Best E-commerce Trends of 2020: A Must-read!
Finding it hard to get on that E-Commerce path to success? Take a look at the best E-Commerce trends of 2020 to guide your small business.
The E-commerce industry is booming. Many SMB’s have follow E-commerce trends, but still fail to succeed online. Prior to the internet, business were essentially limited to their physical location. For many small businesses, accessibility was indeed a major concern. Today, things have changed drastically for the good as people all over the globe can buy and sell products online, anywhere, anytime.
Entering a global marketplace catering to the needs and requirements of people worldwide also has its difficulties. The scope of E-commerce is increasing on a rapid scale and for many businesses there is no clear entry point or path to success.
Companies who have been successful in adopting effective E-commerce marketing strategies are experiencing a tremendous rise in their growth. Having said that…
“Is your company joining the E-commerce revolution?”
If your answer is no or you’re not sure — you’re missing out.
Don’t worry, it’s not too late for your business to get on that E-commerce path to success.
This article highlights all the latest E-commerce trends of 2020 that can help you greatly in meeting your business goals efficiently. Read on and don’t forget to jot them down!
1. Artificial Intelligence (AI)
Artificial Intelligence or AI is no doubt a hot topic today as it is transforming businesses to a great extent.
It is contributing extensively towards business growth in learning the habits of the consumers using customer data. This help businesses in studying consumer behavior effectively and improvise their products considering the on-going demands and specifications of the consumers. A great example of this can be seen with online casinos that utilize Artificial Intelligence to provide players with real-time gaming experience from the comfort of their home. All the live casino games featured are streamed in high-quality with mesmerizing visuals and stunning sound effects that captivates the players to play more by claiming top casino bonuses.
Besides these, AI also helps in generating automated emails with content and subject lines which aim at strengthening the reach thus making it easier, simpler and quicker. By 2020, AI is going to be one of the biggest influences in the E-commerce industry. So, don’t forget to join the trend and take the utmost advantage of it.
2. Voice search
Voice search and voice recognition have certainly become the talk of the town as they are faultless and accurate. With over 95% accuracy, a lot many tech firms are adopting the voice-powered technology in order to power their business.
Although the idea and concept has been very well adapted, its integration in the E-commerce business is still due. 2020 will witness the integration of both voice search and voice recognition soon. Watch out!
3. Subscription-based business models
Businesses operating all over the globe are encouraging subscriptions over a large-scale. By 2020, we are sure to witness more subscription-based businesses and this trend is sure to be on the rise.
Subscription-based business models benefit people considerably. Balancing both work and home has become a major detriment today and these subscriptions only ease the struggle. They are time-savers and help people in availing various services at their doorstep instantly.
From food boxes to personal shopping, subscriptions make shopping easy, convenient and prompt. They are good news for individuals who are juggling between work and family. Furthermore, subscription-based models help businesses in expanding their niche and also offers higher levels of revenue.
4. Social selling: The key
All the popular social media platforms are contributing immensely towards E-commerce. The social media players are bringing in various trends like the “Shop now” option in Instagram and Facebook allowing its users to “buy’’.
Social selling is flourishing and these developments are making it even more competitive, exciting and longstanding. To substantiate this, let’s take the example of Facebook. In the year 2017, Facebook earned an enormous $10.14 billion in advertising revenue alone, that’s a 49% YOY increase! Their daily active users were up 16% YOY at 1.37 billion for September 2017, and mobile advertising revenue represented approximately 88% of Facebook’s advertising revenue. There is no wonder as to why brands rely on social media networks to attract potential customers.
So, if you happen to have an Ecommerce business, then, it is worth putting your efforts in establishing your brand and product via the best social media sites for your business. However, it is important to bear in mind that simply running ads isn’t the solution. The success lies in enticing the right set of audience to your niche through the ads that help you improvise, build and grow.
The sole intent of any business is to meet the demands of the customers in the best possible way. The private messaging feature is expanding with WhatsApp, Facebook Messenger and Snapchat dominating the sector. The various business houses today are using Chatbots that offers instant solutions to the queries of the customers. Well, not just queries and complaints, it also offers effective product recommendations. This is initiated with the use of Artificial Intelligence (AI) technology that simulates real-time interaction with the user.
Chatbots are cost-effective and serve the business at large in offering productive, personalized and quick assistance instantly to the user without any hitches or delays. The year 2020 will soon welcome powerful and automated machine learning techniques that will make conversations instant and human-like. Wait and watch!
6. Mobile payments
Taken the market scenario today, everything revolves around mobile. From buying to playing everything under the sun can be done via mobile and yes, that includes payments too. Gone are the days where you had you visit a bank to make a deposit or withdrawal.
Owing to the innovation in technology, today, there are a plethora of E-wallet options available such as PayPal, Paysafecard, Neteller, Skrill and the like where the users can instantly make both deposits and withdrawals anywhere, anytime with just a click of a button. All the payment gateways are examined, scrutinized and authenticated in all respects keeping the user safety and security as a top priority.
On the whole, digital payments are expected to reach a record of 726 billion by 2020, according to a study made by Capgemini and BNP Paribas. The future of mobile payments seems extremely bright as they are sure to increase the number of transactional volumes thus contributing to the growth of E-commerce industry at large.
Paul Graham says it best,
“You can’t wait for customers to come to you. You have to figure out where they are, go there and drag them back to your store.”
Remember, no matter which E-commerce trend you choose to adopt, do bear in mind that it should entice the reader, have a positive impact and guarantee a seamless experience to the user. And this can be best achieved by developing a sound business plan, optimising your content and embracing the latest Ecommerce trends that best suits your business niche. Good luck!