In 2020, businesses are gradually going online. And now the growing popularity of ecommerce dictates its own trends.
Data from Statista says that by the end of 2019, the volume of sales on the global ecommerce market reached $3.5 trillion and represented 14% of the total share of global retail sales. The researchers predict that by the end of 2020, the global ecommerce sales will reach $4.2 trillion and make up approximately 16% of total retail sales. And the numbers are going to keep growing $1.5 billion a year!
Nowadays every 7th person on the globe is engaged in online shopping – it’s more than 1 billion online buyers worldwide. In order to stay afloat in the ocean of ecommerce and choose the right destination, it’s necessary to take note of the following trends in 2020 and beyond:
- Minimalism and simplicity are key
- AR and VR build the reality of online shopping
- Voice assistants improve the shopping experience
- Videos increase conversion rates
- Influencer marketing grows in popularity
- Personalized shopping experiences gain importance
- Brands are becoming more environmentally mindful
- Flexible payment options are a must for buyers
1. Minimalism and simplicity are key
An access to too many product options makes decision-making more difficult and less satisfying for buyers. In turn, an emphasis on limited offerings allows consumers to focus their attention on a specific product. Also, the uniqueness of the product increases their interest and makes the offer seem special.
2. AR and VR build the reality of online shopping
The biggest problem of online shopping is zero opportunity to see, try on, or touch the product you want to buy. Augmented reality (AR) and Virtual reality (VR) help online shoppers visualize the products that they’re interested in before pressing the “Buy Now” button. This feature helps to make the shopping experience more realistic. It removes the boundaries between the product and the customer created by their device screen. Shoppers can try on clothes, accessories or shoes; they may find out how their apartment will look with a certain piece of furniture or paint colour.
3. Voice assistants improve the shopping experience
More than 35% of households in the U.S. use smart speakers in everyday life. Statista says that in 2019, 26.1% of buyers have made a purchase with their help. The growing popularity of this device dictates the following conditions: online stores must have a suitable navigation for such a trend. The presence of a sound assistant will have a positive impact on the growth of traffic and sales.
4. Videos increase conversion rates
Before making a purchase, more than 60% of online buyers watch videos with the product reviews. Videos create a more trusting relationship between buyer and seller.
5. Influencer marketing grows in popularity
Nowadays influencers are like friends. Every second consumer looks at influencers when making purchasing decisions. People ask for their recommendations, trust them, and this sort of marketing works! It’s one of the good ways of promoting your product. The industry of social media influencing (especially on Instagram) is predicted to be worth between $5 and $10 billion by 2020.
6. Personalized shopping experiences gain importance
Gathering information about visitors and adjusting the site to their wants and needs – that’s what boosts revenue by as much as 10% because it helps consumers feel connected to brands and can simplify online shopping.
7. Brands are becoming more environmentally mindful
Buyers’ current awareness of environmental issues prompts them to put their money behind sustainable products and brands dedicated to social causes and environmental efforts in all aspects of their operations. Approximately 90% of consumers would be more likely to buy a product from a brand that offered a social or environmental benefit. And this doesn’t just apply to millennials.
8. Flexible payment options are a must for buyers
Saving the customers’ billing and shipping information helps to make a fast and easy checkout experience without entering a lot of data. Many customers abandon their shopping carts due to the complexity of the purchase process. Flexible payment options through systems like Afterpay, Final, Affirm, Apple Pay or Paypal always wins you over. Because it’s easy!
You don’t have to seize every trend vying to shape 2020 because not every trend is the right fit for every business. Make a decision if a trend makes sense for you and maintain a reasonable ROI in adapting your business model to the upcoming changes.
Laila Azzahra is a professional writer and blogger that loves to write about technology, business, entertainment, science, and health.