Ever-changing Commerce’s world is both terrifying and thrilling. There are improvements every year that will help us expand our companies or new problems we will not keep up with.
Whatever ups and downs you might have faced this year, the demand for eCommerce is still rising wider and brighter than ever. We are here to send you an exclusive sneak preview of growth of online shopping trends in 2020. And beyond as we enter the new year. To spark fresh ideas, conquer the challenges, and get you primed to win and sustain a profitable eCommerce market for the coming years. We have compiled the following list of the hottest development trends.
Global eCommerce online revenue by 2021 to cross $4.9 trillion
New online shopping growth statistics have predicted that global e-commerce online revenue would hit a new level by 2021. E-commerce firms should expect a growth rate of 265 percent, from $1.3 trillion in 2014 to $4.9 trillion in 2021. This indicates a future of online shopping with no signs of deterioration, with a gradual upward trajectory.
But what’s much more interesting is that the worldwide online industry has been slowly chewing away worldwide eCommerce revenue. It would potentially account for 17.5 percent of overall worldwide retail revenue by 2021.
That section is only a small chunk of global retail revenue if you think about it. This means more prospects in the future for expansion. Physical retailers need to adapt infrastructure and carry their companies offline to online to capitalize on this eCommerce trend. In contrast, online firms need to discover innovative ways to further boost their products online.
Omni-channel shopping is going to become more popular.
If the boundaries blur in the physical and digital world, various outlets in shopping for consumers will become more prevalent. This is illustrated by 73% of consumers during their shopping experience using various platforms. For eCommerce, it means to consider how their buyer’s shop, the marketing outlets they communicate with, and their motives and key purchasing factors. Most simply, omni-channel shopping involves decoding what, where, where, why, and how customers buy the goods you sell on a particular platform. There are a variety of aspects in which multi-channel shopping operates. For example, people may study a product online and then purchase it in-store, or buy it online and pick it up in-store. The more outlets your shoppers use, the higher the chance of higher average order size.
Social shopping is on the rise.
Sellers today will do so more than simply post on Twitter, Instagram, or some other media network. Social marketing channels now allow consumers to effectively and efficiently buy goods out there to enhance the advertising capability of social media. One of the major reasons why the growth of online shopping has greatly improved.
This rise in eCommerce decreases the time and commitment for shoppers to make social media transactions, making them more efficient while shopping. This has huge consequences for firms’ common use, so set up your social media posts for social sales as early as now and think of more innovative ways to use social networks to maximize your reach. A way for future scope of online shopping.
The eCommerce hub is moving from the western hemisphere.
The U.S. share of the overall global eCommerce retail market is expected to fall by as much as 16.9 percent in 2020, once a giant. The growth in globalization and the improvement of technology and infrastructure in the non-western regions were among the key causes of the decline.
This eCommerce transition suggests that firms have to follow a multinational strategy to ensure their worldwide connectivity and comfort. Adapting to a multinational business model, of course, would not suggest that you cannot have a physical footprint in your local country.
A big giant is B2B eCommerce.
The internet selling and sale of goods from one company to another is B2B (business-to-business) eCommerce. And B2B eCommerce is expected to be two times larger than B2C by 2020 compared to the B2C (business-to-consumer) eCommerce market.
B2B e-commerce predominance suggests that B2B organizations need to strengthen and simplify their shopping path, channeling the B2C ordering experience. The understanding of B2B shopping is a lot more complex than that of a B2C customer. Owing to the deal’s nature, before they can make a good order, B2B purchasers typically need to go through different phases, including sales manager engagement, agreements, and permits. In short, B2B eCommerce firms need to adapt to a more streamlined transaction construction with advanced quote processing functionality, price negotiating, fast buying, order, and inventory management for the B2B industry. This is an online shopping boom.
The personalization of eCommerce would be a new normal
Over some past few years, e-commerce personalization has been a major trend among companies. But it will not only be a mere trend in 2020 and the years to come. Personalization has become an e-commerce norm as consumer standards of personalization grow. In fact, with inadequate or no personalization in place, 33 percent of clients have ended their partnership with a firm. In addition, personalization has developed into a more advanced targeting approach. Gone are the days when it’s all about remembering a client by name with personalization. Today, eCommerce customization is about dynamically showcasing a customer’s unique and individualized shopping experience. This is achieved by analyzing personal data ranging from demographics, search habits, history of sales, and other details related to their shopping path. This has increased the online shopping growth rate.
Different options for payment will arise.
Payment alternatives are one of the key drivers that clients would push a deal. They can not order from your online shop without the open payment channel of their choosing. This is why, to remain competitive, take care of the latest payment forms demanded by your prospective customers. Digital wallets, such as Google Pay, PayPal, Apple, or Samsung Pay, are commonly popular in eCommerce firms. These digital platforms empower individuals to make purchases via electronic transfers, enabling the shopping experience to be more friction-less. And these sorts of automated payments are being requested by citizens. In reality, by 2030, 70 percent of individuals expect digital payments to replace cash and cards.
Desertcart is an example of the future scope of online shopping websites that helps people shop from home. E-Commerce is an ever-expanding environment. The future of online shopping industry growth in 2020 and ahead is even more competitive than ever. With the rising buying power of global buyers, the explosion of social media users. And the rapidly advancing infrastructure and technologies.