E-commerce Trends For 2020
Staying relevant is the name of the game for e-commerce retail sellers in the present era. According to the 2019 e-commerce report published by Statista, the total value of online retail sales is expected to exceed $3.4 trillion by December 2019, and then double by 2022. As if the competition wasn’t tough enough!
As an online business owner, you must stay at the top of innovative ways to keep your brand in front of the eyes of your audience. One way to do that is by simply understanding the latest market trends and adapting with them to ensure maximum customer satisfaction. On that note, let’s take a look at some of the biggest e-commerce trends in 2020 that can mean the difference between success and failure for online retailers!
Same Day Delivery
PWC Global recently conducted a study regarding the importance of "same-day delivery", and found that nearly 41% of customers are more than happy to pay extra for the convenience of same-day delivery. A good online shopping experience is not only about the products anymore; the efficiency of the delivery also matters.
The same study also found that 24% of the online shoppers are willing to pay more to receive their packages within a 1 or 2-hour window of their choosing. If you are not already using a fast, same-day delivery system, it’s time to catch up.
In the last couple of years, we have seen people use Facebook and Instagram to discover new products and read customer reviews. And now, it seems they are ready to shop directly in social networks. Many social media platforms have started supporting e-commerce transactions, i.e., consumers don’t have to leave their social network account to make the purchase.
About 30% of users say they would buy directly from their Pinterest, Instagram, Snapchat, Twitter, and Facebook accounts. It is also estimated that more than 87% of US marketers will be using Facebook to promote and sell their goods. This means most of your competitors are not only using Facebook – or Pinterest – to attract customers, but they are also succeeding. Are you?
Pinterest has always positioned itself not as a social network, but as a "discovery tool" aimed at connecting consumers with products and ideas (instead of connecting users within a network). Pinterest is now planning to take its "Shop the Look" concept to the next level by fully automating the process. According to the company, this innovative development will boost its "Shop the Look" Pin coverage by as much as 22.5x, apart from adding several more direct buying options to the network.
Retail stores worldwide have been using automation in marketing, warehouse management, production, delivery, and even direct sales. From the first to last stage of consumer interaction, automation has proven to improve a brand’s image. In fact, 80% of all marketing processes will be automated by 2022!
As a modern marketer or a retailer, you can use automation to track users’ actions on your website, to segregate them by interest, to communicate with them promptly, to publish new offers simultaneously, and much more. You can save as much as 80% of your time by automating much of your advertising process.
Let’s just take a minute to appreciate what Apple, Google, and Samsung have given us this year – simplified payment systems that take a couple of clicks to make the purchase.
We already knew that nearly half of the customers are using their mobile phones for shopping, but it turns out, a lot of them actually prefer mobile transactions over other methods as well. 2019 saw more than 61 million US customers use mobile payments systems (like Google Pay and Apple Pay), and this number is only going to go up.
As a business owner, you can leverage the power of mobile commerce by taking a few simple steps, such as:
- Optimize your mobile website or app for the modern customers; in other words, the purchase journey for your mobile users must be super quick and easy-to-use. If it takes them more than 2-3 clicks to make the purchase, you need to change that.
- Advertise your products on Facebook, Instagram, Twitter, or any social media platform of your choice, and then provide the option to purchase them without leaving that social media app.
- Allow your customers to use mobile payments. Accept payments from mobile money transfers or mobile wallets such as Apple Pay.
E-commerce will continue to evolve at a rapid pace. If you don’t hesitate to capitalize on these new opportunities, your business will be able to stand out by carving out a path for delivering maximum value to your customers. So, which of these e-commerce trends are you going to start with?