Ecommerce has been on the rise in the past decade, especially for the past two years due to the pandemic, with a growth of more than 30% in the US.
Shopping online has become a part of our everyday life. Whether it’s groceries, cosmetics, or maybe a new sofa, we can have everything we want to be delivered right to our doorstep with just a few clicks.
But things move quickly in the digital world. The eCommerce industry is constantly evolving, with new trends, tools, and strategies popping up in the blink of an eye. So, it’s essential to stay ahead of the curve and keep up with the round-the-clock changes if you want to prevail.
The Future of eCommerce + 5 Trends in 2022
If you’re wondering which crucial trends will affect online businesses this year, we’ve compiled a list of the top five leading eCommerce trends to keep an eye on in 2022.
Subscription Models as the Future of Online Retail
Subscriptions are a simple and effective way to encourage customer loyalty – they keep customers coming back. If done right, this model creates a way for companies to get recurring revenue monthly or yearly.
The biggest benefit of offering your products or services on a subscription model is increased customer retention. Subscription-based models allow consumers to subscribe regularly to a product or service they need. It’s a strategy that will potentially increase your customers’ lifetime value by a significant amount.
This model is expected to rise this year, so you better hop on that bandwagon.
Multiple Payment Options
It’s always better to have a variety of options to choose from. Customers often abandon their carts if their preferred payment method isn’t available.
You must ensure you answer your customer’s needs as an eCommerce business. Offering a broad range of payment methods can help you with this. Besides the obvious credit and debit card options, the most common payment gateways are PayPal and Stripe. Still, you may want to consider adding Apple Pay, Amazon Pay, Google Pay, Square, and other growing methods.
Giving a choice is key. Being convenient and approachable can significantly ramp up your conversion rates and boost customer satisfaction. Also, you may look into offering your customers a way to save their payment info at your site so that they can have a faster checkout for their next purchase. It will surely give you a competitive edge over other eCommerce retailers. Please give it a thought!
Using Chatbots for a Better Shopping Experience
People are used to interacting with sales personnel when shopping. But, unfortunately, today’s shopper is spoiled. They want to find and buy the product without much effort, so if a hiccup occurs, they lose patience.
That’s where chatbots step in. People want instant answers, and chatbots can give them! As a result, they are helping and engaging customers at every step of their shopping journey.
Satisfied customers lead to satisfying conversion rates. So if you want to adopt an efficient way of serving your clients, personalizing their shopping experience, and offering 24/7 customer support, you’d do well to start working on creating a chatbot.
The Rise of Sustainability
Humanity is becoming more aware of the environment and its footprint on it. People tend to be more conscious about the brands they’re supporting and the mark they leave on our planet. Even environmentally indifferent consumers would consider paying at least 10% extra for a sustainable shipping method if given a choice.
The concept of sustainability can range from eco-friendly packaging to recyclable supplies. Still, it all comes down to one crucial thing – whatever makes people feel like they’re making a difference.
We recommend you start thinking of ways to “go green” because climate change awareness is rising.
By taking sustainability measures, you’re not only making a positive impact on the environment but also increasing customer loyalty.
If you embark on this journey as an online retailer, actively promote your efforts on social media to keep the consumers in the loop. It’s time to take some action!
Mobile Commerce as an Industry Staple
All day, every day, we use our mobile devices even for the simplest tasks, like checking the weather or opening the calculator to check if 2+2 is 4 when your brain is on a well-deserved break. And in these last few years, smartphones have become a favored medium for online shopping.
Mobile commerce – or m-commerce, for short – allows people to buy goods or services anywhere they want. So whether you’re shopping from the comfort of your home or on a beach while sipping your favorite cocktail, smartphones undoubtedly provide a convenient customer experience.
Other than using smartphones to make purchases, people also use them to research their options before making a decision and shop in-store.
Even though many customers already use m-commerce, stats show that the industry has no intention of stopping. If you haven’t considered it, now is the time to work on an eCommerce strategy. Mobile commerce may not be an option shortly but rather a requirement.
So, make sure your web store is mobile-friendly, or consider designing your shopping smartphone app.
As we ought to know, the eCommerce sector is constantly changing, with new
trends coming from all ways. It isn’t immune to hardships, but it’s the future of retail.
To stay competitive, you’ll need to keep on your toes. New things are happening every second, and it’s never too late to hop on a trend and learn something new to keep your business afloat. And not just that – doing your best to stay competitive at all times can pay off magnificently in the long run. Further down the line, if you ever decide to sell your online store, you’ll find that all those smart decisions and investments have significantly helped boost its value.
Let’s face it, consumers are the sea, and eCommerce merchants are boats paving their way to its moving waves. It’s nearly impossible to keep track of every current event out there, but we’ve narrowed down the five most essential ones for this year. Follow them, and your boat will keep a steady pace regardless of the wind blows.