Ecommerce business is anticipated to grow at the rate of 265% — from $1.3 trillion in 2014 to $4.9 trillion in 2021. Ecommerce players recognize the fact that market is growing at an unprecedented rate and have been investing in a variety of services and solutions to up their game and deliver exceptional customer service. There is no doubt that if you wish to retain and gain market share you would need to continue to make these investments to stay ahead of the competition.
As you prepare to allocate your budget for 2020 to drive better business outcomes, it is important to be aware of key trends that are set to define the ecommerce landscape. Here are three such trends to watch out for.
#1 Product information will become a differentiator
According to a report 46% of shoppers expect product comparisons on ecommerce sites. The same report also adds that approximately 69% of consumers look for more reviews on ecommerce sites, whereas 77% of them read product reviews before making a purchase.
The importance of clean, up-to-date, structured and relevant product information and pictures is going to grow manifolds. How to use the product? How will the product benefit consumers? And how has it helped others? All this information will be key for the consumers to make the buying decision. Which in turn means you will now have to focus on adding additional information beyond product descriptions to attract shoppers. ‘Story telling’, ‘videos’ and ‘context photos’ are some of the key features to consider when creating product pages.
#2 Mobile ecommerce will continue to grow rapidly
Mobile ecommerce is set to be the next big thing and the numbers bear it out. According to reports, mobile ecommerce will account for half of all online sales by 2020 – worth nearly $250 billion annually.
As an ecommerce retailer you need to ensure your website is mobile-friendly if you wish to stay in the run. Your focus should be to optimize the website for mobile searches and simplifying the buying process. Mobile searches are often quite focused and therefore chances of conversion are very high. This means your site should be able to display product images and information clearly across devices and also have intuitive features to encourage conversion. In 2020, if you are aiming to deliver a seamless customer experience then optimize your website for mobile. Make it user-friendly and easy to navigate and make purchase and you will find yourself at an advantage.
#3 Social commerce is on the rise
According to recent statistics 87% of online shoppers say that social media helps them make a shopping decision. While 30% of shoppers say they would make purchases directly through social media platforms. Cashing in on this trend, we saw several brands making a headway with social commerce in the last couple of years.
As the influence and use of social media continue to pervade our lives, it is no surprise that we are going to see a steep rise in social commerce. If you want to be where your users are, then you have to optimize your ecommerce strategy and tap into the world of social commerce.
As you start to plan and strategize for the 2020, consider partnering with a specialized professional who can provide comprehensive support across a range of ecommerce operations.
We at Springbord have been the partner of choice for several ecommerce retailers across the globe. Talk to us and find out how we can help you make 2020 a successful year.