In the enhancement of technology, innovative ideas will come, the various number of experiments will launch as well as the large business will be running in the digital industries in the year 2020. For that, it is important you are aware of the latest eCommerce trends which are going to play a crucial role in the industry.
E-Commerce is an intermediate between two important parts of the online business market, firstly the customers and secondly the Sales. Using E-Commerce business marketing develops awareness about an online presence making in sales by creating and offering shop products and services.
So, here we discuss the topics of “The Future of Ecommerce In 2020“.
Below we list out the important points for the E-Commerce trends we can see continuing to be important players in the year 2020.
Table of Content
- 1. E-Commerce Business Model
- 2. E-Commerce Trends
- 3. The Basics Research Of Ecommerce Business
- 4. AR Increase reality in E-Commerce
- 5. E-Commerce In India
- 6. E-Commerce In International
- 7. Growth Of M-Commerce
- 8. AI in Ecommerce
- 9. Voice Recognition Changes Way To Purchase
- 10. Big Data Plays Important Role In Developing Personalized Experiences
- 11. More Ways For Payment
- 12. Customers Respond To Video
- 13. Sustainability Become Really Essential
- 14. Marketers Target New Channels And Devices
- 15. Future Of E-Commerce
1. E-Commerce Business Model
Generally 4 types of E-Commerce Business Models we are using in the E-Commerce business industry. Such as
1. B2B means Business to business.
2. B2C means Business to consumer.
3. C2C means Consumer to consumer.
4. C2B means Consumer to business.
If you think to begin an online E-Commerce business, then you have knowledge regarding the general categories in E-commerce business. Moreover, the number of businesses operates in more than one category at the same time.
2. E-Commerce Trends
You are looking for top E-Commerce trends in this 2020 year. And, you want to know about what trends will be important for the success of your online store?
So, here we define some E-Commerce trends for 2020 that you have to know about. To begin with, sales growth is unstoppable in the World Wide Web, online shopping places, shopping, and payment through Smart devices will be increased.
3. The Basics Research Of E-Commerce Business
Most importantly you have to research the basic things about E-Commerce business. In this international market, there are various business structures and ideas available to people. For instance, digital product sales, service-based business, products based business, and many others.
You must understand the number of business models available in the global market before you start your online selling business. These techniques are not hard to learn, but it defines your business structure.
Indeed, E-Commerce Business in 2020 is great and also a revolution in E-Commerce stores all over the world. And with approximately 1.92 billion people who like to buy things from websites, an E-Commerce store has various customers. So, many companies get a good source of income from online businesses.
Moreover, the future of the E-Commerce business will be glittering all over the world.
4. AR Increase reality in E-Commerce
Augmented reality prepares to visualize the online product possible. Online shopping has many benefits such as time-saving, research, and price checking on the tip of your fingers, access products from stores any time anywhere.
Polls have shown that 35% of people say that they would do more online shopping if before buying, they could virtually try the product.
In the year 2020, we are expecting that more and more businesses are applying AR for their products. Using that it will become more standard in E-Commerce platforms.
5. E-Commerce In India
Nowadays, India has the highest internet user base of around 475 million as of July 2019, approximately 45% of the overall population. In the year 2016, the E-Commerce companies in India like Flipkart, Amazon, Myntra, and various others.
However, in the year 2019, Amazon was recorded as the biggest E-Commerce business in India in terms of revenue. So, we believe that in the year 2020 especially in India the online E-Commerce business is on top.
6. E-Commerce In International
International E-Commerce simply means selling products in foreign countries. Using the E-Commerce website, in the foreign markets, you can successfully sell your products before opening a physical shop over there.
Moreover, international E-Commerce is an obvious growth opportunity. For instance, in the United States only, online sellers made approximately $455 billion in the year 2017, with present year to year progress calculated at 15.2%.
7. Growth Of M-Commerce
Mobile commerce is also called wireless E-Commerce. It is financial activity including ownership using goods and services, that is achieved by a mobile device. In short, mobile commerce is an intermediate between the E-Commerce website and Mobile application.
In the year 2020, mobile commerce sales are projected to reach $2.91 trillion more than 25.4% than 2019 with just $2.32 trillion. Mobile commerce progress has seen an average year to year rise by 33.8% since 2016. Moreover, the revenue from mobile E-Commerce sales more than twice in the year 2019 compared to the year 2016.
8. AI in Ecommerce
Artificial Intelligent plays the most important role in the E-Commerce business.
Machine learning permits you to customize and optimize every technical data and data about the buyers. Moreover, you can optimize the inventory management system and customer service automation.
Nowadays, online shops are available 24/7 on various channels. By automating customer support will save time, finance as well as human resource. Furthermore, AI-driven personal assistants and chat-bots can easily respond to all queries.
9. Voice Recognition Changes Way To Purchase
Approximately 3.9% of customers told that they buy things using a smart speaker every time. Google appears to provide accurate responses to questions about commerce.
One survey indicates that 35% of all U.S. families are equipped with at least one smart speaker, with many consumers having multiple. That’s why it is true that 26.1% of customer purchases on a smart speaker in the year 2019.
The one way would be to explore the home assistant market with Amazon Echo Dot users. By creating an Alexa, that is programmed commands like Alexa, ask the Umbrella company how many types of umbrellas available, or Alexa, find out, it can search your store for products and make voice-powered purchases.
Moreover, Amazon will give you access to anonymized transcripts of user speech information and intent request details so you can know how voice is used in the customer’s way of purchase.
10. Big Data Plays Important Role In Developing Personalized Experiences
Source: Eye on Tech
Due to increasing online shopping trends, more and more people like to buy online. Not every business is the same, the different company has different visions for where E-Commerce collection will go in the year 2020. Some believe that personalization to be an unexpected dagger because data and privacy are being heightened as concerns for many customers.
In addition to watching suggestions on search engines or shopping websites, we all like to see them on our thermostats. This will have amusing impacts on how we as marketers are able to get new consumers.
11. More Ways For Payment
Here, we are talking about the expectation around payment options for smart devices, but customers are also expecting more and better payment options. For example, when shopping from an overseas company they may demand to buy using their favored local payment provider.
Moreover, consumers are used to the ease of shopping on big online sellers such as Amazon and Flipkart and E-Commerce websites are progressively using payment options such as PayTM, PhonePay, Paypal, and many other options.
12. Customers Respond To Video
In the year 2019, the video was shown to enhance conversion rates by 62% of customers saying that they watch product reviews before purchasing things. If you are still not taking the benefits of showcasing videos on your website, then 2020 could be a good year to start.
On your website homepage, streaming video can be an eye-catching way of getting visitors’ attention. Videos can help you explain and showcase your products better than images. By adding video plugins of your products in your E-Commerce store can boost your sales as well as visitor’s engagement.
13. Sustainability Become Really Essential
Some experts affirm that customers are potentially increasingly more aware of the impact of numerous subscription services on their budgets, so they can be more selective in the future.
Subscription plans produce a number of benefits for sellers because of many reasons. For instance, they make it easier to predict fulfillment requirements and allow you to maintain customers for a greater long term.
Marketers accepting different business models in the coming year have to be observant about what must have made their particular subscription.
14. Marketers Target New Channels And Devices
A programmatic advertising platform clarifies that various new devices and channels are heading into 2020. Smart TVs and audio will emerge as two new important things for advertisers. However, Facebook and Instagram will continue to be important for many brands to rely on.
Re-engage users within households across streaming devices such as computers, tablets, and mobile that gives a more far-reaching image of the consumer journey. The trend may even expand into the middle of the decade when you consider the various new streaming entrants as well as the expected growth in Connected Television purchases.
15. Future Of Ecommerce
Ecommerce businesses have a lot of capacity and a 265% growth rate. From $1.5 trillion in 2015 to $5.9 trillion in 2023. This indicates a future of steady upward trend without any kind of decline.
However, the more interesting thing is the global E-Commerce sales have been steadily up the world retail market.
Also Read: Latest Digital Commerce Trends & Statistics
We are describing various E-Commerce trends in 2020, but there are a lot of remaining things, we are excited to see what new ideas will be introduced in the E-Commerce business as the year goes on. However, these are the important E-Commerce trends we can see impacting on the industry, there are more waiting in the wings for time.
Time will tell us and we are waiting to see what will bring in the future 2020.
Please drop a comment, or let us know if we forget to mention an important point!