Over the past few years, the e-commerce industry has grown exponentially. By the year 2021, it is assumed that the retail e-commerce industry will rise to $4.8 trillion. It has also shown significant advancement and innovations by growing at this rapid pace. Every day a new trend makes its way into the market. All online retailers and e-commerce developers must keep up with all these new trends in advance. Understanding new trends can help them be one step ahead of their competition. Here we have described the top hot e-commerce trends that will invade the industry in 2020.
The customer’s behaviour is changing. They want everything to be on their doorsteps. Not just retail customers, businesses are also expecting the services to be avail at their premises. Besides, all these facilities must provide a great shopping experience. The e-commerce market will change a lot in the future. So, without further ado, let’s dive into the top e-commerce trends that will rule the industry in 2020.
Subscription-based products or services
The subscription-based business grew greatly in 2019, and these services will experience quite a boom in 2020. This service provides convenience and speed for numerous tasks. The millennials have attracted a lot of subscription-based services. They may not directly invest in an expensive car, house, or any facility that demands greater investments. There will be a subscription-based service that helps them fulfill all that expensive needs at the expense of a few bucks a month. The affordable subscription-based services provide so much flexibility and easiness to the user. If you can merge subscription-based services with your business, you can generate excellent revenues by simultaneously providing the best services.
The total number of social media users is expected to reach 2.95 billion by 2020. That’s around a third of the entire world’s population. For any business, that should be that target market. Gone are the days when you rely on google shopping ads. Engaging in social media campaigns is the hour’s need for any business. All the big players in social media are also contributing a lot to earn more revenue by providing better user targeting and configuration options.
Facebook and Instagram have introduced the buy and shop now buttons on their platforms. Twitter is also launching product pages, and Snapchat is talking about designing its e-commerce store. All established e-commerce brands use these functionalities to the fullest. It’s high time for all medium and small-sized e-commerce businesses to integrate their business into social media.
Smartphone penetration is expanding like never before. Mobile commerce is expected to reach $319 billion by the year 2020. Many developing countries with high smartphone penetration have a large user base of young people. This user base is more adaptive to fresh & new technologies and is confident in purchasing online. If none of your competitors have mobile apps, It’s a great opportunity for you to develop a mobile app and get the advantage of being a first-mover. If all of your competitors have a mobile app, it’s a now-or-never situation. Softpulse Infotech is the leading react native app development company.
B2B eCommerce services
When considering an e-commerce store, we can only think of B2C products. But, the B2B e-commerce industry is growing like never before. According to the statistics, the B2B e-commerce industry will reach a value of $1.1 trillion. According to the survey done on 500 B2B companies, 80% accepted their payments through their websites.
E-commerce has become a priority for many B2B companies. Most B2B Business holders prefer to buy online if they have already decided what to buy. 74% of B2B business holders have stated that buying business products and services online provides more convenience. The generation of millennials prefers online shopping rather than going to shops. And these days, authoritative positions in many startups and large business organizations are filled by this generation where. They welcome the B2B e-commerce business models.
New interactive product visualization
Many of us still need to hit the buy button because the e-commerce store can not provide the hands-on experience of the product before buying. We are still possessive about buying expensive products online. More detailed product descriptions and product images are needed for many of the users. Due to technological advancements, multiple new ways of showcasing products have evolved. The advancements in the technology of virtual reality, augmented reality, and 3D imaging can completely change the buying experience of a user.
The use of interactive videos is becoming more prominent. Many brands use high-quality 360-degree videos to provide a better experience for users and can also develop the functionality of customizable products. The user can tweak the products as per their needs and likings. This functionality can influence a user to buy the product per their demands.
The more personalized buying experience
Unlike brick-and-mortar stores, eCommerce stores do not have salespersons or representatives to assist the buyers throughout their buying process. But, as per the user’s data, like their searches, previous order history, interests, liking, and page visits, they can develop a completely personalized user experience. That can improve the user experience by quite a margin. Can display the fully customized product list to the users per their interests. Several big brands are already utilizing this procedure to increase conversions. If you open amazon or any leading e-commerce brand’s website, you will surely find a personalized product list as per your liking. These methods will grow to the next level in the upcoming years.
The final words
Till the year 2019 e-commerce industry has shown tremendous growth. In the coming years, the immense advancements in technology will completely transform the buying practices of users. The e-commerce market has been expanding a lot. Many users opt for online services rather than going to a retail shop to purchase products and services. E-commerce developments have made life easy. Above are the hot trends that will surely invade the year 2020. Implement all these trends and techniques on your e-commerce store, and see a certain business boost on your website.
Softpulse Infotech is the leading eCommerce development industry our team is the best Shopify experts. Softpulse Infotech can create an advanced eCommerce solution for your business per your custom needs. We have completed more than 150+ eCommerce store design and development projects, and also we can deliver the most reliable eCommerce solution custom-tailored according to the client’s requirements. Feel free to contact us for new Shopify store development and design projects!!