It wouldn’t be wrong to say that almost every business is on the e-commerce bandwagon. Over the past few years, the e-commerce sector has undergone a lot of changes too. With discount sprees like Black Friday or White Friday Pakistan, the sales for the e-commerce stores have surely soared up. The most notable and important trend of e-commerce till date is the rate by which it is gaining popularity all around the world. The entire e-commerce sector is valued at $2 trillion and the valuation of the sector is massively growing even further.
So what are the latest trends in e-commerce for 2020? From personalization, omnichannel sales, to digital marketing there are a lot of trends that are talk-of-the-town relating to e-commerce. The ongoing developments in the e-commerce sector are interesting for buyers as well as sellers. To provide you with a clear picture of what the top trends for e-commerce would be in 2020, we have comprised a list of some of the most important e-commerce trends that will be followed in 2020.
Online Offline Linkages
It might be a bit hard to believe but there is a lot of untapped market when it comes to e-commerce in retail. It indicates that there is a lot of potential left to be undiscovered in that region. A trend that is believed to be shaping in 2020 is online and offline shopping options being available for the consumers.
A lot of online e-commerce giants like Amazon have expanded to physical locations as people might want to feel and experience the products they have browsed online. Likewise, physical stores have expanded to providing digital experiences, especially, for the millennial and Gen Z population who spends most of their day online or browsing the internet.
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Increased Online Selling
The online sales are predicted to reach $4.5 trillion by 2021. Convenient shopping has become the norm nowadays where people don’t want to leave the comfort of their homes. They want to buy their house groceries or other products, while just sitting on their couch or even in bed. Another factor that is adding to the online sales is that the consumers are increasing their trust in online shopping more. The e-commerce stores are user-friendly and can be navigated easily. The consumer can buy anything they want and are given numerous options to when it comes to payment modes.
Social media is getting more and more bigger. There is a lot of money being spent on the social media channels by retailers who are considering it to be a great way to engage with their customers. The retailer can easily communicate and engage their target audience on any of the social media channels.
There are a lot of times when a person would see a picture of their friend carrying a cute handbag. He/she would ask them from where they bought the bag, the cost of it, and the general reviews about it. Consequently, it is quite definite that the person would visit the brand’s Facebook or Instagram page, after receiving the information from the friend. After browsing the social media channels, the consumer will make her/his purchase.
Technology is advancing with each passing day and if retailers or online business owners won’t automate their operations, then they will surely miss out. From order processing, inventory management, invoice, billing to shipping, everything is getting automated now.
Multi-channel and mobile commerce would never be possible if the seller doesn’t have all the information about the buyer on a single platform. With automated operations, the seller would know the inventory levels, the payment mode of the buyer, the estimated shipping time for the order.
Smartphone penetration has been growing and with the younger generation being the major groups leading it, mobile commerce is considered one of the top e-commerce trends in 2020. One thing that should be considered by all online stores is to make their mobile application experience very smooth so that the navigation is user-friendly. The mobile apps should be built in a way that they are easily downloaded, and used, without requiring too much expertise or advancement.
Efficient Payment Processing
Payment processing is one of the top factors in enhancing the online or mobile shopping experience. Shopping cart abandonment is very frequent and the most common reason for it, is the complexity of the checkout page. When the consumer has reached to the checkout page, he/she wants nothing but to pay for the product as easily as possible. Hence, you should always provide more than one payment option and various modes.
Being eco or nature-friendly will give a definite boost to the sales. There are more and more consumers who have seen to admit that they consider environmental factors first before making a purchase. The sellers need to promote environmentally friendly ways to attract more consumers. The online businesses can establish green online selling environment by not damaging the natural atmosphere in any way. Products that are made in an organic way or are eco-friendly have reportedly higher sales numbers.