With the changing decade, a lot has changed for the eCommerce market as well. No doubt the industry is a flaming choice for retailers, sellers, businesses to thrive and achieve booming profits due to the easy and extended reach it has all around the globe.
The evolving eCommerce marketplace gives opportunity to a lot of competition in order to stay ahead of others and dominate to have the most customer traffic.
In order for your business to not lose pace with the changing dynamics of the eCommerce marketplace, Unicommerce brings you a curated and tested list of latest eCommerce trends in 2020 that must be followed by small businesses to enterprises alike to attain maximum profitability.
Unicommerce defines eCommerce Trends in 2020:
Mobile Shopping and Personalization:
This one is actually a two focus trend, as the world is getting smaller and smaller and right at your fingertips, the highest number of customers roll through mobile platforms or apps. It is highly necessary for you to have a good mobile commerce presence in order to get the most out of your business.
Through mobiles, users research, decide, wishlist, order and track all their purchases. The amount of ease it provides to them is the reason behind the whopping increase in mobile buyers from 20% to 78% in the coming years.
Apart from just shopping on their devices, people prefer to get insights or suggestions based on their previous purchases and interests. Based on the reports of your buyers’ choices, interests, purchase history, it is easy and profitable to create personalized suggestions, ads and notifications to get your shoppers to stop by and invest more.
Buyers prefer to support and help in finding out the products they want to purchase. This method of personalized shopping not only gives your customers a feel of importance but also increases their engagement and motivates them towards trying out new products.
Artificial Intelligence (AI), Chatbots, and Augmented Reality
In order for you to be interactive with your audience and understand their preferences, you need to have tools that capture the requirements and interests of your buyers.
The role of technology in eCommerce is huge and most eCommerce platforms are now investing in onboarding interactive AI and chatbot options to tap into the necessities of their customers and give them more options to choose from, thus enhancing customer relations. By 2022, Artificial Intelligence will see more than $7 billion of investment by businesses.
AI can consist of automated or analytical marketing ads, offers, and discounts to engage more customers at regular intervals. The online marketplace, for almost all these years until now had the problem of customer skepticism due to their lack of ability to provide ‘trying out products’ or reliable reviews.
AR and VR are the newest, most sought after AI methodologies that are solving this issue first hand. People not only get the option to try out products but also helps them refrain from making the wrong purchase.
Chatbots can cater to the queries of customers in real-time and help them with all their issues including purchases, returns, and complaints.
During the process of conversing with the customers, chatbots can store important points of each conversation and help you create a better service module in the future.
Social Media Presence of your Business
Social Media shoppers just like social media trends have been on the rise ever since platforms like Facebook and Instagram have included features like Buy Button or Checkout respectively.
Social media is the most popular and easiest ways to have a tete-a-tete with your customers and sell your products and services faster.
The process of selling your products on social media platforms is referred to as social commerce. The restrictions are limited so you get a plethora of ways to advertise your business and get a list of potential buyers through these social media sites.
Arrange a little teaser, create videos, include giveaways, add influencers or just post the perks of buying your products and expect real-time engagement from people. Major marketplaces publish ads, posts, product categories on social media or link their websites to their social accounts for easy reach and exploration.
Apps such as Shopify, Woo Commerce, Magento all allow sellers to have a social media presence.
Payment Options and Flexibility Offered
The customer base today expects unified and flexible payment options for all modes of purchases through a retailer giving the omnichannel retailing a big bump in 2020.
If you offer products that are a little too hard on one’s pocket, you might have issues getting a consistent and growing customer chain.
Providing options such as EMIs, payment breakups into small portions or giving away subscriptions plan, either monthly or yearly can be your solution. Customers will be able to make purchases without having to stress on the payments at once, most of the time which results in them not buying at all.
These methods will be beneficial for your business in the long run as it will maintain a smooth flow of profit and turn your clientele into a permanent one.
B2B eCommerce and Management
B2B eCommerce has received more buzz in the past years than the B2C marketplace and is destined to only double the attention as the B2B eCommerce sales are expected to go to a whopping $7 trillion by this year-end. These numbers are only to increase in the coming years, giving proof of the rapid growth being seen in the B2B marketplace.
Most sellers are now opting eCommerce Management Softwares to manage their services across B2B & B2C marketplaces, carts, own websites, and offline stores.
Businesses today require instant reports and management of all their data including the statistics on sales, returns, collaborations, etc, on the go. Business owners need all that along with the ability to manage company reputation, team engagement and data distribution, all at the same time.
The Unicommerce Mobile app has been designed to be compatible in offering such management ensuring easy processing of multichannel orders to provide business owners and inventory managers with real-time visibility into inventory levels, eliminating room for errors.
To put a conclusive end to the latest eCommerce trends that 2020 will see, you need to understand what fits best for your business and service module. A business, small to an enterprise can have multiple requirements to follow in order to produce a profitable outcome and for all your issues and solutions, we at Unicommerce are determined to help you find what works best for you.
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