94% of all purchases are predicted to be through e-commerce by 2024. Massive number!
Preliminary from the Philippian, Malaysia and Spain, nine more countries are probable to experience more than 20% growth in retail e-commerce sales in 2020, however, India and China are expected to lose pace equated with recent years.
As we are already looking forward at the upcoming for 2024 E-commerce, let’s stay ahead of the curve and get to know the top 4 that we see hottest for E-commerce trends in 2020, specifically.
The Resurrection of E-commerce
Surprisingly, Facebook and Instagram apps continue to grow each year and we are certain they will never cease. In May 2020, Facebook publicized its successful move into the world of commerce with Facebook shops.
It is a simplified version of an online store that gives access through Facebook and Instagram. Luckily, entrepreneurs who already have a noteworthy social media presence along with start-ups who are looking to start a new venture into e-commerce no more need a separate website to get started.
With 2,380,000,000 potential customers; we can easily add, promote, or sell products to over 2 Billion unique shoppers worldwide.
Showing the right thing just in time
In 2021, over 2.19 Billion people worldwide are foretold to buy goods and services online, which is expected to rise with time.
But what are the E-commerce trends that we will find on the whole global e-commerce market in 2020?
Here are the best gables for the e-commerce trends in 2020 that are making a lot of noise in the market:
1) M-Commerce is trending
We know that the world accesses the web through mobile devices more often than computers, and use smartphones to buy items online. That is called M-commerce. Mobile-commerce is buying and selling of goods and services through smartphones and tablets.
This e-commerce trend is thriving; with above $2.91 trillion sales are achieved this year and likely to increase by 22.3 percent reaching a business number of estimated $3.56 trillion in 2021.
While more than 1/3 of e-commerce transactions are made online, we need to make sure our current websites are very well mobile-optimized. Currently, China is the world’s leader in m-commerce with $1.94 trillion in sales, online.
Item of information: Among the US, 51% of the audience visit Facebook several times a day, 23% about once a day, and 26% less often. Daily NET is 74%. Now we know where to target to widen our audience.
2) A new customer experience thru Headless Commerce
The future of e-commerce looks even more diverse; with new shopping layouts, increased customer relations, and ground-breaking services are ascending to shape tomorrow’s landscape.
Here headless e-commerce comes into the field. It’s one of the e-commerce trends that we must capitalize on.
If we talk about software as a pile of components from top to bottom, the top most stack would be the user-interface or in technical terms called ‘front-end’, the part that the user interacts with. The rest of the pile below is where the software derives all of its functionality i.e. the ‘back-end’ e.g. databases etc.
Headless e-commerce works on back-end functionality and lets us people build our front-end experiences. We can access that backend functionality thru API and build any sort of user-interface.
This e-commerce trend is becoming a buzz word for the reason that it delivers custom e-commerce order management and provides B2B marketing solutions.
Traditional e-commerce platforms were built using monolithic architectures where all the components were built tightly packed together making it difficult to customize or making software dedicated to your business only.
Hence in simple words, headless commerce augments customer experiences by offering brands liberty to build whatsoever, and however, they want.
3) Use of videos in E-commerce sites
A product video attractively demonstrates a product’s function in the real-world by portraying a creative and interactive story. It can generate a lasting impression in the customer’s mind; information is provided through audio and video channels leaving the product features to be experienced by the viewer rather than explained.
Not everyone likes to shop online; a video demonstration can prove to be really helpful for those who hesitate to press that ‘shop now’ button.
4) AI: a powerful e-commerce trend
While Artificial Intelligence can’t technically replace humans but it is making the lives of humans more efficient. AI is one of the hottest e-commerce trends to follow in 2020.
AI is working to alter the experience of consumers; particularly those who shop online by delivering highly personalized experiences to add value to their lives.
Currently, we have Alexa and Siri as the use cases of AI. Google’s Alexa and Apple’s Siri are our shopping assistants allowing us to compare prices and shop easily online.
A customer is willing to buy a ‘black dress under $20’, he goes to the internet and searches for the exact item. The internet displays every black dress available but not specifically under $20. But the customer is looking for a black dress under $20. Hopeless, the customer ends up buying nothing. This is how brands lose their sales.
Why is it that the audience searches for an item on the internet but do not buy it? Twiggle came up with a proper way to answer this question.
Twiggle does not display searches based on keywords but uses NPL (Natural Processing Language) to filter the results as per the user search.
Final thoughts on E-commerce trends
With all the technological advancements occurring every year in the E-commerce world; the market is vastly advancing. Hence, it is important to keep up with the current changes and shadow the e-commerce trends.
We are excited to know about the top E-commerce trends in 2020. There is a lot more happening other than just this, the article was intended to highlight just the top four that is becoming all the rage.
Hopefully, the above-mentioned E-commerce trends will help to improve customers’ shopping experience and that they will help corporate grow more.
If you have any more questions or thoughts, leave them in the comments! Also, if there is any help required related to E-commerce, we will be more than happy to assist..