The first item ever purchased online on Amazon was a book in 1995. After about 20 years, the e-commerce sector has generated over $2 trillion in global sales. There is no turning back now.
Retail has been transformed by e-commerce. It has developed to suit people’s evolving requirements and make online buying more convenient for today’s consumers. When it first began, e-commerce possibilities were very restricted. But not anymore. Customization, better return policies, and greater integration and advances like better marketing and private marketplace advertising are just a few of the improvements that have swept the world of e-commerce by storm. And the year 2021 will further alter the world of e-commerce.
Thus, if you’re still on the fence regarding the future of e-commerce, these e-commerce trends will show you that it’s not only expanding quickly; it’s here to stay. And you, too, may use these e-commerce innovations in your company to guarantee your online store’s continuous growth. Take advantage of these growing trends in the e-commerce sector to take your company to the next level.
Wide Application of Augmented Reality
Augmented reality (AR) has wholly transformed e-commerce. With this kind of technology, consumers can see what they’re looking at, which aids them in making a purchasing choice. AR has a significant impact on the buying experience in some sectors, like fashion and home décor, since consumers can get a better sense of the item without seeing it in person.
Gartner projected in 2019 that 100 million customers would use AR to purchase by 2020, so it will be fascinating to watch how that pans out next year.
Polls also indicate that 35 percent of consumers would shop online more if they could virtually try on a product before purchasing it, and 22 percent would be less inclined to visit a brick-and-mortar store if AR was accessible via their preferred e-commerce site. AR allows users to view how a product would appear if they were wearing it rather than simply seeing a 3D representation. Some goods and businesses lend themselves better to conventional purchasing techniques, but augmented reality will change things sooner rather than later.
We anticipate that many more companies will use AR for their goods and businesses, to the point where it will become more common in e-commerce and social media platforms. We see it used in more prominent organizations now, but I believe it will soon become commonplace for enterprises of all sizes.
AI Continues to Help Businesses
Customers can enjoy automated, customized purchasing experiences thanks to artificial intelligence (AI) and machine learning. AI constantly gathers data on how customers shop when they make purchases and what they want in a product or service. It is a piece of technology that cannot be duplicated in-store. People want to know that their favorite companies care about them, and AI will be designed to reflect this. We’ve seen the reverse tendency on social media when AIs learn from humans’ more negative comments, but customers will probably desire the effect. Companies can soon train bots to provide comfort and goods depending on consumers’ emotions to learn how to construct words to express a feeling.
Individualized Experience as a Priority
Buyers of all types, including B2C and B2B, are seeking individualized, customized online buying experiences. The data gathered by AI allows a buyer to get customized product suggestions and comprehensive customer support.
Implementing customized experiences on-site or via marketing efforts has been proven to significantly impact revenue, with one research showing a 25% revenue boost for shops leveraging sophisticated customization capabilities.
For perspective, this accounted for 19% of participating businesses, while retailers developing basic personalization capabilities experienced a revenue boost of 10% or more; retailers in this tier account for 40% of participating companies. As companies collect and use more data, they will create highly relevant customer experiences that seem tailor-made.
There are a lot of new developments in e-commerce. Technology and people are constantly changing, and since e-commerce connects them all, we will always be looking forward to its advancement. One thing is sure: it is never too late to dive right in, learn something new, and see whether it is a good fit for your company. For the time being, customers remain in control, and e-commerce companies will tailor the trip ahead to their own needs. The world of e-commerce is getting more competitive. E-commerce trends must be continuously studied in order to remain ahead of the competition. Regardless of how mature your e-commerce shop is right now, you will slip further behind if you don’t stay up with e-commerce developments. To guarantee future success, you must have a forward-thinking attitude.