To say last year was different would be a huge understatement. Storefronts went digital,, and how we live, work and shop was . What hasn’t changed for businesses, however, is the importance of providing an outstanding customer experience. 2020 ripped a hole in the fabric of time, and the commerce roadmap fell through it.
By 2022, e-retail revenues will grow to $6.54 trillion, up from $3.53 trillion in 2019.
However, eCommerce is an ever-changing industry. Every year, several new trends come up that can help your business grow and outdo your competitors – 2021 is no different.
Let’s look at some eCommerce transformation trends to watch out for in 2021.
- The digital-ready culture. Organizations are under greater pressure to digitize services quickly at scale to meet rising customer demands and create new revenue channels.
- Voice Commerce Will Rise. People are increasingly relying on voice assistant devices like the Amazon Echo with Alexa and the Google Home with Google Assistant to do everything, from waking them to buying products online. 75% of U.S. households will have smart speakers by 2025. Voice commerce sales are anticipated to reach $40 billion by 2022.
- The democratization of innovation. Line of business users is trying to develop digital customer experiences faster. IT needs to drive cultural change by empowering the business to self-serve and deliver solutions quicker.
- AI and AR Will Enhance the Ecommerce Experience. Online sellers will spend $7.3 billion on AI by 2022. More than 120,000 stores will be using AR technologies to offer customers a rich buying experience by 2022. Artificial intelligence (AI) acts as your online in-store associate by offering personalized guidance and recommendations to your customers. AI uses shoppers’ past purchase history and browsing behavior to show them products they are more likely to purchase.
- Automation. Organizations are using automation to drive operational efficiency and improve business processes. APIs are key to driving automation and scaling productivity.
- New Payment Options Will Emerge. Payment options are one of the main reasons why customers choose a specific brand. If you don’t offer your customers’ preferred payment method, they won’t purchase from your eCommerce store. As of now, most eCommerce businesses accept digital wallets (like Google Pay, Samsung or Apple Pay, and PayPal) apart from debit and credit cards. Cryptocurrencies, especially Bitcoin, have many benefits for online shop owners, such as low transaction fees and no reverse transactions.
- Sustainability Practices Will Influence Sales. Green consumerism is rising rapidly. Brands need to act quickly to stay relevant and competitive. Green consumerism refers to a situation in which customers look for products that have been produced in an eco-friendly way that preserves the environment or involves recycling.
65% of consumers say they want to buy products from purpose-driven brands that advocate sustainability. The focus on green consumerism is a clear indicator that eCommerce brands that prioritize environment-friendly practices will dominate the market in the coming years.
- API security. The average enterprise has 900 applications. The proliferation of new endpoints creates new avenues for intrusion, requiring robust API security.
- Visual Commerce Will Get Bigger. Visual commerce refers to using imagery not just on product pages, but also on your entire store to entice users to engage and convert. Major retailers like Bose, for example, are already using visual commerce to influence shoppers into purchasing. They have high-quality images on their homepage along with shortcuts to purchase the product directly.
Ecommerce businesses looking to dominate the market must prepare themselves to adopt the latest trends as soon as possible. In 2021, voice commerce, omnichannel shopping, AI, and AR will likely be prevalent. More and more online businesses will start accepting crypto payments to entice more customers to choose their brand. Dynamic pricing will still remain an effective way to attract shoppers.