With more than 26 million eCommerce websites worldwide, the eCommerce industry has seen remarkable growth across different corners of the world. Among these, almost 9.5 million eCommerce websites are in the US alone. It’s also estimated that by the year 2040, almost 95% of all purchases will be through eCommerce (Nasdaq). These enticing figures simply highlight the significance of an eCommerce website and the subsequent necessity of eCommerce development services.
Let’s get into a quick review of some of the latest trends in the eCommerce landscape so that you can leverage the best technology for your website to make it work for you. Additionally, we’ll also discuss how hiring an eCommerce development company has become the most cost-effective and budget-friendly way to build a website and optimize it for higher traffic.
Table of Contents
Growing Competition In The eCommerce Industry:
It is expected that e-commerce sales in the US will cross 1 trillion this year. Of course, the pandemic has played a pivotal role in realizing the hidden capabilities, ease, and essence of eCommerce websites. Other than that, Amazon has a great impact on the eCommerce industry worldwide where it accounts for 40% of all US eCommerce sales. Moreover, 58.4% of global internet users experience online shopping every week.
The eCommerce industry is growing fiercely as retail sales keep escalating from all sorts of devices. However, there are some challenges that need to be overcome, like increasing advertising costs and reduced PPC campaign effectiveness.
The only option to survive in this fast-paced and highly competitive eCommerce industry is to adopt sophisticated technologies to make your eCommerce website quickly adapt to changes.
eCommerce Trends Leading The Way:
We constantly explored some renowned eCommerce websites and global eCommerce industry leaders. They had much to share with us on some latest eCommerce trends that will shape its future. You really need to be proactive and foresighted in adopting any of these trends and develop a perfect eCommerce website that is highly scalable, fluid, and user-centric.
1.) Augmented Reality & Virtual Reality: The Gamechanger:
What if you get to see a product in a whole new way with its complete description? Leveraging Virtual reality to its fullest, you can allow shoppers to virtually explore an item that they wish to buy.
Both these technologies have had a great impact on the eCommerce industry globally. Fashion and home décor segments have already started leveraging the benefits of both these technologies to entice users. Several polls on online shoppers have proven that 35% of people will access eCommerce websites more if they can virtually try on a product before buying. Apart from this, more than 22% of people also reported that they would be visiting brick-and-mortar stores if their favourite online store offers AR features on its website.
Hence, it would be wise to invest in this technology. However, AR/VR does have nuisances that are better left to a team of specialists. So, look for a trusted eCommerce development company that has proven excellence in leveraging AR/VR technologies most innovatively.
2.) The Shifting Trend Towards Voice Search:
According to Loop Ventures forecasts, more than 75% of US households will have smart speakers by the end of the year 2025. We are already witnessing the integration of Siri, Google Assistant, and Alexa on shopping platforms for easier searching. The increasing craze for voice assistants will create an opportunity for eCommerce website owners to leverage keywords and content to an optimum level. Including voice-enabled solutions in eCommerce websites is certainly going to be the most dominant trend in the transforming eCommerce landscape.
3.) Artificial Intelligence: Know Your Shoppers Well:
Both Artificial Intelligence and Machine Learning have allowed online shoppers to fully automate and personalize their online shopping experiences. As an eCommerce website owner, think of the benefits when you have complete data on consumer behaviours & experiences? AI has certainly made this possible for you. People often like it when they know that brands care for them and programming AI accordingly can help your eCommerce website to learn how to deliver more personalized shopping experiences for the target customers.
Whether it’s B2C buyers or B2B, the data collection from AI will make it possible for the website to offer personalized product recommendations and enhanced customer service. Many evolved eCommerce development services have started implementing AI-based personalized experiences on eCommerce websites. This also creates a strong effect on revenue generation. As brands will harness and leverage AI-powered data, they can create incredible tailor-made experiences for online shoppers.
4.) Revenue-Based Financing:
Reaching out to bank loans and trading equity for investors’ money is a much more tedious process to follow. Alternative financing has also gained much recognition like revenue-based financing and inventory financing. Many eCommerce website owners reported that bank loans are too time-consuming, especially when you don’t have eligible assets to pledge as collateral. Moreover, loan repayment in a fixed amount also puts extra pressure on them. Equity dilution is a major concern for online retailers when they haven’t opted for venture capital.
Today, we have an extensive range of financial instruments that are perfectly tailored according to new-age businesses. Revenue-based financing platforms share a fixed percentage of your total revenue until the total loan is fully settled. However, there are pros and cons to every particular aspect of financing and the eCommerce website owners will take some time to adapt to these financing solutions in the coming time.
5.) PWAs Will Dominate Online Shopping:
A progressive web app (PWA) is an effective and emerging trend in the eCommerce landscape. It’s like a website functioning on a mobile device. Online sellers are looking forward to more cost-effective ways to reach out to wider audiences and offer them personalized shopping experiences through tailor-made mobile apps across all channels and devices. This is where PWAs excel.
However, for any eCommerce development company, creating and deploying native eCommerce apps for mobile devices is a costly affair. On the other hand, deploying a PWA is a swift way to gain instant attention from users, and hence, a critical consideration.
Insider Intelligence has forecasted that US M-commerce will double its share of total retail sales by the end of 2025. As app usage continues to grow, mobile apps will be widely used for online shopping because of flexibility, ease of access, and features like one-click checkout.
6.) Blockchain: Utterly Secure Online Payments:
Blockchain technology has unlocked a way for eCommerce stores to allow hyper-secure transactions. For instance, a handful of major brands and marketplaces had accepted cryptocurrency (a major Blockchain application) as a payment option. In the coming times, there will be an increased emphasis on more such applications as most eCommerce development services have started leveraging Blockchain to offer secure transactions for online shoppers.
For an instance, PayPal recently launched “Checkout with Crypto” to allow US customers to make online payments using crypto coins. These currencies are stored directly within the digital wallet and are then converted to fiat currency at the time of checkout without any additional charges.
Several other brands have started mingling with this highly technical payment system. Moreover, the cost of Blockchain transactions is comparatively lower than traditional transaction costs.
7.) Video Marketing:
Content marketing is becoming highly popular and effective in the eCommerce landscape. In the coming time, there will be an increased emphasis on promoting video content on different social media channels and key sections of your website (Home page, About Us, Product pages). Leveraging video content creatively will allow you to resonate with your potential customers and help them understand your products and services in a much better and more comprehensive way. There are several benefits to adopting video content as your marketing strategy.
Video content is a proven way to ensure higher conversions, Moreover, it also develops a sense of trust among visitors along with a realistic feel. Even Google understands the fact that suggesting videos on SERPs is much more beneficial regarding their search query.
8.) Omnichannel Presence:
Being a prudent eCommerce store owner, you must approach offering omnichannel shopping experiences for your customers. Highlighting your business on different social media platforms, marketplaces, and other retail websites will help you a lot in targeting maximum customers and increasing the traffic for your eCommerce website. This approach simply unifies the eCommerce experience across different devices and platforms.
Whether customers shop through their desktops, browse items on a smartphone, or pick items via click-and-collect services in physical stores, adopting an omnichannel strategy will certainly put you in a good position to maximize sales and boost customer loyalty. So, when you decide to choose any eCommerce development company for web development, make it clear that you need an omnichannel presence for your eCommerce store.
Endnote:
In the coming time, customers will look for an even more seamless, customized, and secure shopping experience. This gives you a valid reason to explore eCommerce trends and absorb them in your website design since that will allow you to adapt to the changing requirements of online shoppers and help you stay relevant in your niche market.
However, you must also ensure that the website performs well, can be developed and optimized in time, and does not overthrow your budget. So, either recruit a team of developers or hire any trusted eCommerce development services to get a foolproof web solution. Also, invest in maintenance & upgrades at regular intervals.
About the Author:
Nathan Smith is a tech geek and a Senior eCommerce Web Developer at TechnoScore. He likes sharing his experience and understanding of technologies to help businesses figure out what works best for them. His posts are aligned with the latest tech updates and imbibed with relevant insights.
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