on 24 October 18
As eCommerce completes 20 years and walks into adulthood, a lot of things are expected to change in this landscape in the coming years. This means the eCommerce store owners must adapt and evolve to the ever changing needs of today’s customers to keep pace with the eCommerce mammoths like Amazon.
We have experienced change in almost every facet of our lives – the way we travel (Uber), the way we spend our holidays (Airbnb), etc., so it is necessary that you revolutionize your eCommerce store and introduce some power packed features to allure a huge number of customers. eCommerce market has grown exponentially over the past few years and the global online retail sales is expected to reach $28.3 trillion by 2018.
A well designed eCommerce website with some nice items is no more enough, you need to do a lot more to attract attention. So as 2016 gains momentum, let’s explore what lies ahead for the eCommerce businesses. Here are top 4 eCommerce trends that will change the future of online retail business in 2016 and beyond:
1. mCommerce to Become the Next Big Thing
2016 will finally see the smartphone revenue taking over the revenue generated on desktop platforms - Silviya Dineva
What does this mean? This simply means that eCommerce businesses must ensure their eCommerce stores are designed to provide a smooth and user-friendly experience. The ‘State of Mobile Commerce Report’ by Criteo revealed – mobile accounted for about 30 percent of ecommerce transactions worldwide during Christmas, last year. Moreover, 25 percent of the top US-based retailers generate about 40 percent of their revenue through mobile devices.
If the current predictions are to be believed, then the eCommerce businesses must buckle up to fight the mobile challenges. For instance, bounce rates are 50 percent higher for mobile as compared to the desktop and add-to-cart rates are 30 percent lower. So, eCommerce businesses must focus more on personalization and offer a seamless mobile experience.
American Eagle, an American clothing and accessories retailer targets 15 to 25 year olds, a highly mobile centric group. The brand recently added the ‘live chat via mobile’ and they discovered more than 50 percent of the chats were related to sales. By adding this feature, the brand was able to help the customers get what they are looking for and the customers were eager to interact and engage with them more.
So, personalization of the mobile shopping experience is paramount to success for any eCommerce store.
2. Multichannel Shopping to Rule eCommerce
The director innovation lab of Intershop, Lars Schickner says, omnichannel marketing will mature in 2016 and beyond and will remain to be a challenge for the online retailers. As an online retailer you must use a variety of channels to enhance the customer’s shopping experience and help them make the right choice. These multiple channels may include online stores, retail stores, mobile app stores, etc.
Multichannel eCommerce is a business model that makes a product available through a multi-merchant system. In order to maximize revenue, online retailers must list their products on popular eCommerce stores like Amazon, Etsy, Ebay, and so on.
Starbucks, for example does a great job when it comes to offering a seamless experience across multiple channels for its customers. The coffee company allows its customers to check and update their Starbucks card balance through their official website, through mobile devices and also through their online store. All updates and changes to profiles are made in real-time and gets reflected across all the channels. When it comes to making payments, the customers can either pay using their phone or with their physical rewards card and see the balance get automatically adjusted online and on the apps.
More such multi channel retailing examples can be found here.
3. Social Commerce
With more than 2 billion active social media users, brands now have a better opportunity to showcase their products and build a loyal following and influence buyer sentiments.
74 percent of consumers are directly influenced by what the social media has to say about a specific product – SproutSocial.
eCommerce revenue through social media reached $2.69 billion in 2014 and this figure is expected to rise. Various social media platforms like Facebook and Twitter have also added the ‘‘buy it now button to help the online retail businesses improve their social revenues. With such innovative features the online retailers can instantly direct the customers to the checkout page and encourage them to finish the buying cycles.
Social media has now turned into an ecommerce driver and if you are not utilizing this platform, you are missing out a lot of opportunities.
4. Faster Shipping is the Key to eCommerce Success in 2016 and Beyond
Many people opt against of online shopping since they are too impatient to wait for a week to get the products delivered. They settle with products similar to the ones they found online from the local brick and mortar shops, just because they can have it instantly.
In order to allure this segment of people, the eCommerce biggies like Amazon have introduced the same day delivery feature. So if you are looking forward to attract more customers and have them coming back to your eCommerce store, you have to think about delivering the products as fast as possible. This means you will have to find reliable shipping methods that will get the products in the customer’s hands in the shortest period of time.
The eCommerce landscape has changed drastically and it will keep evolving in the coming years. So by keeping an eye on the latest eCommerce trends, you can prepare yourself as well as your business to keep up with the change and cater to the needs of today’s customers.
Just as in case of any other industry, trends keep changing and by keeping yourself ready to catch up and follow the latest trends, you will ensure that your business remains relevant and you serve your targeted audience better.
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This blog is listed under E-Commerce Community