E-commerce Trends for this Festival Season 2020
As the festive season knocking the door and online shopping growing steep, major eCommerce players have raised their investments. They have been now trusting the potential of Artificial Intelligence and Machine Learning the way they have been successful in every sector. They are equally capable of engaging customers to make them the most of the festive season. Apart from these, the surge of Covid-19 pandemic has also fueled online shopping owing to lockdown and social distancing. Ecommerce has proved to be a blessing.
COVID-19 pandemic has also impacted the global economy manifolds in the previous days of this year and may even extend until Christmas 2020. Thus, to make a balance in the trade, retailer giants such as Amazon, Flipkart, Walmart, and Alibaba have been in the eCommerce market have been trying innovative way to gear up the sales and reaping maximum benefits.
COVID-19 Effect on E-commerce Platforms
With the US government imposing a complete lockdown has given rise to the eCommerce spending beyond expectations with transactions surging up all-time high. The pandemic has brought a significant transformation in the business, and it is going to remain forever due to the emerging technologies.
The next few months will perceive even bigger competition as consumers are much into paying attention online due to staying at home. It has also opened doors for offline retailers by improving their online presence with building websites and hatch a plan for getting into a better marketing strategy.
In April, the eCommerce revenue has shown an increase of 68%, and there’s been a 129% growth in US and Canadian e-commerce orders seen. There has been a visible enhancement in the conversion rates up to 8.8%, mainly due to people not stepping out and exposing themselves to any risks. Quarantine has boosted the eCommerce business. Hence, now if you don’t have an eCommerce angle in your business, you are missing out in the race.
Major Ecommerce Trends 2020
It is indeed evident how the globe has taken over the eCommerce market; there have been many ecommerce trends that have been introduced in the same. Let’s discuss some of them.
Artificial Intelligence (AI)
Algorithms such as artificial intelligence have been benefitting in various areas of business. Its power is harnessed for the online market as well for customer segmentation and pattern identification based on customer’s browsing history. The results are there to see, with a gain in sales from 6% to 10% by applying the technology.
If you don’t have an AI specialist in your firm, you can always take help of outsourcing from the third-party. They will help to apply algorithms and try to create personalised recommendations for every user that will aid in their purchase.
Augmented Reality (AR)
Augmented Reality is one of the latest and much-demanded technology. It helps to visualise a product how will it look like when bought. It has been gaining hit especially in the eCommerce market as the buyer will get an idea about the final look of the product. These Augmented Reality trends for visualising product visualisation is already experiencing growth and will see a shift upward in the coming days.
The adoption of AR/VR enabled smart devices will improve as and when you use in the business.
Voice Search Enabled Purchases
Ecommerce stores have been optimising the content for voice search. The voice searches allow it to appear in rich snippets and knowledge graphs.
Applications such as Amazon, Siri, NorthFace, and many more have started building eCommerce apps for voice assistants. They can now place orders via their smartphone speakers.
It is equally beneficial for retailers, too, as the voice-enabled buttons will lead to more conversions from their respective websites. It is thereby enhancing in the number for eCommerce stores.
Blockchain technology is under the development phase, and the blockchain-based apps look promising enough to gain attention.
This technology enables the buyer and seller to eliminate a third party vendor and make a direct sale. When the user places an order, a payment block is created on the blockchain and displayed on the network. It happens again when the seller starts the product and ships to the buyer. Hence, three blocks will be made for every purchase cycle.
Thus, blockchain is preferred for its transparency, authentication, and freedom that it offers.
Introducing automation in marketing has been trending recently and for a long time. 49% of businesses have been already using marketing automation. It offers customised landing pages and easily accessible shopping carts.
Proper implementation of automated marketing will let you send personalised emails to your customers. It allows for displaying products and promotions based on the customers’ choices and shopping history. It will also help to target customers for specific product sales.
Marketing automation also allows you to customise your store offerings from time to time and make it suitable for each customer. Based on the customisation, the customers will get automated recommendations by what they click on when they visit the store.
With the world going mobile, users find it convenient to shop more on their mobile platform. Thus, online retailers from around the world have shown an increase in their mobile transactions increase every year. It is more prominent during the festive season. Hence, retailers are demanded to build websites that are responsive and fit into any platform with ease for a smooth shopping experience.
Gartner predicts that mobile shopping will advance an all-time high this year.
Contextual ads will experience growth this year. It has been more significant in social media sites as millions of people are there already. They have been revamping their design to accommodate these trend.
The programmatic advertising trend uses datasets to decide what the target audience will be. These ads are shown to the audience based on their consumption and also retargeted after a particular time. Programmatic advertising has made it achievable to the eCommerce store owners to reach out to a broader base of audience.
For example, Facebook is the platform or social media site that allows advertisers to target the audience with relevant ads. Facebook pixel is very much efficient in learning this and drives in a better profit margin for the marketers.
The world has been witnessing a revolution in the eCommerce market and simultaneously applying the latest ecommerce trends and technology in the businesses.
Likewise, e-commerce owners can choose among the ones that best suit their customer needs. The primary focus is to provide value to the users.
Are you also gearing up for the coming festive season and shop the best for yourself, the time is now!