Attempting to prophesy the future is often a stupid duty. Winston Churchill once said that I always avoid predicting beforehand because it is much better to prophesy after the event. However, by collecting data and discovering trends and patterns, we can make some well-founded predictions of e-commerce. Let’s first look at some changes in consumer behavior that will drive the ecommerce industry in the next few years. In this article, we’ll see what are the ecommerce trends and how to benefits from them.
New Ages, New Personas: Ecommerce Trends
Millennials, the age born among 1980 and 1994. Are ready to spend more than $1 trillion a year in the United States. However, 37% of the students are in high student debt. This is a trend that has triggered ownership access and is a driving factor for many recent payment innovations. Millennials are closer to Generation Z. The oldest of them is currently only 25 years old, but early analysis has begun. This youth culture report from Dazed Media points out that generation Z.
Future Days Of eCommerce
As governments worldwide have closed stores and imposed lockdowns to restrict social activities. To fight the coronavirus for several months, more and more people have begun to buy goods through online shopping. Due to increased customer demand for Amazon products and services. Jeff Bezos of e-commerce giant Amazon has seen his wealth grow by nearly $24 billion. Specialists prophesy that the result of the coronavirus is not only a short-term boost to ecommerce but will continue even after COVID-19 Ecommerce trends.
This is because people will be happy with the comfort and convenience it provides. The benefits of contactless payments, both of which may lead to a permanent shift in behavior toward digital purchases. Store critics say that the ecommerce business will be the most important beneficiary of the coronavirus pandemic. The penetration rate is currently 20% and is ready to increase to 30% by 2024.
More Sales From Mobile Devices
The growth of mobile commerce is particularly noteworthy. The total sales achieved through mobile devices are 2.66 trillion US dollars. This figure will increase by 18.8% this year to 3.16 trillion US dollars and then rise to 3.79 trillion US dollars. These figures cannot be out of our calculation. Improving the ecommerce experience of mobile customers is a massive opportunity for companies.
Part of the reason for the growth of e-commerce is the increase in the use of mobile devices. This is happening because consumers check out online and use their mobile devices to browse or research before deciding to buy. As trust in online shopping increases, consumers are starting to shop on mobile devices more than ever. This is particularly valid for millennials and Generation Z buyers who grew up in computers and the Internet. Compared with the older generation, these generations are also more likely to use mobile devices to shop online.
Ecommerce Technology Trends
Augmented Reality. AR allows customers to bring products into lifelike scenes and try on products virtually before purchasing. Introducing digital tools such as augmented reality into e-commerce platforms or applications can help brands stand out from the competition and convert static website/2D images into interactive and personalized experiences.
Customer-oriented capabilities. The website must be simple to operate, user-friendly, and responsive. The website should have the essential functions for the target audience and interact with other websites-for example, a social media website for young consumers or a corporate procurement system for corporate customers.
Data-related technology. The organization must be able to collect and use its data as well as data from external sources of ecommerce trends. This enables the organization to predict customers’ needs, even if there is little or no data for that particular customer; the company can use its other data sources to understand the needs of that customer based on interactions with similar customers. This enables an individual working with the company to identify new opportunities by analyzing the business processes and operations and help analyze data to modify the existing processes. Perhaps to get hold of everything at a go, explore this Business Analyst Course online.
Automation technology. Robotic process automation can speed up and simplify serving customers by minimizing errors in data collection and achieving self-service by providing access to back-end systems.
Artificial intelligence. Organizations can use artificial intelligence to provide a personalized online experience. For example, cosmetics brands can use artificial intelligence algorithms to provide skin analysis and recommend suitable products.