eCommerce is growing at a lightning pace and has become an important part of people’s daily lives with 22% of the world shopping online. In spite of the pandemic, we’ve seen a sharp rise in online businesses in 2020 which continues to grow with the increase in internet penetration and accessibility. Retail eCommerce is expected to reach $5 trillion by the end of 2021 and clearly, the future of eCommerce is bright.

In this era of eCommerce, it’s best to know what the latest trends are, especially if you have an online business. Here are 7 eCommerce trends that you can incorporate into your business and start growing your webshop.

Augmented Reality

Not being able to inspect the product people are interested in buying used to be one of the biggest criticisms of online retail. This continues to be a barrier in some retail sectors such as clothing and fashion but thanks to augmented reality (AR), things are changing.

Since 2009, retailers have been using 360° product previews and high-resolution graphics increasingly. In recent years, AR has taken things to the next level by allowing customers to see how certain items like clothing would look on them. The use of AR will only increase in future and take eCommerce to new heights.

Dynamic Pricing

The industry of hospitality and transport have had dynamic pricing as their standard for several years now, but dynamic pricing is starting to pave its way into the world of eCommerce. Retailers can maximise their competitive price advantage by adopting flexible pricing models resulting in more customers being attracted.

Adjusting prices is easy using dynamic pricing software that takes into account factors like demand, competition, timing and sales goals. It’s even possible to implement in high-street stores with the help of electronic shelf labels.

Artificial Intelligence

Online retailers were the first to put artificial intelligence (AI) to use through interactive recommender engines. The technology has come a long way, it’s now helping companies make sense out of the vast data sets and improving their workflows.

AI-based solutions can help online companies overcome the challenges of scale by automating routine workflows. They can also help marketing, sales and support teams make better, more informed decisions.

You can learn more about AI custom-built for eCommerce here.

Smart Speakers

Voice-operated smart speaker systems like Amazon Alexa and Google Nest are becoming very popular, with a study predicting an adoption rate of 75% in the US by 2025. It won’t be long before people start using them for buying products online. In fact, voice commerce sales are forecasted to reach $40 billion by 2022.

With technology becoming more widespread and accurate, eCommerce businesses must start planning to optimize their operations for voice queries. They must make sure that their products can be purchased easily, using a simple flow of voice commands.

Multichannel Shopping

When it comes to a seamless and consistent shopping experience across retail channels, multichannel shopping is the way to go. Let's say a customer browses products on their mobile but uses a desktop to make the purchase.

It's crucial for eCommerce businesses to recognize how their customers interact with them throughout the process of purchasing and offer seamless experiences and purchase options that accommodate those habits.

New Payment Modes

Cart abandonment is an issue that haunts all online businesses. One of the major reasons why customers exit the checkout page without completing payment is the lack of a preferred payment mode.

Customers buy through a range of payment modes, like Credit/Debit Cards, Bank Transfers, Prepaid Card Payments, e-Wallets, Cash and Cryptocurrencies. More and more online retailers are now offering these payment modes and it won't be long before they become a commercial necessity.

Sustainability Practices

Concerns for the environment, social causes and product lifecycle sustainability are on the rise and the focus on green consumerism is only going to increase. Almost 75% of millennials are willing to spend more money on sustainable products that can be backed up by a strong corporate social responsibility (CSR) policy.

Adopting eco-friendly practices isn't just about saving our planet; it's also about making compelling products and keeping up with the competition. Amazon, for example, has pledged to decrease their carbon emissions to net-zero by 2040.

These are a few of the top trends that will shape the future of eCommerce and open new possibilities for the way we shop online. To grow your online business, you must plan ahead and incorporate these essential trends in your online business.

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