The eCommerce industry is growing at an exponential rate. And the invention of smartphones and innovation of various eCommerce solutions has given a new shape to the eCommerce industry.
As we move to 2020, here is the list of top 7 eCommerce trends to watch for in 2020 and beyond.
#Trend 1: The upswing in the secondhand market
The online market for second-hand or used products is inflating at a higher pace and It is primed to rise in the coming years. Recent studies show that the no. of second-hand shoppers are rising than ever before.
Why re-commerce is gaining popularity?
The trend of selling the used or ‘no-more-required’ products has given customers the ability to buy expensive products at a cheap or fair price. With re-commerce, the high-end luxury clothing and accessories are accessible by the middle-class section of the society too.
The top sites like eBay, Gadget Salvation, Poshmark have gained great profits and popularity in the last few years. The general platforms like the Facebook marketplace are also spreading the market of second-hand goods and commodities.
Things to think about:
Selling used products with the attached return policy and reselling them without losing quality is not an easy task. Before stepping into re-commerce, you need to consider the below points, on a very serious note:
- Whether your customers are willing to purchase used items.
- How you’ll fix the cost of reselling the second-hand products.
- In case of returning items, how you’ll refund the amount to your customers; store credit or bank transfer.
- How you’ll market your re-commerce business?
All the above points actually vary from what you sell, where you sell and to whom.
#Trend 2: Expansion in Fulfillment options
The reasons behind a lot of cart abandonment revolve around the problems with fulfillment.
This may include:
- Shipping cost.
- Lengthy product shipping/delivery time.
- Lack of delivery options.
What to do?
- For eCommerce websites/apps with brick and mortar stores, there’s a simple and effective solution.
Allow customers to buy online, and pick-up the order from store option. (Omni-channel solution)
- Mollify the issues your customers are facing with shipping & return policies. The fewer difficulties, or barriers your customers will deal with while placing an order, the more likely they’ll become your regular customer.
#Trend 3: Dynamic Pricing
Dynamic pricing means setting discriminating prices for different buyers.
Although this model is not the latest innovation it has started gaining popularity now and it’s going to be an integral part of eCommerce business in 2020 and beyond.
Why Dynamic Pricing?
Benefits of using Dynamic Pricing Business model:
- Increased profit margin and sales.
- Complete control on pricing.
- Competitive edge over competitors.
- Quick response to demand and supply instability.
- Eliminates the manual process of checking the Competitor’s price.
- Provide detailed and accurate insights on market trends.
When implemented with accurate business insights backed by human intelligence and using the best tactics, a dynamic pricing strategy can give higher profitability and revenue to the eCommerce businesses.
#Trend 4: The trend of Social Commerce
The option of shopping directly from social media platforms is widely accepted by modern shoppers. This trend will surely continue as we move to 2020.
The newly released checkout on Instagram permits the complete buying process straight within the Instagram app.
What you should do?
- You need to analyze the ways you could sell your offerings on social media platforms.
- Evaluate where your prospects are more active.
- When they are most likely to make a purchase.
- How to make the best use of different social platforms?
Buying and selling products on social media are in trend these days. And this trend is expected to take a massive upturn. The social advertising campaigns with accurate business insights and smart human intelligence can be very fruitful for eCommerce businesses.
#Trend 5: PWA Technology
PWA development is the right choice in 2020. The numerous benefits offered by Progressive Web Apps made it so popular. The top companies like Pinterest, Twitter, and Gmail are already using PWA technology.
PWA Development can help businesses to deliver an app-like experience to its customers, increase conversions, session length and page visits. The main motive of opting PWA technology is to make sites look and feel like apps on Android and iOS devices, without losing its robustness as a website With PWA implementation, the site actually looks and works like app for users, they don’t really need to download or update it. PWA’s solves the major problems faced by the customer while using native apps
What you should do?
Welcome PWA technology with open arms, Invest in PWA’s.
Suggested Reads: Is it really beneficial to invest in PWA for your Magento 2 website?
The use of PWA’s in eCommerce businesses is going to be an indispensable part of the customer experience. Also, it can bring immense benefits to the business.
Below is the list of benefits of progressive web apps:
- PWA’s offer easy offline access.
- PWA’s are Search Engine friendly.
- PWA’s offers exceptional speed.
- PWA’s offer app-like feel to users.
- PWA’s can send push notifications.
- PWA’s are economical.
- And the most important: Users do not need to follow the download, installation and up-gradation process.
With the increasing trend of PWA and numerous benefits offered by it, most of the native apps will end up in a Progressive web format in 2020 and beyond.
#Trend 6: Artificial Intelligence
The popular AI applications like Chatbot, Recommendation engines, Predictive pricing, etc have given brand new life to the various eCommerce business and undoubtedly it will continue in 2020. Artificial intelligence helps the companies to monitor customers’ search and buying behavior and help the marketing team to run the targeted advertising campaign in front of the most potential customers.
What to do?
Opting AI solutions is highly recommended to grow your eCommerce business and provide an enhanced shopping experience to your customers.
# Trend 7: Subscription-based eCommerce
The demand for subscription-based goods and services is expected to hike in 2020. And it’s really a good thing for the customers as well as the companies.
Running a subscription-based eCommerce store ensures massive rewards. The companies dealing with replenishment services, curation services, or access services, etc can take advantage of subscription-based business models.
Do you need experts to help to get started with the trends listed above? Feel free to contact us!
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