Top Ecommerce Trends for 2020
Aglowid IT SolutionsThe first-ever order placed online on Amazon was a Book in 1995.
After 20 years, the eCommerce industry has generated over $2 trillion in sales worldwide. eCommerce has emerged highly to meet the changing desires of the people, providing a quicker online shopping experience to the customers. In the beginning, eCommerce was limited to its abilities. But not today or anymore. Let it be enhanced integration, improved return policies, or customization, and all these changes have taken eCommerce world by storm.
The competition in the world of eCommerce is becoming more and more competitive. It's not easy to stay ahead, and to do so; you have to start monitoring eCommerce trends continually. Keep your view straight forward to assure success in the future. You will be risking your business falling way behind if you fail to keep up with the trends of eCommerce. By following eCommerce trends, you can ride your eCommerce brand way ahead in the competition.
Voice Commerce
Voice assistants are growing more popular day by day. Some of them are Siri, Google's Assistant, Alexa. There will be around more than 8 million devices having a voice assistant feature by 2023. Whereas voice shopping is supposed to expand to 40 billion by 2022. Putting an order via voice assistant is instinctive & there is no need for a keyboard or mouse and is perfect for the people who are multitaskers. Still, there is a lot more need for improvement in Voice assistant, such as support of more languages, e-commerce will aim at enforcing voice search and voice assistants to the client journey they offer.
Chatbot
A Chatbot is a computer program that was built to communicate with humans on the Internet. The first ever chatbot was Eliza, which was assembled at the MIT Artificial Intelligence Laboratory by Joseph Weizenbaum. Some of the examples are as follow:
· Customer Service - Helpbot
According to Statista, the global market of chatbot will be likely to be reach around $1.25 billion in 2025. Chatbots will be one of the biggest trends in the year 2020. For customer-based inquiries, Chatbots are considered as a primary choice for 45% of the end-users. Although, from the below statistics, we can say that Chatbots have gained a tremendous 24.3% annual growth rate.
Did your customer order the wrong size of shoes? Well, an in-built chatbot app for your online store can quickly recommend the right size of the shoes to your customer. Online shopping will get increasingly more personalized through highly AI-driven chatbots. These are automated programs that can play out all the redundant work at a lot quicker rate than a human.
Artificial Intelligence and Machine learning
To improve the workflow and processes, several companies are turning to Artificial Intelligence neither eCommerce companies are an exception. By 2020, online sellers will be likely to spend 7.3 billion USD on AI. Both Machine learning & Artificial intelligence are some of the hottest trends in eCommerce. Sure, they are acting as a powerful weapon for many marketers out there - at no other time have both automated and customized shopping experience been as conceivable as now, on account of machine learning.
Machine learning is far from being an innovation, though it has been expanding popularity in eCommerce recently. Machine learning has been started using heavily in the product & search recommendations. Some of the famous examples of Machine learning are face recognition, and search engine results from refining, speech recognition, learning associates, and much more.
Before the times of modern algorithms, product recommendations were performed manually, which was prone to error and inefficiency. But today, the recommendations can be match preferences of the customer regarding brands, gender, budget, and many other factors.
Mobile shopping & payments
M-commerce is rising continuously since the arrival of smartphones. In Europe, 64% of people prefer shopping online, and 55% do it on their mobile phones. This will eventually make the top trend in 2020 for two reasons. Firstly, the smartphone is used for more than 4 hours a day by an American. Secondly, eCommerce organizations put forth their best efforts to optimize applications and websites for their customers to get an ideal mobile experience.
Both startups and tech giants will do their best to enhance the user experience & provide mobile payments with e-wallets. China is the top leader - both WeChat & AliPay have more than 1 billion users each. You can see from the below graph that there is a massive rise in the mobile payment market year over year and is estimated to grow much faster.
Conclusion
Conclusion
It's time to level up your eCommerce game in 2020. Build strategies, execute them and remain on top of things to take your business higher than ever. There are numerous companies working on eCommerce Solutions, if you are likely to build an app based on eCommerce. You can always contact us, and for any queries too.