Online shopping sales in the US are expected to reach US$1 trillion next year. According to Adobe, the pandemic has boosted online spending by US$183 billion in the past year.
There are several eCommerce trends that will advance online shopping in the coming years, and the predicted adoption of these technologies will shape the industry for business owners and consumers alike.
New technology will improve the online shopping experience, making it more personalized, secure, and easy. For those businesses that continue to explore the adaptation of new technology to their website and sales strategy, they are likely to secure a robust market share of loyal customers.
Many of the trends that are likely to shape eCommerce are already in use. While some are in their infancy, others are widely accepted as convenient ways to interact with online sales and access the products and services they want.
1. Bitcoin as a Payment
The cryptocurrency market is fast moving into the mainstream, with Bitcoin the leader in the public consciousness. It is predicted that the crypto market will reach US$60 billion by 2025. Crypto payments don’t require intermediaries, and for this reason, they are becoming a popular payment option for businesses and individuals online.
Online businesses need payment gateways to accept payments from traditional means, such as credit cards, deposits, or payment service providers. These payment services providers charge commissions and fees according to the services that businesses need to provide.
Crypto payments considerably reduce costs. Crypto transactions take place online directly between the buyer and the merchant. This helps reduce costs, as there can be no chargebacks. BTC support is increasing on popular eCommerce platforms. It is considered a fast, convenient and secure payment method, and it is the coin that is most widely known and attracts the highest value.
2. Increased Demand For Personalized Products
The trend for personalized products has been increasing as brands find creative ways to offer products that are created with the customer in mind. Up to 22% of customers are willing to share some data to drive personalized product development.
While car companies have for many years given customers the option of buying standard models or personalized vehicles, this trend is starting to become more common for everyday products, like shoes, generic wall art, children’s books, clothing – almost any product can now be customized.
3. Chatbots to Manage Customer Interactions
Garner has predicted that chatbot eCommerce transactions will reach US$112 billion by 2023. Chatbots have improved markedly in the past few years as machine learning and AI have become more sophisticated. Chatbots have been part of our online lives for so long that they are now accepted as the first contact for customer service. They are attributed to securing leads and driving conversions online as customers are willing to interact with chatbots and take direction for simple transactions, FAQs, and service requests. They have become a core element of customers’ online experience.
4. Voice Search to Shop Online
By next year, it is expected that the global voice assistant speaker market will reach US$4 billion, and voice shopping will reach US$40 billion. In the US, about 55% of homeowners own a smart speaker, making voice optimization marketing a primary concern for eCommerce merchants. Long-tail conversational keyword optimization is the key to voice SEO. Customers want to order pizza, search for new products, find music and watch movies all with simple commands to their smart speakers, reducing the time people are online.
Voice search has improved as have the services that support the technology. Security has become a priority and eCommerce merchants are recognizing the value of an investment in voice search technology, focusing marketing efforts on making their products and services searchable by voice command using keywords.
5. More Online Stores to Adopt AR
Augmented Reality (AR) is predicted to reach US$15.497 million by 2022 and over US$18 million by 2023, according to Statista. AR is used to enhance the online shopping experience, and many businesses are using the technology as a marketing tool to hook customers.
About 71% of consumers have said that they would shop more often from eCommerce brands that use AR. The brands that offer such services typically have filters or layovers that allow the customer to really see how a garment might look on them, a makeup color on their face, a shoe on their foot, a tile in their bathroom, or plants in their garden. These tools help give online shoppers an idea of how a product may look.
Online merchants have multiple options for the future. The opportunities for website investment, marketing, and customer reach are becoming more affordable and more normalized as an increasing number of people are shopping online, and not returning to in-person shopping despite lifts on restrictions in many countries. As an eCommerce merchant, it will be important that businesses understand the value and application of the many tools at their disposal. Online purchasing is fast becoming the norm, and people are relying on eCommerce merchants to answer the call for fast, efficient, and secure online services that are creatively securing leads and generating sales.
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