Digital commerce or online business is a vast domain today, and it is increasing. However, along with this huge exponential surge comes a vast array of improvements, lots of changes, and trends in the digital commerce domain are being explained and developed by the online marketplace world.
According to Statista, “Sales of the world’s largest digital marketplace Amazon is predicted to achieve $468.78 billion in 2021.”
Currently, US retail sales in eCommerce represent almost 10%, and that growth is increasing nearly by 15% every year. Therefore it is pretty clear that the growth of digital marketplaces will achieve more heights in the future. Moreover, digital marketplaces promote products and services in less time, within budget, and with less effort.
According to Digital Commerce 360, Sales on the world’s top digital marketplace websites such as eBay, Alibaba, and Amazon estimated at 62% of global web sales last year.
This data is sufficient to show the growth of marketplaces in today’s online commerce. Marketplaces have also become the best tool to make your business modern, competitive, and sustainable. There are several digital marketplace industry trends available on the web.
Here we have described top digital marketplace industry trends in 2021:
- Augmented Reality Will be More Impactful
AR (Augmented Reality) is predicted to be immense in 2021 as businesses worldwide are already taking its benefits. This immersive technology will offer a highly intuitive customer experience right from their smartphones what it would be like to have the products of their choice at their home, office, or somewhere else.
AR is very powerful as it lets customers easily visualize the products before buying them from any online marketplace. So, buyers can better understand when they go for a product from imagination to clear visualization.
In this way, AR offers customers a more satisfied and faster-buying experience. But, for sellers, it decreases returns, which is one of the biggest issues in online shopping.
Let’s check some of the most popular applications of AR:-
- L’Oréal’s Modiface
- Machine A
- The dominance of Chatbots & Artificial Intelligence (AI)
Forget the days when AI was only related to the robotics domain. Nowadays, Artificial Intelligence (AI) is transforming our lives and expanding its area even in more complicated tasks.
According to Deloitte, a cognitive survey held in 2017 stated:-
Early adopters are effective and cogent on AI and cognitive technologies, assuming that they will transform all industries.
AI-like immersive technologies are utilized for several social media platforms to increase business reach and visibility. Normally, users’ data like search patterns, products, etc., offer them the best possible search results.
There are lots of areas where you can see the use and impacts of artificial intelligence in the real world, incorporating the Gaming Industry like Deep Blue, Alpha Go Pluribus (poker bot)), Netflix Algorithm, Amazon Prime, and much more.
Some other chatbots and AI examples are as follows:
- Instagram revealed the usage of AI to customize content for its Explore Tab.
- AI in education assists teachers analyze their physical, mental, and psychological well-being and improving their all-around development.
- Even NASA is also working with AI applications to develop autonomous and futuristic spacecraft. Moreover, NASA is using AI apps to automate image analysis.
- AI is also impacting computer programming. An enhancement in the AI system will be able to execute and handle SDLC (Software Development Life Cycle) and understand code basics. Additionally, AI enables programmers to easily navigate a complex number of APIs and makes coding faster.
Global marketplaces like Amazon utilize AI-based data analysis strategies for all customers’ searches. As a result, it helps marketplaces to uplift their sales performance and revenue.
- Voice Search Revolution Will be the Next Big Thing
Indeed voice search has become a buzz these days. It has revolutionized the whole digital world. All big tech organizations such as Microsoft, Google, Samsung, Amazon, and Apple have already implemented this.
According to Statista, “there will be about 8 billion voice assistants by 2023.”
Voice search is also a big step in the SEO domain. It has taken several changes in SEO. First, because the voice search size is a little longer than typing text, you can include long-tail keywords in your content.
For example, you can even use a complete phrase like “How will the weather be today” rather than “weather update.”
Voice search is also a boon for local SEO because mobile voice searches are often intended for nearby services or businesses. Therefore, it is time to integrate this marketplace trend now.
- Omnichannel Selling is Emerging Trend
According to Digital Commerce 360, “Did you know that a robust omnichannel strategy enables businesses to keep on average 89% of their customers? ”
This omnichannel selling market data is sufficient to demonstrate the most intriguing two-sided online marketplace trends. However, the question remains the same as the actual context of this term. Is this selling strategy different from a multichannel selling strategy?
Omnichannel selling can be termed as selling services and products across varied channels. The essential advantage of this selling strategy can be seen in the electronic marketplace industry (the close connection between all channels). In this manner, businesses ensure that their customers are getting a more intuitive and seamless experience across all platforms.
- Mobile Commerce
Mobile commerce is one of the biggest trends in digital marketplaces. It offers several benefits to both vendors or merchants as well as buyers. Mainly, smartphone users mostly do mobile shopping.
As per Statista, mobile shopping is predicted to account for 73% of overall shopping in 2021.
So, it is essential to develop a user-friendly and responsive marketplace to offer easy access to your digital marketplaces to your customers. Moreover, Progressive Web Applications (PWA) is an effective strategy to engage more mobile users.
- Video Marketing Trend
According to a report, “people worldwide prefer to watch video content instead of reading emails, blogs, and images from a brand.”
The reason behind this is obvious. Customers like engaging stories as it increases their interest in the brand. Therefore, using product tutorials can boost up your relationship with your customers.
Hence, it creates a strong trust between a brand and its customers. Undoubtedly, video marketing is a buzzing trend to reach your business goals in less time.
- Business-to-business marketplaces
B2B marketplaces are getting the fastest growth across several domains, including insurance, healthcare, and eCommerce. eWorldTrade, Amazon Business, and Global Sources are some of the best examples of B2B marketplaces. In this business model, vendors also offer several marketplace payment solutions that assist in making payments using different payment gateways.
According to Digital Commerce 360, “59% of B2B clients made nearly 25% of their overall purchases on marketplace apps and websites the previous year. Some reports have also stated that 23.5% of B2B customers utilize digital marketplaces to purchase 50%-74% of corporate services and products.
Forrester revealed that B2B marketplace transactions will achieve $1.8 trillion by 2023.
Marketplaces enable businesses with automated sales, huge demand, optimized order management, and facilitated procurement.
- Smart Home Assistants and Voice Command Will Rise More
Today people use voice assistant devices such as Alexa, Amazon Echo, etc. This trend is increasing very rapidly worldwide. Even people avoid typing something in browsers and marketplace websites as they can get everything using their voice command.
A report says that “By 2025, 75% of total households in the US will be set up with smart speakers.”
According to Wordstream, “The increasing popularity of Siri, Google Assistant, and Alexa generated voice commands are expected to achieve $40 billion by 2022.
These statistics show that using voice command is the future of marketplaces. Therefore, it is the right time to optimize your digital marketplace for voice commands to get long-term sustainability.
In a nutshell!
Indeed the next era will be of digital marketplaces. The top digital marketplace trends we have discussed above provide more opportunities to businesses. But, it is good to go using these trends with industry professionals as it will assist you in exploring your business effortlessly. To offer a highly intuitive, engaging, and smooth user experience, you must focus on these marketplace trends.
Author Bio: Nikunj Shingala is a Co-founder of Webs Optimization Software Solution Company, a leading web & mobile application Development Company specializing in Hybrid, Native, iOS, and android app development.