At the end of 2019, data from Statista showed that the global e-commerce market had reached $3.5 trillion in sales, representing 14% of total global retail sales.
This data projects that by the end of 2020, global e-commerce sales will reach $4.2 trillion, accounting for 16% of total retail sales. While e-commerce continues to grow with the effects of the coronavirus, only time will tell how this, along with reduced spending, will impact overall trade and e-commerce revenues. However, it’s evident that e-commerce usage and the transition of retail to e-commerce will increase.
The rise in online shopping with COVID-19 has brought about a digital competition. Brands and e-commerce platforms striving to become the preferred choice for cautious consumers are in a significant digital competition.
The success of e-commerce management depends on the experience it offers at every touchpoint of the customer journey, such as ease of use of the online shopping platform, reliability, logistics and shipping processes, and customer service processes. All efforts are geared towards enhancing this experience. To achieve this, it’s essential to keep up with continually evolving technology trends. Staying updated on the latest e-commerce trends is crucial for growth in the online retail space. So, what are the key e-commerce trends that will gain importance in 2020?
14 Key E-Commerce Trends
- AR (Augmented Reality) AR will support online shopping.
- Voice Search The volume of voice searches is increasing, accelerating the adoption of applications that cater to these searches.
- AI (Artificial Intelligence) AI will help stores understand shopper behavior and re-engage customers with more accurate recommendations.
- Personalized Experience Creating personalized experiences with AI-driven insights will support sales.
- Big Data Usage Big data plays a significant role in creating personalized experiences, so those investing in big data management will benefit.
- Chatbots Chatbots enhance the shopping experience, and their usage will increase.
- Mobile Commerce Mobile shopping is still on the rise, and mobile commerce applications and retention efforts will expand.
- Payment Options Offering various payment options facilitates shopping. The use of Apple Pay, PayPal, and other contactless payment options on e-commerce websites will increase.
- Headless E-Commerce API-driven, headless e-commerce platforms, where back-end and front-end management are separate, will provide significant advantages for continuous innovation.
- Video Content Customers respond more to video content, which supports shopping. We may see more video streams on the homepages of e-commerce stores.
- Subscriptions Subscriptions encourage repeat visits from customers. Efforts to encourage shoppers to subscribe will increase.
- Sustainability Sustainability is becoming more important. Customer retention efforts and relevant e-commerce, mobile commerce, and marketing applications will become increasingly significant with an integrated marketing strategy.
- Conversion Optimization Businesses will optimize their digital strategies for conversion.
- B2B Commerce E-commerce in B2B will grow, as B2B buyers expect online shopping and support services just like B2C consumers.
