Like with most things in life, the field of eCommerce is constantly shifting and changing. These changes take place thanks to the developing technology, the change of consumer expectations, and trying to get ahead of the competition.
Although it can often be costly, time-consuming, and difficult, keeping on top of these trends can be vital in the already crowded market of eCommerce.
Here are some of the trends that are expected to further develop in the coming years.
43% of consumers prefer companies that personalize the shopping experience for them and this will become ever more apparent in the years to come. There are a number of companies that have already started to utilize this tactic.
For example, the clothing and lifestyle brand Very.co.uk delivered weather sensitive personalization to its customers, and as a result, it reportedly increased revenue by £5 million.
Another example is At Home in the Country, who used product recommendation under other products and managed to increase revenue by 13%.
Use Of Cryptocurrencies
Although some people may not have even heard of cryptocurrencies, the evidence is pointing towards them becoming a dominant payment method in the near future. Even the PayPal executive claims that there is a ‘very high likelihood’ that Bitcoin will become a popular payment method.
There is a range of benefits that come with using digital currency, such as speed and low transaction rates. It won’t be long before the majority of online businesses will begin to accept it as a payment method.
Same Day Delivery
People are beginning to expect a much faster delivery time, and today some customers feel that even the next day delivery is not good enough. Although some brands have started to experiment with offering the same day delivery, 77% of warehouses have said that delivering products on the same day can be their biggest challenge.
Despite this difficulty, many brands think that the struggle is worth it, as 72% of shoppers claim that they would shop more and spend more if the same day delivery was available.
One of the biggest problems that consumers have with online shopping is that they struggle to get a clear picture of what the product does, looks like, and its size through product descriptions and images alone.
As you’ll see in the infographic crafted by the Subscriptionly team, 60% of consumers would rather watch a product video than read a product description. They are 85% more likely to make a purchase after watching a product video.
Other benefits include the fact that 58% of consumers think that companies that have product videos can be trusted over those that don’t, and these also tend to see more conversions.
Automated Customer Service
Employing people for customer service purposes can be expensive for a company, so the less staff they can get away with, the better. It is looking likely that by 2020, 85% of all customer interactions will be handled without the need for a human agent at all. Already brands are starting to use automated customer service as much as they can.
NinjaTrader, for example, have been using HelpSpot to provide quick and accurate support to 40,000 brokers and sales partners with some very successful results.
These are just a few of the many trends that we will start to see emerging in the coming years. Other trends could include multiple shopping channels, the use of in-app mobile commerce, pay monthly models, and many others.