Recent data predicts global e-commerce sales will reach $4.2 trillion by the end of the year 2020. Online retail makes up 16% of the total retail sales, and this number is only predicted to shoot up in the coming years.
To keep up with the growing numbers, changing landscape, and increasing competition, store owners need to up the stakes. They need to hit harder, faster, and stay on point with the latest trends in the industry.
Here is a list of the latest trends in e-commerce that we see driving the future of the industry:
Augmented Reality to Enhance the Online Retail Shopping Experience
This one is a game-changer! Augmented reality bridges the gap between online shopping and assured customer experience by helping the buyer visualize the products they’re interested in. From clothing to furniture, customers can now pick and see how a certain item will fit them or look in a certain space. This reduces the decision making time as well as the back and forth involved in exchanges and returns when a customer is unhappy with their purchase.
Subscription-Based Business Models
There is now a greater need for personalization without having to spend too much time in making it happen. This is giving rise to more and more subscription plans that have numerous advantages for retailers. It not only makes product fulfillment easier and predictable but also helps maintain customer relationships for a longer time.
Sustainability Is a Growing Need
Customers are becoming more aware and conscious of how their decisions and purchasing patterns affect the Earth and its limited resources.
Sustainability has made its way to the hearts of modern shoppers. This has, in turn, motivated brands to find ways to make their products and services more sustainable. Some of the ways brands are integrating eco-friendly practices into their daily functions are by going paperless, using biodegradable packaging, sourcing from local vendors, etc.
More Convenient Ways of Paying
With a larger number of businesses trying to go paperless, there is a growing need for more convenient ways of making payments online. Switching to big retailers and payment portals that give your customers the option and convenience of saving their payment information is a step in the right direction for a frictionless experience.
