2019 had many impressive statistics for the global e-commerce industry. Last year, the revenue from online sales worldwide shot by almost 19.11 percent from 2018 (global e-commerce sales were 2290 Billion USD in that year) to scale greater heights. The worldwide revenue from web sales is expected to grow at a similar (if not more) annual rate to touch 4479 Billion USD by the time 2021 ends. These figures speak a lot about the potential and reach of e-commerce sales and its growth.
In 2020, the latest e-commerce trends are encouraging online sales like never before. If you are in the business of selling goods and services on the web then keep a close eye on these trends to make a big difference to your sales.
Latest Trends in E-commerce Industry to Watch Out in 2020
E-commerce Trend No:1 – Mobile Wallet/Apps
Besides optimizing their businesses to mobiles, e-commerce giants are integrating mobile wallets to increase the functionality of their websites. User-friendly mobile applications backed by the latest technology have become a norm for casting better consumer experiences. You may also want to include mobile wallets and apps to offer holistic shopping experiences to your customers.
E-commerce Trend No:2 – Better Order Fulfillment
The problems with order fulfillment and cart abandonment usually relate to lengthy shipping times, few delivery options, high shipping costs, etc. In 2020, e-commerce businesses are expected to provide better pickup in-store (BOPS) options for online buyers. Return and shipping policies will be strengthened to avoid frictions in customer experiences after the orders are received. Along with doorstep delivery, the convenience of picking up the ordered goods from the nearest physical location is expected to gain mileage as in the case of Amazon and Kohls.
E-commerce Trend No:3 – Programmed and Contextual Advertisements
2020 will see many more programmatic and context-based advertisements on social media sites to impact the target audience. In programmatic advertising, datasets are used for showing ads to select audience based on their buying preferences and consumption. These advertisements are retargeted after specific periods to bring in higher ROI.
E-commerce Trend No: 4 – Marketing Automation
Marketing automation is no longer restricted to email marketing or the scheduling of social media posts. Easily accessible shopping carts and customized landing pages are being implemented to add to automated marketing experiences. Today, store offerings are being customized. Tailored emails and product information are shared with prospective customers. New promotions and products are displayed in line with the shopping history of customers. These marketing automation techniques and recommendations are influencing consumer behavior to increase sales to a large extent.
E-commerce Trend No: 5 – Subscription-based Models
Digital payments and subscription-based business models are expected to fuel orders through personalized offerings. New and existing commerce stores are tapping into the market by using similar subscription-based models. This in turn, is influencing recurring sales on an annual or monthly basis.
E-commerce Latest Trends
E-commerce is all set to become more pronounced and better in 2020. The e-commerce experts at SBL Corp are equipped to integrate the latest trends and technology with your online business. Our data mapping support systems, automated bidding platforms, and CMS software solutions are boosting the revenues of e-commerce firms effectively. Get in touch with our e-commerce services providing team at SBL Corp to gain valuable customer services and a higher ROI, today.