Evolving Ecommerce: 14 Trends Driving Online Retail In 2020
The way consumers shop and make vital purchasing decisions online is constantly evolving. This evolution is hugely contributed by how online consumers are engaging and leveraging new technologies in order to meet their individual needs.
Here are some of the biggest and most impactful eCommerce trends that we think will shape the industry in 2020 and beyond include:
Various online payment options
Online retail has made the lives of many people much easier due to the most convenient payment methods that are currently available. The use of mobile wallet apps, banking apps, credit cards and debit cards eliminates the need for cash withdrawals from ATM machines. The integration of online retail channels and constant improvement for financial technology makes shopping online one of the handiest and safest options to purchase goods.
Coupons and Cashbacks
Online commerce also has its own perks in terms of expenses and costs. Some of the ways that drive eCommerce are the promotions of coupons for purchase and cashback from sales. Online shoppers only get to shop and purchase products virtually, however the best deals still capture many customers. In fact, 83% of shoppers cite that the presence of coupons influences their purchase behaviour, making these promotions effective in pushing online shopping.
Personalisation and Customisation
Product recommendations and product customisations drive sales in online businesses. 49% of customers buy things they had no plans on buying due to website recommendations. While another 40% bought things that were more expensive than they originally planned to check out. These product recommendations make online shopping a more personal and customised experience that makes online shoppers feel a deeper shopping experience.
Online shopping assistants
Just like personal shopping assistants or associates in stores, chatbots in websites are also available for online queries. Chatbots answer simple questions and enquiries regarding online shopping and products. For many online shoppers, they find their shopping satisfaction is better with faster response from these chatbots. This encourages shoppers to ask more and eventually lead to a better purchase.
Faster delivery times
Time is gold. This is the same in online shopping. The more time that the customers spend waiting for their product, the less satisfied they will be. In fact, delivery time is one of the very crucial factors for online shoppers that options like Amazon Prime exist, giving a 2-day delivery period after product check out. 61% of people are willing to pay more for same-day delivery. Faster delivery times make the corresponding convenience it brings a key in driving online retail forward.
Voice technology has made it easier for many people to buy online too. This makes online shopping less complicated for many people. For baby boomers and people with special needs, having a voice assistance enables convenience to be integrated with functionality when doing online shopping. Online shopping can now be as simple as telling Siri to search a product for you. It’s easier to just tell your phone to check out some items for you.
Shop anywhere, anytime
One of the biggest advantages of online shopping is being able to shop anywhere. If the location of a store is too far away from you, chances are you’ll end up having to postpone buying the product. Online shopping provides this accommodation such that no matter where you are, you can always access and see products. Goods can be purchased instantaneously anywhere, anytime. All you need to do is open an app, add to cart and check items out.
Key factors in driving online retail are availability and accessibility. 73% of shoppers use different kinds of channels for shopping. No matter where the customer is, different modes of retail make it more convenient to check and inquire about products. In the future, there will be not much difference in online and offline shopping. The more channels there are for potential consumers to tap in, the more sales there will be for eCommerce platforms and businesses.
Subscription shopping is also on the rise. 15% of online shoppers have online subscriptions to receive products monthly. Most of these subscriptions are based on curations and replenishments. Consumers value having less time they need to spend to make some store trips for some products. Whether or not customers remember to purchase some goods, online shopping subscriptions is a method that guarantees products online are constantly sold.
Virtual Reality and Augmented Reality
Companies also invest in Virtual Reality and Augmented Reality to make the online shopping experience more real for online consumers. There are now ways to check your products online. These technologies make the online shopping experience more personal for each customer. AR and VR are your gateways to having a real online shopping experience.
Brand awareness and advocacies
Millennials are the biggest market for sustainable shopping. The trend for sustainability is on the rise as more consumers are becoming aware of drastic retail consequences to the environment. Many consumers now demand and suggest for packageless products, social enterprise movements, and partnership involvements. Who would’ve thought that shopping can also mean helping the environment at the same time.
Online product reviews
Product reviews are essential for many online shoppers. After all, not being able to experience the product in real-time is a very influential basis for purchase decisions. 62% of online shoppers check product reviews before purchasing as a way to know product performance. The better reviews a product has online, the better demand and purchase there is for that product and brand.
Social media influencers
In recent years, the rise of social media influencers has increased the drive for online shopping. Suddenly, online consumer behaviour is heavily influenced by social media influencers who drive brands upward. 72% of consumers trust an online brand better with social media influencer endorsement. The push for online retail behaviours includes popular testimony by many known figures in different platforms.
One of the ways that customers actually drive online retail is by providing feedback. Online store improvements and product line suggestions all come from consumer insight. Moreover, solid customer feedback also enhances and drives brands to more retail and revenues. Online brands care for what you have to say about them too.
Let’s get ready for the exciting yet challenging times ahead. The trends that are mentioned above will most likely affect the industry as a whole and will have cascading effects on the online retail landscape in the coming years.
Businesses move from one channel to another. As such, for businesses, it is important to have an all-around presence to let the market know about what it can offer. As such, G Squared is always present and readily available to provide solutions for your enterprise’s online needs.
At G Squared, we provide professional eCommerce solutions customised to suit all brands. Call us on (02) 9339 4500 and talk with us today.
April 18, 2020