10 Trends Driving Ecommerce in 2020
Ecommerce is a huge global business, reaching $3.5 trillion by the end of 2019 and looking to hit $4.2 trillion by the end of this year. There’s a lot of opportunity for your online business, but also a lot of competition. That’s why it’s vital to know the critical ecommerce trends so you can reap the rewards. Here are the ten most important:
- Augmented Reality makes online shopping more “real”
One of the most significant differences between online and in-store shopping is not being able to see or feel the product in real life. Augmented Reality (AR) is changing that by helping shoppers visualize having the product in their life. Examples include being able to virtually “try on” clothes, and seeing how furniture or paint colors would look in a room. AR overcomes the “I can’t try it on” obstacle and results in customers clicking more “Buy Now” buttons.
- Voice Search is growing
These days, everyone seems to be asking Alexa, Siri, or Google to do things for them. That very much includes shopping. By requesting a smart speaker to order your items for you, it saves time spent browsing or adding payment and shipping information. The device will also remember past orders, making it easy to reorder. Approximately 75% of US households will own a smart speaker by 2025, so this trend will continue to grow.
- AI helps online shops better serve their customers
Another critical difference between online and in-store shopping is a friendly, helpful sales associate who can offer guidance and make personalized recommendations. Artificial Intelligence (AI) is changing all of this. AI helps online businesses learn about their customers and personalize the shopping experience. It also automates customer support through 24/7 chatbots and personalized offers. AI will only increase, so it’s a great time to invest in it now.
- Online shopping is becoming more personalized
AI is increasingly being used to gather information about online shop visitors, then adjust the site to their needs and wants. By creating a tailored experience for each customer, your sales and revenue can increase dramatically. Studies have shown that a website optimized for personalization can increase revenue by 25% and decrease bounce rates by 45%.
- Chatbots improve shopping experiences
The days of impersonal shopping experiences are numbered with the rise of the chatbot. These friendly, helpful bots give the customer a feeling of personal attention and recommend the right products or services based on customer responses. More people than ever prefer to interact with chatbots than other online tools, particularly for their basic questions. Experts predict that 80% of businesses will be using chatbots in 2020, so it’s vital to get onto the chatbot trend now.
- Mobile shopping is continuing to rise
A responsive website that’s easy to use on mobile devices isn’t just a good idea; it’s a crucial element to a successful e-commerce business. In 2019, Statista reported that approximately 73% of e-commerce sales took place on a mobile device. The key to a successful mobile shopping experience is making payment options as smooth and secure as possible. Also, progressive web apps (PWAs) are improving the performance of mobile devices to make shopping fast, reliable, and engaging.
- Online payments are improving
Customers are increasingly demanding more and better payment options as part of their online shopping experience, whether on a mobile device or website. To that end, companies are making it as easy as possible for customers to use their preferred payment method online. Ecommerce websites are increasingly using PayPal, Apple Pay, and other centralized payment systems, and saving customer billing and shipping information for a fast checkout experience.
- Headless ecommerce is creating flexible shopping options
Customers want a seamless ecommerce experience, whether it’s on their mobile device, through their smart speaker, even on their watch. However, many companies don’t have the structure in place to provide this. Headless ecommerce solves the problem, by decoupling the frontend of the ecommerce experience from the backend. That means a company can create the necessary backend processes to run the online store, then use various frontend systems to create a variety of digital experiences.
- Conversion is the name of the game for ecommerce
With the ever-increasing online competition, businesses are looking at how they can stay ahead and convert more customers into buyers. Conversion optimization focuses on this problem, by fine-tuning product pages to make them stand out across all marketing platforms, such as Facebook, Google, and on-site digital marketing.
- B2B is moving online
Business-to-business (B2B) sales are traditionally conducted offline, but this trend has dramatically changed. Statista reports that the global e-commerce market for B2B sales should reach $1.1 trillion in 2021. B2B businesses, therefore, must hone their online offerings and create a more self-serve experience. This trend is particularly essential as Millennials make up almost half of the adult population in 2020, with GenZ starting to enter the workforce.
To determine which of these trends would be the best fit for your floral business, you need to do some research. Get feedback from your customers through reviews or surveys to see how you can improve your online store. Observe your competitors and see what may be working for them or what you can do differently to set you apart. Once you’ve done thorough research, choose which trends to incorporate into your overall marketing strategy. Good luck!
