The e-commerce industry has experienced an unexpected growth in 2020 due to COVID-19 outbreak and lockdowns as people had to buy goods mostly online. Many manufacturers and retailers had to go online to stay afloat. Moreover, more people have started buying from small or unknown brands and have become more comfortable with digital technologies.
However, for e-commerce companies, it isn’t as simple as sitting back and watching the cash flow in. Competition is getting stronger. The digital noise is louder. Advertising rates are higher. And customers’s buying habits are changing.
Although 2021 seems to be promising in terms of pandemic and vaccination that has already started, people will continue to buy online as it is more convenient than to spend time and visit brick-and-mortar stores. In order not to lose customers and even gain new ones it is important for e-commerce businesses to follow the latest trends in the industry. Here are the top five e-commerce trends to watch out for in 2021.
1. Voice Commerce on the Rise
Any information available on the web can be accessed with the help of voice assistants. As they can perform a variety of actions from turning on lights to answering questions and placing online orders, etc.
Given that users can do pretty much everything by their voice, they are less likely to spend time on device keyboards. It is estimated that 75% of U.S. households will have smart speakers by 2025. Voice commerce sales are expected to reach $40 billion by 2022.
The increasing accuracy and ease of use are other reasons why voice commerce is on the rise. To help customers shop more easily, both Google and Amazon are pushing regional languages on their virtual assistant devices.
Voice commerce is now too strong to ignore, so if you’re an owner of an e-commerce shop be sure to take advantage of this emerging digital trend and get ahead of the curve.
2. AI and AR Will Enhance E-commerce Experience
Artificial intelligence (AI) functions as your online in-store assistant by providing you with personalized advice and guidance. AI analyzes your previous buying history and browsing behavior to show you items that you are more likely to buy.
With the help of Artificial Intelligence, e-commerce businesses can provide their buyers with intelligent product recommendations and thus enhance the customer experience. AI can also help e-commerce vendors understand the trends along with buyer behavior and sales channels to provide the best price and use the best time and place to list their products.
Unlike in brick-and-mortar stores, buyers can’t try on the product that they intend to purchase. Augmented reality (AR) helps eliminate this obstacle by letting customers see the product in real world and understand whether a product fulfills their demands. AR technology performs like a bridge to eliminate certain barriers in online shopping.
3. New Payment Options Will Emerge
One of the key reasons for customers choosing a particular e-commerce site is the payment methods it provides. If you do not have customers’ preferred payment methods, they will not buy from your e-commerce store. Payment wallets like PayPal, Payoneer, Google Pay, Apple Pay, and Samsung are slowly becoming a global trend, and many online stores are implementing these payment options. Digital wallets will probably be the default payment method, possibly overtaking credit card payments for the first time.
In 2021, we might see cryptocurrency finally legitimized as a payment method suitable for e-commerce businesses. Cryptocurrencies have many benefits for e-commerce, such as low transaction fees and no reverse transactions. Many e-commerce professionals believe that in 2021, customers should be allowed to pay how they want, when they want, on whatever device they want.
However, these trends will look different globally. And still, one thing will stay the same: e-commerce will explode worldwide and transactions will take place in more ways than ever.
4. Mobile Commerce Will Dominate
In recent years, e-commerce has been on the rise, but as m-commerce continues to become more popular, it may not be the next true shopping frontier. M-commerce is poised to burst into the mainstream thanks to a host of technological advances that make it easier for people to shop on their phones.
But how exactly does a company become mobile-friendly? Think of applications and social platforms that facilitate online transactions. Websites should also be mobile-responsive, which means that they should be able to provide a streamlined checkout process regardless of what device they are accessed on.
5. Progressive Web Apps (PWA)
It all suggests that 2021 will be the year when we eventually begin to abandon mobile websites in favor of PWAs. PWAs seem to be a better option for companies and Internet users than mobile apps since PWAs are much faster to build and provide the same benefits as mobile apps.
As online store owners are always looking for ways to boost their sales and improve customer experience they will more likely switch to PWA development rather than mobile app development.
Online stores can no longer dictate how and when customers make purchases, otherwise, they risk being left behind in 2021. More than ever, no matter what channels and payment mechanisms they use, brands will need to adapt and communicate with their consumers.
E-commerce companies seeking to lead the market must prepare themselves to adopt the latest trends as quickly as possible. Voice commerce, AI, and AR will possibly be prevalent in 2021. To attract more clients, more and more online stores will start accepting crypto payments and incorporating digital wallets.
Developers need to be ready for this shift as well. In fact, they need to go the extra mile for their clients to fulfill their fast-changing needs. Being aware of the e-commerce trends, your custom e-commerce development team can ensure you know how to help your clients rethink how they and business and deliver better experiences for them. Make your websites and applications as fast as possible, choose the best tech stack for your projects, and be ready to tap into new markets.