With so many new technologies and advances in the industry, e-commerce still moves forward, conquering new territories in the virtual world. Of course, many marketers have already made their predictions regarding the future of e-commerce in the next 10 years. Let's take a look at how online stores will be coming soon.
1. Global e-commerce retail to hit $ 4.9 trillion in 2021
According to statistics, global retail sales of e-commerce will reach $ 4.9 trillion in 2021, marking the rate of 265% growth, rising from $ 1.3 trillion (2014) to $ 4.9 trillion (2021). These numbers once again express that the future of e-commerce is stable, with no signs of falling.
However, with these lifting steps, global e-commerce sales are delimiting space in the global retail market. It is estimated that 2021 will compile 17.5% of all global retail sales.
Honestly, it is not a large number, although the chances of growth are greater with so many technological advances. There is a big trend for a progressive e-commerce. Traditional, physical establishments should take this into account and build a framework to bring their business off-line to an online platform, given that with the continued growth of the e-commerce industry, physical stores have little chance of hitting the competition. It is mandatory to show online presence as well, otherwise you will lose many customers, who are looking for an easy, quick and convenient purchase, from the comfort of your home. It is also assumed that online stores should strengthen their brands in the virtual world to maintain a great position in the market.
2. Automated Freight Vehicles
The future of e-commerce becomes more lucrative with the idea of automated freight vehicles. They are able to manage freight in different volumes, all without human intervention.
The advantages of automated freight are many, in which they stand out:
- Reduced freight cost and travel time
- Accident Reduction
- Absence of Human Failure
- CO2 emissions reduction
- Customer Satisfaction
At the moment, drones are at the top of automated freight vehicles. They can deliver orders to the designated location within a few hours after they have been finalized. The e-commerce giant, Amazon, has already made investments in this area to build its own drone delivery system.
Cars that drive alone make up the list of automated freight vehicles that should appear in the future. They can notify you when they approach the destination chosen for the order made. It is intriguing, with much work still to be done in development. Firstly, there is a need for extensive software programs and sensors capable of ensuring correct operation. Then you need to test it several times to make sure it will not cause problems or get off the programmed routes.
3. Social Buy
Nowadays, social media platforms have broadened their scope of activity. They have now considerably improved sales capacity and are more valuable than just one advertising channel. Even a novice or inexperienced person can buy products quickly and conveniently on any social media platform.
Social media channels like Twitter, Pinterest, Instagram, Facebook and even Youtube have developed "buy" buttons, significantly improving their selling functionalities. With the "Buyable Post" option Instagram allows businesses to use product tags and stickers in their posts and stories, respectively. When a visitor touches to see the product or sticker marking, information about the image, description and cost appear.
This functionality on social media platforms saves your time and effort spent on buying. Large-scale participation in social media greatly influences business as it becomes more transparent and visible to larger customer circles. So the time to prepare for social sales is on the rise, and it's time to create innovative ways to use social platforms. To summarize: with social media platforms the act of buying is more comfortable and faster.
4. Cross-border purchases
There is a great trend among buyers looking for products outside their country of residence. Therefore, 57% of online shoppers have made purchases abroad in the last six months.
As we can see in the chart, the percentage of online buyers making international purchases is 63.4% in Europe, 57.0% Asia Pacific, 55.5% in Africa, 54.6% in Latin America and 45.5% in North America.
This is a step to expand its business globally, as well as strengthening its international presence in e-commerce also invests in technologies, smoothing the customer experience when buying abroad.
5. E-Commerce B2B
E-commerce from Company to Company (B2B) means the sale of products and services between companies via online stores. In contrast to Customer Enterprise e-commerce (B2C), B2B is based on buyer logic rather than emotion. Thus: B2B e-commerce requires greater consideration and decision-making than the B2C. And more, B2B sales rates are twice as high if compared to B2C e-Commerce.
Track, B2B sales in the US, exclusively, will reach 1.184 trillion dollars in 2021.
However, the B2B buying experience is more complicated than in B2C. B2B buyers typically have to perform a series of steps up to verifying purchase, including interaction with sales rep, negotiations and approvals.
In other words, B2B entrepreneurs should make the transaction process flawless, presuming easy ordering, price negotiation, ordering, and inventory management.
The paradigm of customer engagement is often changed after the use of mobile devices. During previous years, the mobile market has been progressively developing and has 70% of e-commerce traffic. First of all, the comprehensive use of mobiles for purchases is conditioned by the desire to complete transactions without being forced to use the desktop. Buying power right at your fingertips is attractive, is not it?
Who would deny the pleasure of buying when and where they want? With so many advantages of mobile commerce buyers can browse, browse and buy products easily and fast.
With mobile accounts generating $ 175.4 billion in profit, m-Commerce continues to achieve higher results, involving new trends. It's a wake-up call for online business entrepreneurs to join the m-Commerce revolution by following these steps:
- Make the checkout process intuitive
A troublesome and delayed checkout process does not add progress to your m-Commerce business.
- Get a mobile app
Considering the fact that 54% of customers using applications for purchases, it's past time to develop a mobile application for your business.
- Pay attention to ASO
Application Store Optimization (ASO) is used to boost the visibility of your application in the market.
Sending special offers and discounts to customers can have a re-engagement effect on inactive customers. They can return and continue shopping for your app.
7. Voice Assistant
With the advancement of voice technologies, the e-commerce framework has changed once again. Being one of the newest trends in e-commerce, voice assistants like Amazon Echo, Google Home and others have completely changed the way people interact with the brand.
Amazon activated its voice functionality while still purchasing 2016, enabling it to purchase holiday items using Alexa.
Now the voice market has grown more and more, with consumers adopting the idea. The data is left, it is estimated that the voice market will reach $ 40 billion in sales, considering only the US.
8. E-commerce customization
Another powerful trend in e-commerce is customization. With the application of several recommendation mechanisms, make relevant suggestions to online buyers takes seconds. Since customer expectation correlated with personalization has increased, it is expected to become a standard for e-commerce, it will not take long. With more sophisticated strategies, customization provides an individual, customer-oriented buying experience.
In fact, recommendation engines use navigation behavioral data, demographics, purchase history, and other data needed to build custom recommendations. The use of personalization in e-commerce can be practiced in countless ways.
For example, you can use it in the shopping cart. When creating recommendations directed to the cart, relevant items will appear as soon as the buyer adds a certain product to the cart, highlighting the chances of buying the related product.
9. Virtual reality
Virtual reality has opened a new era in the e-commerce experience. It is a huge field in the e-commerce industry where further exploration is still required. The use of virtual reality devices empowers people to take a closer look at items of interest.
The look at a product from various angles, from your home, is a power of RV technology. Undoubtedly looking at a product through an RV headset is much more impressive and realistic than viewing bi-dimensional online images.
10. Automated Customer Service
Automated systems will soon replace the customer service department. With the implementation of certain keywords, the machines identify what they need. By entering details of your question on the site, you allow the analysis of the information received. By analyzing the content provided, the site will produce a response based on the keywords found and the way they were placed.
Adding chatbots to your e-commerce store will exponentially change the landscape of customer service. With the use of chatbots you will be able to:
- Reach more people
- Give answers on time
- Save time and resources
- Generate great customer satisfaction
- Exclude human error
11. New payment options
By adding new payment options on your site, you enhance the purchase for your customers to make a transaction, making the checkout process easier and more competitive. A site that sins on pay channels relevant to different choices does not increase your sales or customer satisfaction. People who use Paypal would give priority to stores that use it, while there are those inclined to use Google Pay or Samsung Pay, who would surely like to see such options available in your store. In addition, with the advances in crypto-coins, the variety of payment options widens, opening up space for new payment opportunities for customers. That is, it is imperative to use new payment options according to the demands of its customers, to remain competitive.
E-commerce broadly implements digital wallets such as Paypal, Google Pay or Samsung Pay. Due to these portfolios, people have buyer through electronic transactions without any friction with the buying experience.
Actually 70% of customers assume that digital payments will replace the money, around 2030.
Another payment option that rocked the structures of e-commerce, positively, was the cryptomeo, well-known recently. These coins were created to make online transactions easier and faster for customers and even cheaper. E-commerce sites, following this logic, should think about adopting bitcoin or another cryptomeda of respect as payment method to be updated with the market.
The benefits of bitcoin are many for e-commerce, highlighting:
- Faster transactions
- Greater security
- Lower Intermediate Rates
- Bitcoin is also an opportunity for small business owners seeking to engage in global e-commerce. It is, in fact, a great choice to make reliable and secure transactions around the world.
The scenario of continuous changes in e-commerce intensifies the online purchasing power of consumers. The proliferation of social media users, persistent technological advancements and infrastructure indicate that the future of e-commerce is even more vibrant and scalable.
To meet the challenges of the next changes in e-commerce, it is recommended to enable your site with the trends mentioned above. Using the trends discussed, you take your business to another level.