New Future of Ecommerce - Complete Expert’s Thought and Opinion
Posted: Apr 27, 2018
Starting from 2013, every year, cross border ecommerce transactions grow by 10%. By 2020, it would reach to 75% sales - taking place online from foreign / non-native countries.
Therefore, ecommerce is without-any-doubt, a powerful means to connect to global trade that was inaccessible until date.
How long people are buying from Internet?
Not more than for last two decades, i.e. after 1990s.
Ecommerce is a unique way of trade that has come into existence which was never there before in the history of mankind.
Microsoft Windows 1995 was perhaps the first operating system on which we, humans started buying online. At that time, dot com bubbles were quite slow to display.
Then in next 20 years, up to 2015, the world wide web(www) saw drastic innovations that affected and transformed our daily lives. People now have started trusting and buying a variety of things and services even from unbranded ecommerce stores as well.
Why should an individual bother about Ecommerce trends
Simply because you want your business/professional offerings to drive better safe than sorry.
Just as big fish eats little fish, if you don’t concern for ecommerce today, it will create an aftercare for you within 5 years.
You cannot remain silent when a competitor at the next door makes huge profits when you also hold up same quality products.
We need to be there and drag customers to our place.
Ecommerce helps in creating awareness and building customer relationship.
Moreover, Ecommerce is cup of tea of every retailer. Hosting a website that compliments physical storefront is affordable to even average class seller, now after 2015.
What keeps Ecommerce alive and how its future is bright
Ecommerce is already live 24x7.
Whatever demand of resources - internet, smartphone, power etc., people like to buy right from the comfort of their home, and will love to continue in the future. This alone is sufficient to conclude that ecommerce has the future.
While future of ecommerce is not dependant on two to five factors, surety is that ecommerce is only going to grow even if two parameters alter. In no dimension, ecommerce will decrease.
In September 2017, WhatsApp has announced that it will now offer conversational(voice-based) commerce to its users to take digital commerce to whole new scale.
Conversely, retail landscape is shifting gradually and brick-and-mortar locations are shuttering increasingly as users are preferring omni-device options for purchasing products.
Omni-device/platform shopping is an experience that reduces efforts required by purchaser to sort out right product by taking into consideration:
lhis/her past purchasing habits
lcomparing available products-features and
Ecommerce Technologies Booming in The Market
Different flanks/concepts of ecommerce utilize a variety of components that make them running.
Take for example, there exists ecommerce aspects like:
lshopping cart softwares
lgroup buying facilities
In ecommerce solution like consumer goods selling web store, mobile responsive layout of website has tremendous importance.
While in other one, such as group buying facility, discount coupons generation is much required feature - that is delivered by payment gateway type software product, so choosing right payment gateway is of utter consideration in this case.
Therefore, what experts are saying is that despite future of ecommerce is stable, future of ecommerce technology is indeed uncertain. Amid constantly ongoing turmoil, no single technology dominates the ecommerce market.
If we compare worldwide ecommerce platforms, no single product has ALL the features.
Products like Shopify wins in easy setup, but would lose in providing customization opportunities as it is close source. Similar pros and cons applies to analogous ecommerce solutions like Wix, Prestashop, Woocommerce, nopCommerce etc.
However, if you ask me to give any one name, I am confident that magento will be best platforms for ecommerce It has 8% stake in total ecommerce and is at the top of list.
As this article is about experts thought and opinion of ecommerce, I am skipping any discussion on advantages of e-commerce or country specific ecommerce situation like ecommerce in India or UK, rather we will take fast paced journey of global trends in ecommerce that are invited by all groups of people.
Trend #1: The Customer Journey will get Smarter
In 2020s, people would almost know prices and features of products they want to buy before putting first step inside a store.
All they require is what remunerations will be obtained from you rather from competitor’s site or store.
Considering same, many fabulous ecommerce portals like Amazon, Flipkart etc. are providing personalized experience with help of website sections on:
lfrequently bought tools with selected product
lsimilar solution from cross vendors etc.
If customer has added something in Wishlist, your website should send automatic reminders. Moreover, a merchant can launch remarketing email campaigns and drive passive audience to video of viewed product to present to them real world touchpoints.
Only after looking on the same or similar products over and again, and finding no further achievable benefits, customer shall complete the checkout process.
In summary, trader will have to demonstrate customer centric approach by adopting more analytics tools to study customer behaviour.
Trend #2: Blockchain and Chatbots usage will increase in Consumer Industry
AI-powered chatbots are rejuvenating possibilities to expect human-like response from machines.
When combined with blockchain, all interactions or transactions from customer-to-vendor go:
These information technology concepts have almost set forth the 4th industrial revolution and opened the new doors of economics worldwide.
To be ahead of the game, your business can equally benefit from these newly rising concepts by designing artificial intelligence based screens.
Until date, more than 1,00,000 chatbots are developed for use solely on Facebook’s Messenger app, and they provide unmatched level data about customers to uncover hidden opportunities.
Trend #3: More vendors will come in touch with customers by Subscriptions
In parallel with customers becoming choosy, brand adoption is also growing.
If a merchant is at least active and exploring latest trends, news etc. to prospects, they would come and read on your site. Those who are interested in specific category of products love to know insights to streamline their buying process. They tend to subscribe on site which exclusively sell sector-specific products as opposed to from a generic web store.
I don’t have stats and digits to concertize this fact, but ‘subscriptions’ or ‘monthly newsletters’ that was considered as auxiliary box in the past is gradually getting momentum.
Trend #4: Multi-Channel Ecommerce will expand for Anywhere Buying
Most people (86%) shop around specific one or two touchpoints or channels. Some excessively use mobile-like devices while a part of people rejoice on utilizing unique way of purchasing e.g. buying from Instagram.
Multichannel includes both:
lmultiple devices - tablets, ipads, mobiles etc.
lmultiple mediums- images, videos etc.
So, how to make my ecommerce shop futuristic?
You would not like to reduce monthly profits on account of different individuals having different habits to purchase. And to avoid gripe, best treatment is to spread existence on multiple platforms. Heavy work is required that results in presenting all of your services or products on YouTube, Pinterest, Facebook, mobile-responsive layout, apps submission in Android/iPhone/Windows store etc.
As far as ‘multichannel’ word is concerned, few organizations offer cards too - that are globally accepted - that falls under multichannel marketing.
For example, Amazon Pay facilitates huge discounts for regular customers and allows its broaden usage, like in hotels, to buy movie tickets etc. But I believe this option doesn’t do justice to retailers, that is, most retailers can’t publish this kind of cards.
For a seller, this channel-mix will create balance over putting exaggerated emphasis on single medium and recover dollars burnt for marketing in short time period.
"Mobile commerce, accounting for $161 billion at the end of 2016, is set to jump to $319 billion by 2020."
Trend #5: Rise of Long and Relevant Description
Google’s red eye has made SEOs and digital marketing experts sincere in putting systematic efforts.
Link building has almost become deprecated and wastage of try unless content is unique and in accordance with mindset of target audience.
Fully discovered content closely related to displayed near product image is getting attraction.
So, what I can do in response to this ecommerce trend
As a store owner, avoid content spinning or duplicate article by doing copy-and-paste. Search engine crawlers are noticing it.
I really don’t know what obstacles keep ecommerce store owners away from writing complete, good product descriptions. If you want to sell, appropriate talk is required. Strictly speaking, customer has many options, especially to avail third party products from a series of vendors. He is you who has to convince why buy from my shop over next window.
Also, strengthen appeal to engage with your web store by adding:
lreviews - offer little concession those who put feedbacks
lcustomer care number (Whatsapp preferably)
lmulti-angle views of product
Write meaningful content, e.g. dimensions of product, manufacturing date, return conditions in 2-3 statements, services terms etc.
Trend #6: International Ecommerce will be Largely Untapped
According to a survey, Asia-Pacific region has growth rate of 30% in
cross-border e-Commerce per annum, and it is likely to overtake Europe’s ecommerce.
For instance, companies selling via internet portals have collaborated with cross-nation vendors on the planet and created distribution points in strategic locations. This helps to ensure that goods can be safely dispatched even in relatively remote areas.
MagentoGuysis an India based ecommerce website development company providing reliable ecommerce development services. Technical consultants at the group help businesses all over the world to get them costly technology solutions at low cost. By selecting and implementing 2010s/2020s-only tools like Hadoop, AI-Big Data and analytics, even a one roof shop is able to drive immense sales with us by collecting excellent market data and implementation of business process automation.
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