Each day, more and more retailers are moving to the online world. It’s expected that e-tail revenues will grow to $6.54 trillion by 2021. In 2019, the revenues recorded were $3.53 trillion.
The competition is on the rise, and to ensure your business stays relevant, these are the top 5 e-commerce trends in 2021 to follow:
1- Voice Commerce Is On the Rise
People are using voice assistant devices such as Google Home, and Amazon Echo to buy products online. By 2025, 75 percent of US households are expected to have smart speakers. And by 2022, voice commerce sales are expected to reach $40 billion!
This technology is accurate and convenient. This makes it obvious for all eCommerce stores to optimize their content for voice search.
2- Customer Behavior Defines the Future
In the pandemic, customers are buying items they have rarely bought online (hygiene products, groceries, home essentials, and more). Online and offline innovation that allows customers to buy anything they like and anywhere is what customers expect even after the pandemic is long gone. Thanks to Augmented Reality, the products can be tested before buying online.
Brands must adapt to the changing customer behavior or else it’s hard to stay in business. The covid-19 pandemic has made that quite evident.
3- Market Places Are Dominating Brands
Half of the eCommerce sales online occur on marketplaces where customers come in search of solutions.
Amazon, Alibaba, eBay, JD.com, etc. are a few of the leading marketplaces. These marketplaces are the fastest way of scaling globally. Consumers don’t come to these marketplaces for seeking brands, they come to seek solutions.
If you would like more information on how to learn how to take advantage of the opportunity presented by the Amazon and Alibaba marketplaces, contact us now by clicking here.
4- New Payment Options
Customers choose a brand because of its payment option. It’s obvious – if you aren’t offering a payment method your customer prefers, then they will never purchase from your eCommerce store.
These days, eCommerce businesses are accepting digital wallets such as Google Pay, and Apple Pay alongside debit and credit cards to make payments. Some are also accepting cryptocurrencies like bitcoin because of low transaction fees and no reverse transactions. More and more businesses in 2021 are expected to accept payments in cryptocurrencies.
5- Customer Retention Remains the Top Priority
Reaching new customers is important but as the competition is rising in the online world, brands are reinforced to value the customers they already have.
When it comes to conversion, retention has taken over acquisition for many businesses. Also, if you are able to improve customer retention by 5 percent, your profits are likely to rise by 25% to 95%.
The question arises, how to retain customers? One way about it is loyalty programs, these programs encourage customers to buy more from your brands. Subscriptions (like Amazon Prime) also boost retention and bring recurring revenue.
Since advertising on social media platforms like Facebook and Instagram is getting expensive, brands are encouraged to communicate with the customers directly through personalized email campaigns and text message marketing.
Whether you are a new business in the retail world or you are here for a while, adopting these trends is the only way to stay relevant in the fast-paced digital world.
Generation eCom – Amazon and Alibaba Expert
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