New trends shaping eCommerce
Businesses have been evolving quickly just as how technologies have evolved in the past 10+ years. As we all navigate challenges caused by a pandemic, that has thrown a wrench in many sales and marketing strategies, consumers are shopping online in record numbers for their essentials as well as other items they can’t get from temporarily or permanently closed stores.
In today’s business environment if a merchant does not have an eCommerce store, its time make that invaluable investment, stay current with technology and improve the bottom line profit with an additional sales channel. And if you do have an eCommerce presence, merchants need to keep up with the influx of shoppers and increased competition.
So what’s shaping eCommerce
1. Responsiveness dominates online sales
Mobile eCommerce is poised for a huge growth with retail revenue expected to reach $3.57 trillion in 2021, up from $2.91 trillion in 2020. With 125 million Americans owning and using smartphones for browsing consumers use mobile to research products they are considering buying and not just to make purchases. However, only 12% of consumers find mobile commerce convenient, which means there is a lot a business can do to improve their current eCommerce presence by implementing eComchain for their B2B or B2C eCommerce storefront.
2. Mobile wallet integrated with eCommerce
Enabling your customers to use mobile wallet or eWallet, boosts sales and conversion rates for merchants, making it a mandatory feature for an eCommerce storefront. Digital payments are projected to reach a whopping 6.6 trillion USD in 2021, more than doubling in four years.
Consumers no longer need to enter credit card information on websites or give their credit cards to cashiers, in addition to dual authentication prior to use increasing secured payments. eComchain provides integration to more than two dozen payment processor and gateways around the world with mobile wallet an inbuilt feature.
3. Subscription services ensure recurring sales
eCommerce subscription market is forecasted to grow by 68%, reaching $478.2 billion USD in revenue by 2025, and the Subscription Economy Index reports a 403% growth in subscription services in the past eight years.
Subscriptions are an increasingly common way to buy products and services online that would automatically replenish, providing personalized experience, providing perks with lower prices on a long-term subscription.
4. Being able to configure products
Empower consumers by letting them customize or configure products online before they place the order. Configuring or customizing a product could include drag and drop of personalized digital images on the product, customizing a sporting equipment based on a left-hand or right-hand preferences. With this powerful feature available online brands can strengthen the user experience, increasing customer satisfaction with recurring revenue. eComchain is pre-built with configuration utility where merchants can create customizable products or SKUs.
5. Interactive online shopping using Augmented and Virtual reality
Customers being able to try and experience products before buying them is what’s trending in the eCommerce world. With Augmented reality (AR) and virtual reality (VR) eCommerce merchants are able to provide this additional eComchain feature wherein customers can virtually try on products, place furniture within rooms of their homes, and more.
The augmented reality market is projected to have 2.4 billion users by 2023.
6. Built-in integration with CRM improves customer experience
eComchain provides built-in integrations between eCommerce and a CRM application of merchants’ choice, that provides customer online information of their orders, payments made or those that are due to be paid. That way, they ensure a smooth customer experience across platforms and channels, that include online marketplaces, eCommerce websites, chatbots, email, and social media, all of which must be carefully managed to ensure the best customer experience. eCommerce integration with a CRM application provides a central location for customer data that can be used to make marketing more effective. Sales data can also be used for improved inventory planning and forecasting. With automation, synchronized data increases overall business efficiency by improving order fulfillment and timely communication.
7. Assist shoppers quickly complete their order
Apps that are not downloadable from an app store platform such as Google Marketplace or iPhone App store, can be accessed directly via websites providing high-converting features of a native app.
While websites are optimized for users to get informational content, PWAs are designed to help shoppers accomplish tasks quickly. They have fast and reliable features and functionalities that create a highly engaging shopping experience.
8. Social media integration increases revenue
eComchain provides plugins to social media platforms to sell directly through their social media pages driving sales. With a simple click on a product link within a social post, consumers are immediately taken to a product page hosted on eComchain platform where they can complete the purchase. Based on a survey, social commerce sales are expected to reach upwards of 80 billion USD in revenue by 2024.
9. eCommerce integration with ERP applications provides real time information
eComchain’s integration with ERP application such as Oracle, SAP, MS Dynamics, JD Edwards that has supply chain modules built in improving personalized customer service that includes real time distribution and inventory information. This type of unique integration also mitigate risk, improve insight and performance, and increase transparency.
10. Product Videos increases consumer confidence
Using product videos on eComchain can increase sales and product understanding of merchant’s storefront. 94% of video marketers agree that video helps buyers understand their brand’s offerings, with 78% of marketers saying that video directly increases sales.
Customers are more confident in buying products when they see a video about them. Product videos can educate and encourage consumers to make a purchase. Another plus is that they’re highly shareable via social media.
11. Chatbots are personalizing eCommerce
eComchain’s Chatbot application use artificial intelligence to infer customers’ preferences and create a personalized online shopping experience. This additional channel where customers are able to interact with a simulated human conversation has grown in popularity — and will continue to grow. Business Insider reports that by 2024, consumer retail spend via chatbots will increase to $142 billion USD.
12. Voice search is growing in popularity.
Nearly one-third of Internet users have used voice search to either shop or look up information about a product, while voice shopping is predicted to grow to $40 billion in 2022. With eComchain’s voice search feature, merchants can now include solid SEO strategy, build brand affinity with informational skills and actions, including product-feature and review videos, and stay focused on delivering a superior customer experience.