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7 eCommerce trends to watch out in 2022
February 21, 2022
eCommerce has seen phenomenal growth & changes over the last few years, mostly because of the Covid-19 pandemic. The worldwide revenue of ecommerce amounted to more than 3.53 trillion USD. It is projected to grow all the way to 6.54 trillion by the end of 2023. These numbers speak for themselves about the growth of global ecommerce. Here are some trends that your business should embrace to not fall behind.
1. The emergence of social commerce
- Shopping features are now recently added to social platforms
- Livestream selling is on the way to boost sales up over the next year
- Live content (live chat and short video) become shoppable content appealing more customers
2. Chat commerce
- More than half of US shoppers use only mobile to accommodate their shopping needs
- Shopping cart abandonment rates in mobile app is 20% (desktop site 68%, mobile site 97%)
3. Brand building - Storytelling
- Brand building create long-term rela with customers while ads cost is climbing
- It's easier and easier to become online retailers, hence more competitors and higher ads cost
- Diversify your ads and sales channels to lower the cost (voice search engine)
- Integrate AI to make personalization or hyper-relevant content
- Create personalization in a brand new way with first-party data tracking
- Creata exclusive personalized experience with its loyal fan base (brand community)
5. Green consumerism
Over recent years, green consumerism has become one of the biggest trends in the global market. An increasing number of people are looking to adopt sustainable lifestyle habits, which includes investing their time and money into brands that engage in eco-friendly practices and environmentally-friendly products.
Some statistics from environmentally conscious consumers around the world on brand behaviours include:
- 89% believe that companies should do a lot more to reduce the impact of carbon
- 88% believe that sustainable practices should be treated as standard business practice
- 88% believe companies have a responsibility to care for the planet and its people
- 86% expect businesses to play a part in climate change and other social justice issues
In short, sustainable consumerism calls for businesses to adopt environmentally-friendly practices in four distinct areas: business philosophy, packaging, product manufacturing, and product delivery.
6. AR/VR (Augmented Reality/Virtual Reality)
AR/VR (Augmented Reality/Virtual Reality) is applied for product visualization - a long step bring online shopping experience closer to everyone.
Apple has introduced an AR kit for its new operating system iOS 11. In response to that, Google launched AR Core for Android smartphones. The Augmented Reality trends for product visualization will see shift upward in 2019. The adoption of AR/VR enabled smart devices will increase sharply leading to a change in global ecommerce trends.
For example, the new app by Ikea lets the users visualize furniture in their homes using the mobile’s camera. Now how cool is that?
7. Buy now - Pay later
Buy now - Pay later (BNPL) is a flexible type of payment, promisingly changing the future of ecommerce. The Buy Now, Pay Later model allows shoppers to pay for products in regular installments, over a period of time. Shoppers often prefer this method over credit card payments, since BNPL agreements are typically interest-free.
Clearly, giving customers more choices to pay for their needs helps merchants increase sales, or shown in below advantages:
- Better customer experience
- Reduces cart abandonment rate
- Boosts sales
- Speeds up the checkout process
- Increases order value size
- Higher customer lifetime value (LTV)
The growth of the BNPL market speaks of its convenience for the un- and underbanked population, which means you can attract new customers and expand the market.
Retail sales is one of the oldest business models in the world, but eCommerce is forever evolving. Understanding the latest trends will help you stay ahead of the competition, integrating those that work best for your brand and business model. Keep an eye on your competitors, observe the new techniques they use to reach customers, and prioritize changes that will deliver the greatest impact on your bottom line./p>
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