eCommerce marketing is a multibillion-dollar business today, who better than Jeff Bezos would second that statement! A vast economy in itself that has a versatile ecosystem and trends that are ever-changing. The graph of eCommerce marketing trends needs to be monitored very carefully, not just as a hobby but it needs to be analyzed at every step your competitor takes, your consumer takes and the market forms or else, you drastically fall behind.
Therefore, to be able to get your stakes high, companies must use technology to enhance their logistics.
Here are some great offline assets you could use
1. eCommerce With AI
This level of automation which involves artificial intelligence, or automation that manages itself with no human involvement, will likely require the highest level of machine learning in order to replace human intelligence. The industry expects to spend big on AI-powered automation. Worldwide AI and process automation expenditure are estimated to top $15.4 billion by 2021. How AI is most valuable in Ecommerce you ask? If you want to personalize the whole experience then driving conversions should remain the number one goal for you. Machine learning tends to optimize and customize all technical data, inventory, and data about the customer. The online stores are available 24 hours a day and on multiple channels, so you can also automate customer service. Automating customer support can save time, budget, and human resources. Besides this it allows them to focus on more challenging requests. AI-driven personal assistants or chat-bots can easily carry the burden of answering all queries.
2. Rise of VR and AR in eCommerce
By incorporating the existing eCommerce scenarios with riveting technologies like Augmented Reality and Virtual Reality (AR/VR), business owners are looking to make shopping experiences more intuitive, friendly, and satisfying for their customers. These technologies are bringing about a breakthrough in the eCommerce industry and changing the way businesses function.
According to reports, 78% of shoppers abandon their carts before completing a purchase. This shows that retailers need to do a lot more to allure customers to go ahead and complete the checkout process. Emerging technologies like AR and VR have the potential to reshape the world of retail. Some transformations that AR and VR can bring:
- Cost Savings
- Real-Life Simulation
- Insights Into What Future
- Maximize Sale
3. Expansion of Social Commerce
The rise of social expansion is inevitable. Social commerce helps companies engage customers with their brands according to the customers’ social behaviors. Social commerce is not the same as social media marketing since you are not redirecting the customer to your online store to make a purchase but, you are directly linking them to the products they wish to buy on the social media platform that they are currently using. It’s more streamlined and, thanks to chatbot checkouts and autofill for payment and delivery forms, purchases rarely take more than a handful of clicks.
The future of social commerce is really strong and here to stay. Now when I say that I want you to believe it, looking at the shopper’s behavior during cyber Mondays, black Fridays, Valentine’s day, etc. Each new social commerce patent and feature tells us that the biggest players in the social networking space are viewing social commerce as a serious channel.
Some tools that you can use to leverage your social eCommerce:
- Improve Facebook messenger engagement
- Create checkout bots
- Integrate your social eCommerce with your social media platforms
- Sell low-cost products
4. Subscription Models
Subscription business models are based on the idea of selling a product or service to receive monthly or yearly recurring subscription revenue. They focus on customer retention, not customer acquisition. In addition, subscription business models focus on the way revenue is made so that a single customer pays multiple payments for a prolonged time period.
With the expansion of technology and software as a service (SaaS) products, many companies are shifting from a business revenue model to a subscription model.
Some Subscription Models:
- Magazine Subscription
- Subscription Box
- Membership Website
5. Progressive Web Apps Drive M-Commerce(Mobile Commerce)
Progressive web apps (PWA’s) are regular web pages that seem like traditional mobile applications to native users. It uses modern capabilities to deliver an app-like experience to the users. PWA’s take advantage of the latest technologies to combine the best of both, web and apps. It is estimated that by 2021, 53.9% of all eCommerce sales will happen on mobile devices. Mobile commerce, also known as wireless eCommerce. It is the financial trade of goods and services done on a mobile device In simple terms, mobile commerce is a medium between eCommerce and mobile application.
In addition to PWA, accelerated mobile pages (AMP), are mobile-first stripped-down HTML copies of web pages that load instantly. AMPs are the foundation of Google’s mobile-first index, which prioritizes mobile optimization in search results. PWA and AMP together can bring better search results, more TOFU traffic, and improved conversions sitewide.
But just because your eCommerce platform theme offers a responsive site doesn’t mean you’re providing a great mobile experience. In this case, PWA technology ensures the look and feel of your website matches that of native apps on the device being used. Therefore it is crucial to think two steps ahead when considering your mobile eCommerce development.
6. Voice Recognition
I don’t think I need to explain much about this trend since we have befriended Alexa’s, Siri’s, Amazon Echo’ quiet well. They’re all a part of our household now. Estimates suggest 35% of all U.S. households are equipped with at least one smart speaker, with many consumers owning more than one. The voice-savvy marketing trend is leading the eCommerce industry right now elating the customer experience to a whole new level. While data reveals everyday household items are the most common products to be purchased via voice, buying apparel nearly just as common. It has as if become a battleground for eCommerce trends with these voice-activated devices taking the industry by storm. So, brands that are optimizing content for these search results will have an upper hand of course.
7. Sustainable eCommerce
It is always good to lead by values especially when it comes to brands. Consumers should be able to relate to your brand in all the positive possible ways. That is true. Brand value is becoming an ever more important factor in influencing consumer decisions. The more inclusive you of the levels of ecological consciousness you can show – your brand appeal will increase proportionately. But aligning your brand with a social cause is no longer enough. Consumers increasingly want companies to act as good global citizens by using green manufacturing practices.
Sustainable manufacturing is yet another brilliant example to realize environmental benefits. More and more consumers are getting hooked to a brand not just because of its quality but how it is being made. Whether or not it has a zero-waste packaging or includes reuse and renew products. Energy-efficient resource-saving management is just the beginning and to save the planet we can all take this tat bit expensive trend seriously.
8. Rise of Second Hand Marketing
It is believed that eCommerce is rapidly turning into “re-commerce”, which has to do with the re-selling of used products online. There are several factors driving this trend of course, with sustainability being the major one. The ability to buy used products for a lesser price is also a driving factor. You could consider if you have any items in your eCommerce business that have a re-sale value. You could then think about building that particular segment into your eCommerce business.
But, before taking any decision, you need to carefully research and study the second-hand market trends in your targeted segments. It is equally important to check if the items you deal with are likely to attract purchasers of used goods. For instance, if you are in the apparel business, there is certainly enough scope for you. Well, call it second-hand eCommerce, re-commerce, or by any other name, the online market for used products has never been bigger tbh.
If you sell goods that can be returned and resold without losing quality, get on with this growing trend!
9. Focus Towards D2C Marketing
Use the Direct-to-Consumer approach to thrive in your eCommerce business. There are numerous benefits to using D2C model in your respective industries such as:
- The ability to engage in a closer and deeper relationship with customers
- The ability to get products to market quickly, allowing you to capitalize on trends as they come
- Having complete control over your brand’s products and its reputation
More and more brands today are taking the D2C route without the retailer in the middle. The interaction between the producer and the consumer is direct, which allows you to define your brand value. In addition, you can engage with and learn directly from your customers.
Another strong emerging trend of eCommerce that will grow considerably in the year 2020. If you are indecisively considering the idea of starting an eCommerce business, you could consider the dropshipping business model, since it requires minimal investment in the beginning. You will have to handle no inventory. You simply play the role of an intermediary. You receive orders, then buy from those offering that product and get it delivered to your customer.
The only thing to keep in mind is that dropshipping works best with niche products. For instance, dropshipping is unlikely to succeed with fast-moving consumer goods (FMCGs) since clients need them then and there. One thing that you certainly need to be cautious about is that delivery delay is not an option here. You can use either Magento or Shopify to set up your online dropshipping store.
The eCommerce marketplace is ever-growing and oh so vast. Whether you already have an eCommerce store in place or thinking of starting one – this carefully curated marketing guide will help you make strategic business decisions in 2020. Before I sign off here are some takeaways from the article:
- Dynamic pricing drives optimal sales and profits
- eCommerce companies go brick and mortar
- Build automated processes
- Concentrate more on personalizing the customer experience