June 22, 2021

Top global eCommerce trends
businesses need to watch

Author i95Dev Marketing
Category B2B eCommerce | Blog |
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In spite of the COVID-19 pandemic wreaking havoc on the global economy, the eCommerce space has surprisingly thrived through the crisis and set on a promising growth trajectory. Without a doubt, it is a crowded market. However, if you have ever thought of starting an eCommerce business or boosting the one you’re currently running, now is the time to do it!
 
The Covid-19 pandemic has triggered a huge shift in consumer behavior. Not merely in terms of what people are purchasing, but when, where, and how they are purchasing it.
 
Why the shift?
⦁ Stay-at-home orders
⦁ Closure of non-essential businesses
⦁ Evident upturn in remote work culture
 

The customers out there are looking for two major things: convenience and good buying experience. Being an online business, if you can provide them with both, you are looking at an unstoppable growth for your business.

The pandemic has forced the people to buy all their essentials online. Now, they are habituated to sit in their comfort zones and click to order. The number of internet users who made not less than one grocery order through any digital channel shot up by 42.6% between 2019 and 2020. eMarketer expects US grocery eCommerce sales to increase by 17.8% year over year in 2021, meaning that online grocery shoppers will purchase close to 11% more than they did in the year 2020.

According to a report by eMarketer, the worldwide growth in eCommerce sales in 2021 will be 14.3% and the total number will be touching the $5 trillion mark.

Why are the eCommerce sales rising so rapidly?
⦁ COVID-19 pandemic has accelerated years of growth in just weeks
⦁ Increasing internet connectivity
⦁ Rising gen z and millennial population
⦁ Surging penetration of smartphones
⦁ Growing adoption of m-commerce
⦁ Rapid urbanization
⦁ Increasing acceptance of digital transactions
⦁ Expansion in regional localization of internet content
⦁ Optimized online shopping experience

Top global eCommerce trends to watch

If you are planning to start an eCommerce business or you are already running one currently, it necessary for you to stay updated with the top global eCommerce trends.

⦁ Mobile Commerce: What can be more comfortable than lying on your couch and sliding your thumb on your mobile screens to shop! No wonder, mobile commerce has shot up by manifolds. Insider Intelligence forecasts that mobile commerce volume will increase at a 25.5% (CAGR) until the year 2024, hitting $488 billion in sales.

⦁ B2B overtakes B2C: In the realm of eCommerce, B2B is currently stealing the show! B2B eCommerce has risen almost two times higher than B2C in the year 2020. According to a report by Statistica, in the US alone, B2B eCommerce sales are expected to hit 1.184 trillion dollars in 2021.

⦁ Omnichannel is the way ahead: Omnichannel retail enhances customer experience. The availability of multiple channels for buying, results in increased sales. According to a research report, omnichannel customers spend 15% to 30% more than single or multi-channel customers. In addition, a joint study by Google, Sterling Brands, and Ipsos MediaCT, discovered that 75% of consumers are more likely to visit a store once they come across local retail information on the internet. Furthermore, omnichannel drives significant traffic to eStores, thereby, increasing revenue.

⦁ Social media shopping is growing in popularity: With the enhancement of social media’s selling capabilities, social media has become a popular platform where customers can conveniently and quickly buy products. TikTok, Instagram, Pinterest, Facebook, Twitter, and YouTube are among the social media channels that rolled out the ‘buy’ button. Recently, these social platforms have improved their selling features considerably. For case in point, Instagram enables businesses to allow product tags in the posts and product stickers in the stories with the help of its recently launched “shoppable post” feature.

Build supply chain resilience: In the wake of the COVID-19 pandemic causing massive supply chain disruptions, a recent study from Deloitte discovered that 9 in 10 companies are making hefty investments to enhance their supply chain resilience. About 95% of executive panels are strongly inkling supply chains as either ‘important’ or ‘very important’. Strong supply chains make eCommerce brands more agile. It empowers companies to scale up their businesses and launch fresh go-to-market methodologies for cross-border eCommerce.

⦁ Using localized languages is the key: You can cross borders and make global sales by going beyond Google Translate and using native languages on your website. It creates an excellent customer experience throughout the customer journey. A survey conducted in 29 odd countries by CSA Research team showcased that 65% of consumers prefer content in their language, regardless of the content’s quality. Furthermore, 40% of consumers refuse to purchase from websites not offering their native languages.

⦁ Artificial Intelligence (AI) is transforming how we shop: AI has been shaping eCommerce to a large extent. Recently, it has become more affordable to develop and integrate AI technologies. As a result, even small businesses can now afford them. It is the perfect tool for innovating and creating future opportunities for eCommerce businesses.

⦁ Voice Commerce is booming: Voice Commerce is quite convenient for the customers. They just need to place an order using voice assistants. The technology is intuitive, hands-free, and ideal for multitaskers. Voice assistants such as Amazon’s Alexa, Google’s Assistant, and Apple’s Siri, are growing more popular every passing day. According to a research report, voice shopping is anticipated to climb to 40 billion by the year 2022.

⦁ Virtual reality (VR) is a game-changer: VR makes the customers feel as if they have entered a simulated environment. It creates an extremely personalized shopping experience for them. Close to 26 million US households own a VR device and enjoy shopping online using it. People are adopting VR technology rapidly, and it won’t be surprising when every household owns one someday.

Conclusion
Consumer behaviour is changing every day. The advancement in technology isn’t staying behind either. As an eCommerce business owner, you need to keep a close vigil on the above eCommerce trends in 2021. No matter which eCommerce trend you choose to incorporate in your business, your focus should always be on improving customer experience.

Take your eCommerce evolution to the next level by contacting i95Dev experts and take advantage of the decades of experience and expertise we bring to the table.

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