E-commerce has evolved greatly in the year 2020 due to the covid-19 outbreak with a market share going up to 16.4% setting an all-time high forcing businesses to adapt in the meantime ensuring their presence online to avoid losing customers and thus losing big on their market share and business turnover.
Experts ensure this evolution will keep on going in 2021 meaning that step by step e-commerce will become the new normal!
Here, we will focus on some of the trends that will shape the e-commerce industry in the next year which will allow e-commerce actors to improve their performance and encourage customers to adopt this new shopping channel.
Omnichannel strategies win the game:
E-commerce being a fast-growing industry, e-commerce actors are forced to be innovative and to expect potential customers to be everywhere online. Consequently, it would be wise to set up an omnichannel strategy ensuring that the brand is present everywhere: on marketplaces, websites, and social media. This would allow them to get bigger market shares, to be omnipresent on the net thus benefiting their sales and their reputation.
Two key statistics may confirm omnichannel strategies may greatly be beneficial for online businesses: 46.7% of all online searches start with marketplaces and 37% of users use social media to research products and brands.
Conclusion? Customers may be everywhere it’s up to e-businesses to go towards them.
mCommerce is the key to future online retail business:
mCommerce rate is expected to increase by 15% in 2021 raising it to a 73% share of all e-commerce sales which makes it an essential lever for future e-commerce development.
Marketplaces and e-commerce websites should be aware that customers use mobile devices to investigate products before proceeding to purchase and for the comfort they offer when shopping.
Taking this into consideration, e-commerce actors need to make their mobile platforms responsive and user-friendly to ease consumers’ experiences online making it easier to drive a prospect to buy the queried product.
Selling on Social Media is very beneficial for brands’ sales:
3.8 billion is the number of active social media users in the year 2020. A number set to rise following the pandemic outbreak.
E-businesses need very much to focus on these platforms as they offer to buy features for their audiences and allow brands not only to get discovered by potential buyers but also to get more accurate reviews, a better idea of the product’s utility, and also a wide range of possibilities to promote your brand and your products.
In the year 2021, e-businesses need to come up with social strategies with a shopping-focused approach.
AR will revolutionize the customer online shopping experience:
According to a 2018 study by Prnewswire, over 120,000 stores will be using Augmented Reality (AR) technologies to provide their customers with a much richer shopping experience.
The main objective of developing such a revolutionary experience is to solve one of the online shoppers’ main concerns: see the product firsthand One of the main concerns that people have when shopping online is the inability to see the product firsthand.
AR will help customers to get a better visualization of the products they’re willing to buy thus giving them offers more adapted to their demands.
Employing AR into the e-commerce industry will enable customers to give more precise feedback and may have a beneficial effect on the delivery’s success since online shoppers will get exactly what they are looking for.
eWallet technology is necessary to speed up purchases and boost online security:
On a global scale, mobile wallet payments are projected to reach $500 billion in 2020 up from $75 billion in 2016.
This development is due to the ease of usage and increased security of payment they provide customers with.
Moreover, this technology has a beneficial impact on the sales and beneficial rate for online merchants and needs to be considered as an important factor in further rising e-commerce revenue and shoppers’ trust in online shopping..
The covid-19 pandemic has enabled the e-commerce industry to gain about 5 years on its development. In the US, for example, we registered the same e-commerce evolution in the 3 months following the pandemic outbreak than in the previous 10 years.
To help maintain this pace, and further develop the industry, e-commerce actors, from all over the world, need to come with new solutions and technologies to boost their sales, and improve the customer experience.
And what are the perspectives for MENA towards all these evolution possibilities?