand leveraging their shopping experience.
2020 was a horrific year for everyone and every industry as well. The E-commerce world is changing fast, and with the downgrade of last year, every sector is coping up to survive. The ever-changing growth of e-commerce always amazes people by introducing new things to the market. Statista says that the average growth of e-commerce is escalating at an average rate of 15%. We have portrayed some of the top e-commerce predictions to watch in 2021, and I hope it will help you.
Author Bio –
I believe that Writing is not a competition or fear. Writing is an art, a passion, a love. Applying these thoughts in my writing, I always put my strong efforts while writing on any topic. I love writing, and technology is my favorite part. Food is my strength as well as my weakness 😉