The eCommerce sector is on the forehead of technological changes. Still, when the revolution is acclaimed almost every quarter, it is easy to feel lost when it comes to choosing the business path. That is why we decided to investigate 40 trends in eCommerce, rate them according to the opinions of over 250 eCommerce experts, and extract the most crucial ones based on data gathered by Kantar. And now, we make an essence from all that we already know. Let spot the “Next Big Thing” in eCommerce with us!
eCommerce sector is on the forehead of technological changes. Still, when the revolution is acclaimed almost every quarter, it is easy to feel lost when it comes to choosing the business path. That is why we decided to investigate 40 trends in eCommerce, rate them according to the opinions of over 250 eCommerce experts, and extract the most crucial ones based on data gathered by Kantar.
eMarketer estimates that global eCommerce will rise by 20.7% in 2019 to achieve a value of 3.535 trillion dollars. Yet, despite this massive and constant growth, the share of eCommerce in overall retail sales is not even a half. That is, however, what makes a whole area so appealing. In eCommerce, like nowhere else, there is plenty of room for cutting-edge technologies able to make or break businesses. The stake is high, but only those who are willing to take the risk have a chance to become leaders of the future.
The most significant eCommerce trends in 2019
What is the general conclusion we came to in our report? The eCommerce is – above all – about the user. Modern mobile payments, social selling, artificial intelligence, voice commerce, all of those significant trends must serve him, and exceed his needs. The big players have already adopted the”user-centric” approach. So most of the eCommerce experts from Brazil and the UK have dedicated teams looking and implementing technology trends regularly. But the main question is which trends are worth implementing? That’s why together with Kantar we asked 250 eCommerce Managers and C-level experts not only about their investments but also about the ROI.
Mobile is a way to higher CR
Mobile came out that on top of the investments made in 2019 in eCommerce sector, from the most obvious, like apps and payments, to more subtle like social commerce or marketplaces taking a leading role in driving online sales. User demand for mobile-first solutions is rising, and brands will be looking for a modern approach to embrace this mobile shift.
Big Data as a key to users’ minds
The user and his need is also a reason for the strong emphasis of solutions based on data gathering and processing, such as CRMs, Big Data, and Algorithmic Driven Supply & Demand. No wonder, since data is a massive weapon in the battle for customer attention. It helps make better business decisions, personalize the experience of customer experiences, predict customer needs… but without proper tools, they are useless.
AI as an inevitable game-changer
Giving the explosion of data we deal with, AI is the next natural step of development. Artificial Intelligence supports brands in understanding data and delivering customers highly- related suggestions, and grows into a real game-changer in eCommerce. Yet, it will impact every aspect of our lives.
Security concerns as a challenge
The challenge for business will be, however, to provide an adequate level of security to customers. Many of them will only be revealed in the long term, but we already need to rethink the approach to data. And this is just the beginning, because of the rising adoption of cryptocurrencies.
Investments with the highest ROI made in 2019
It is always difficult to separate the trends that attract above all media from the ones that make a real difference in business. That is why we also highlighted trends that generated the highest ROI in 2019. Ultimately, it’s all about money.
It occurred that in 2019 there was no better way to increase conversion rates on mobile devices than focus on mobile payments. No wonder, according to the McKinsey report, both consumers and retailers are increasingly embracing mobile payments such as app-based or in-app payments. Customers are 10% more likely to complete a purchase if a digital wallet payment option such as Apple Pay, Android Pay, Samsung Pay, or PayPal is available, according to Divante’s internal research.
Another, highly profitable trends, is Social Commerce. The discussion “do social media seriously can sell” is officially over. Selling via social media (or social selling) presents not only a reliable alternative to traditional eCommerce but can be used as a complement to it. Social media Instagram, Facebook, or Pinterest, allows businesses to reach users already engaged with a brand, and so they could be easily transformed into a shopping channel. Especially since the biggest social media platform has already implemented the shoppable ad formats and solutions that enable users to buy directly in apps.
Artificial Intelligence is a no-brainer in terms of trends with the highest ROI since it allows businesses to squeeze full potential from data and turn them into real money both by saving time and by personalizing the customer experience, which leads to increasing conversion rate.
IoT and cryptocurrencies reveal their vast potential, as well as the growing trust in these technologies. Only a year ago, eCommerce managers were less confident about these technologies.
Trends with the highest impact in next 5 years
With the increasing usage of AI, Cryptocurrencies, VR and other emerging trends, we should expect new and revolutionary ways in which customers approach online shopping across the globe. The role of mobile payments will be growing as well as the role of social media platforms in eCommerce. There is no turning back.
With the increasing usage of AI, Cryptocurrencies, VR and other emerging trends, we should expect new and revolutionary ways in which customers approach online shopping across the globe. The role of mobile payments will be growing as well as the role of social media platforms in eCommerce. Some things can’t be delayed.