2.64 billion people are shopping online. It’s a cue for strengthening your eCommerce strategy to attract a larger audience.
And if you have a strategy in place, it’s time you look at the latest trends in eCommerce. These include voice search, loyalty programs, cryptocurrency eCommerce, and video marketing, among others.
Let’s see what else we have on the list!
Buy Now Pay Later
In 2022, Mastercard rewarded users with a Buy Now Pay Later (BNPL) option to help them buy products in interest-free installments.
What started as a strategy to give more choices to customers in payment options is now a threat to card usage! Customers prefer this model over card payments because:
- BNPL installments are interest-free, and
- it doesn’t let customers leave the cart because of low balances.
It will be a great addition to your eCommerce strategy.
Variety in payment options
As awareness about digital wallets and cryptocurrency continue to increase, customers expect flexible ways to pay. While some people stick to traditional card payments, others prefer having multiple options because they get exciting deals (as discounts) on specific wallets and bank transfers.
However, the choice of payment options also depends on the region you’re eCommerce store operates in. So either you can select different payment options region-wise or add popular payment methods used by all.
Mobile phones are mainstream in the eCommerce industry. They will continue to be the first choice of customers over laptops and desktops.
The ease of use, convenience, visual features, and digital wallets are some of the many reasons that pull customers towards mobile shopping.
So if you haven’t yet launched a mobile app for your eCommerce business, you’re leaving money on the table because:
- people use phones to research, browse, and buy products, and
- make payments via mobile phones.
Social media is a powerhouse of sales for eCommerce businesses. It has an immense following among the masses and allows customers to know the human behind your business.
The “Buy” button on platforms like Facebook and Instagram allows customers to purchase directly on the platform at their convenience.
Besides, social media is more than just putting up your product images. Influencer marketing, user-generated content, livestream shopping, and video marketing can yield even better results.
If you’re not personalizing your promotions and messaging, customers won’t look back at you (if they ever come to you). The use of AI tools in collecting customer information has generated a new wave of opportunities for eCommerce businesses.
And the wave will continue to grow, allowing businesses to nail personalization in every aspect of their eCommerce marketing strategy.
So it’s time you invested in creating highly personalized content, offers, and pricing for your customers.
Consumers are more concerned about their data’s safety and security now than ever. If you want their trust in your brand, ensuring data safety should be your priority.
That’s how zero-party data is trending! It allows businesses to collect consent-based data from customers, leaving behind the risks of third-party cookies.
Besides, when Google ruled out support for third-party cookies, it encouraged companies to adopt the practice. So we’re hoping you will be the one to be included.
Augmented and Virtual Reality
AR and VR have addressed the biggest concern of online shoppers — no guarantee that the products will suit their needs. Customers couldn’t be happier when they fit the products into their lifestyle before buying them.
Brands that sell cosmetics, shoes, furniture, home decor, and apparel, among others, have already capitalized on this trend. They’re reaping huge benefits as customers actively try out new products on their online storefronts.
Inflation and the need for economic stability have given rise to subscription-based business models for eCommerce businesses.
Since subscriptions are lucrative for businesses (bringing them loyal customers) and beneficial for customers (cost-effective purchases), this trend will last long.
The idea behind subscriptions is to offer special treatment to loyal customers, which increases customer retention rates.
Alignment with consumer beliefs
Brands that strike cords with consumers’ values are ahead of their competitors. The reason — when consumers find a connection to the brand they’re investing in, pricing isn’t a concern for them.
For example, brands that portray diversity, inclusion, and equity through their product lines are likelier to attract the masses than other businesses that don’t.
As the awareness about environment friendliness grows, consumers are more inclined towards sustainable brands. They prefer to shop from businesses that care about the environment, just like them.
So if you still need to find your cause, it’s the right time to go green, as this inclination to sustainability is not going anywhere. This is why your competitors are already attracting your audiences.
The bottom line
The changing landscape of the eCommerce industry is a motivation for businesses to provide more value to their consumers. As consumer expectations increase, new industry trends will continue to emerge. How updated you are with these trends will decide the future of your business.