There is no denying we are living in a highly globalized world where the borders are, slowly but steadily, being erased. Keeping that in mind, it shouldn’t come off as a surprise that the global eCommerce market is scoring a steady rise in sales predicted to reach $3.9 trillion this year. Some estimation says that 95% of all purchases in the world will be made online by the year 2040.
So, there should be no doubt that trading is moving online. The question is how you can leverage these evolving eCommerce trends to leave your competition behind and secure your business a place in the big league.
Shift to the global market
We already pointed out that the rise of eCommerce is slowly removing the national borders, at least in the sense of the free flow of goods. The sooner you realize this fact, the better. Most of the aspiring businesses out there are so preoccupied with their own niches and local markets they fail to realize that they could have much better shot at glory if they expanded to the global market. Sure, this requires some investment, meticulous logistics, and comprehensive international marketing strategy, but it is a gamble that can definitely pay off.
Shift to mobile
Mobile devices have long since become the preferable tools for searching the web. As their presence in web searches grew, so did the number of purchases made from mobile devices. According to IBM (the number reported by the affiliates) that share currently sits at 26%. But, we don’t need to have any illusions about this. Mobile commerce is here to stay, and the number of online purchases made from mobile phones is only going to grow. Making your store mobile-friendly or developing a dedicated app can only help you jump this speeding bandwagon.
A step in the omnichannel direction
In this day and age, consumers are not willing to interact with a brand only on a surface level. Instead, they are looking for a deeper connection with multiple interaction points. So, how does this shift in the omnichannel direction factor into the eCommerce story we are discussing? Well, it’s rather simple – embracing the omnichannel branding goes beyond simple clicks and allows the customers to interact with your products on a more personal level and get multiple opportunities to make a purchase. At the same time, you are making huge steps towards developing a stronger brand identity.
Expansion to the B2B playing field
Until recently eCommerce was considered to be a B2C playing field with vast, but ultimately limited number of products being available for purchase, mostly in the areas like:
- Wellness and beauty
- Transport and travel services
- Stationary and work supplies
- Cars, vans, and bikes
As online trading gradually expands on B2B territory, both these things are going to change. Today, it is perfectly normal that online shops offer items like quality tubulars and other industrial-grade equipment. This trend marks the opportunity for your business to focus on specific products that are not that frequent and corner out its well-defined global niche.
AI taking over the customer service
Working in a global market means that your customer service needs to be available 24/7. Even with two shifts per day, this fact puts your customer service into a position where some tickets, answers, and issues will take a lot of time to be resolved. A much more elegant solution can be found in a growing number of AI-powered chatbots and voice assistants in the vein of Alexa that are able to perform basic interaction with the customers. There is no good reason why you shouldn’t emulate this practice and give your platform an edge over the competition.
Hyper-personalized eCommerce experience
In a recent report published by Internet Retailing 69% of customers have stated they want personalized eCommerce experience. At the same time, they have expressed the opinion that less than 50% of brands out there are delivering one. Such an opinion is perfectly understandable – IoT allows us to enjoy a personalized experience in all other tech-related areas. Why would this amenity be absent from online trading then? So, do your best to use the digital trail your customers are leaving and make them feel special.
Rise of predictive analytics
Finally, we have to touch upon the topic of machine learning and predictive analysis, and how they relate to eCommerce evolution. Well, both these rising technologies allow businesses to predict future outcomes – an asset that can be successfully applied in a wide variety of sectors ranging from marketing to inventory forecasting and route planning. All these things make your business faster, leaner, and more adaptable. Also, the ability to quickly analyze vast pools of big data can help you to learn more about your clients and push the personalization on a whole new level.
We hope these few considerations will help you get a general idea of the current state of the eCommerce industry and help you use the evolving trend to grow your business. Sure, we have scratched only the surface of this topic, but even if you manage to implement some of the solutions we have suggested, you will nevertheless leap miles ahead of the competitors that are still lagging in the eCommerce game. Opportunities like this should not be missed.