Ecommerce has become a massive industry. It’s only logical that people have begun wondering about the future of eCommerce. It’s essential for entrepreneurs to know how this industry is going to evolve in order to capitalize on the optimal eCommerce trend. That way, they can capture the market’s potential and lead their business to great heights. The global market of eCommerce amounted to roughly 3.5 trillion dollars around the globe in 2019 and is expected to hit a whopping $5.8 trillion by 2022. While eCommerce is thriving, one must be in tune with technological advancements and consumer demands.
The next big challenge to face is how to identify the optimal eCommerce trend that will shape the future of this ever-changing industry. This article will help you see what the future of eCommerce will be like.
1. Emerging Markets
Due to the recent growth in the economies of China, India, Brazil, and South Africa, these emerging markets will play a huge role in the future of eCommerce.
It’s expected that 3 billion potential buyers from these emerging markets will have internet access by 2022. And 20% of retail sales will arise from those buyers, which means that there will be a massive increase in potential sales.
Business to Business eCommerce — the online selling of products from a business to another — is expected to grow up to 6.6$ trillion dollars in sales by 2020. B2B is a booming industry led by technology companies and SaaS. Businesses are expected to allocate more budget into B2B purchases each year.
3. Chatbots and AI
Using AI and chatbots is an emerging trend as it helps customers reach their goals while scrolling through your website. They are crucial to online stores because they’re capable of managing stock levels, reorders, and other matters that can free up time for you to deal with more important things.
4. Interactive Products
Helping buyers engage with products they want to buy through advanced technology can enhance their shopping experience and increase sales. Long gone will be the days where customers couldn’t “try” the product before they purchase it.
5. Mobile Shopping
With more and more consumers having access to the internet through their smartphones, they can research, browse, and buy products wherever and whenever they want. Mobile shopping is estimated to reach $175 billion in sales by the end of 2022, so anyone invested in the future of eCommerce must find ways to use this to their advantage.
Having this in mind, you could:
- Create your own mobile application
- Create a user-friendly experience for buyers with a fast and easy mobile checkout
- Re-engage with buyers by sending push-notifications (e.g. discounts and promotions)
There will undeniably be innovations and exciting changes in the future of eCommerce.
So, if you’re an entrepreneur thinking about creating your own eCommerce company, it’s important to keep up with trends and expect changes in the eCommerce industry. You can read articles, listen to podcasts, and constantly acquire information on the field to get a competitive advantage. The sooner you start, the better. You can easily begin creating your own eCommerce website through SnapSite, where you can leverage the power of selling products online. You can list up to 250 custom products and use analytic data to get better insights on your website traffic and potential buyers.