Amidst the pandemic situation, there has been exponential growth in the e-commerce industry. From having a surge of online buyers to adapting and improving the trends and user experiences alike, the e-commerce ecosystem has been evolving with each new technology and insight.
Besides, the new e-commerce sites have been flooding the market, resulting in an increase in competition. That makes it imperative for existing and upcoming e-commerce businesses alike to know what the future holds in the industry.
To help our readers to do that and more, our in-house e-commerce development and marketing experts have carefully curated a list below:
Private labeling: Product labeling allows the retailer to be more agile and react more swiftly to the shift in customer behavior while further empowering the retailer with more enhanced control across production. Besides, private labeling further allows the retailer to take charge of the entire supply chain, eventually enabling them to set and control production costs to ensure the most profitable pricing. Along with the same, this feature also empowers the retailers with control over branding and enabling them to obtain loyal customers.
Offline e-commerce: Referred to as flash retailing, pop-up shops are an efficient example of offline e-commerce. It is a trend where a brand randomly opens up a sales space for a short amount of time before closing it down to generate interest, create a sense of urgency, and boost traffic for a limited-time event. Similarly, self-service platforms, known as Kiosk, enables users to perform tasks at their own pace. Besides, e-commerce Kiosks further lets the user search and discover the right product for themselves, enables the retailer to showcase product information and the story behind the product while further providing valuable user insights.
Shoppable TV ads: Shoppable TV ads are efficient for streamlining e-commerce purchases by allowing the users to purchase products featured on the show that they are watching in real-time, directly from their phone using the QR codes provided on their smart TV.
AI customer sourcing: Presently used to make product recommendations, the futuristic artificial intelligence will further enable retailers to find customers by utilizing data to analyze current trends besides their products, sales channels, customer and buyer behavior.
Recommerce: Also known as reverse commerce, recommerce is a flourishing e-commerce trend, best suited for luxury resale. The growing popularity of global resale luxury platforms has resulted in the eventual collaboration with the big fashion brands, creating opportunities for both the buyer and seller.
P2P platforms: As a decentralized platform whereby the buyer and seller interact directly with each other, without intermediation by a third party, P2P platforms are a growing trend in the e-commerce ecosystem. Besides, P2P platforms are assumed to additionally increase audience reach while reducing returns by allowing the customers to rent their products in the future.
Product customization: While product customization offers the benefit of a personalized experience, an increase in profit margin, customer loyalty, attract the Millenials, cost-effective, make luxury items attractive, more repeat sales with lower return rates and a larger share in the gift industry, and more, the ability of the retailer to provide last-minute personalization at a fair and reasonable cost will further boost their sales and help retain customers.
Growing smart-home assistance: While 20% of Alexa and similar device users use them for actions related to shopping, the smart fridge is assumed to revolutionize grocery purchasing behavior and food delivery. Considering the potential of smart-home assistance to positively affect the e-commerce industry, it is one of the significant trends to look for in the e-commerce industry that can boost sales and reach alike.
Use voice search: Already existing trend in the e-commerce industry, voice search is assumed to stay here in the coming years with the ability to positively affecting the sales of an e-commerce business. Allowing the users to voice search products through various devices will help the e-commerce business penetrate further and generate more sales.
Hence, these are the most notable trends and tips that an e-commerce business should consider while diving into the future of e-commerce to ensure a safe sail, without any hiccups, says the in-house e-commerce development and marketing experts at Webgen Technologies. However, one should not assume the list to be exhaustive in itself. As technological advancement keeps on rising, one can expect more revolutionary trends to penetrate the industry. Keeping abreast with the latest trend and tips will help an e-commerce business in its endeavor of not merely boosting sales in the present but also create and retain a loyal customer base.
Do you need professional assistance to design and develop or market your e-commerce platform? Contact the experts at Webgen Technologies today! We assure you to produce optimum results for positively affecting your business.