4 eCommerce Trends To Watch In 2021
This year we have seen eCommerce grow by leaps and bounds and many businesses have moved to sell their goods online in order to meet the necessary demands of the 2020 shopper. It’s no secret that this year has had a significant impact on eCommerce and consumer buying habits, however, in this ever-changing industry, it is important to stay ahead of the digital trends in order to stay ahead of the competition. Market experts predict that by 2022 eCommerce revenue will increase from $3.5 trillion to a staggering $6.54 trillion, which goes to show just how many businesses are following suit in the world of online shopping.
To help give your business a head start for the new year head, here are a few digital trends to look out for:
Voice Assisted Shopping
According to research, 75% of households in the U.S will have a smart speaker such as the Amazon Echo or Google Home. This demand is also expected to drive voice-assisted commerce sales to around $40 billion by 2022! The convenience of this technology will soon become an effective tool in growing traffic organically to your online store. Using targeted content, you are able to engage with consumers and provide them with valuable solutions to their questions, which ultimately encourages them to convert on your eCommerce platform down the line. For example, a user who is looking for a solution on how to eliminate back pain will be directed to your informative blog that provides tips to help ease back pain, this will then lead them to your innovative muscle relief gel products.
By optimizing your content with voice search in mind, adding new skills on the assistant devices, and implementing voice assistant navigation on your platform, you are able to harness the full capabilities of this growing trend.
Point Of Sale Consumer Financing
Over the past few years Buy Now, Pay Later has become an increasingly popular payment option for many consumers looking to maximize their financial flexibility. In 2021, more retailers are expected to adopt this payment method and as a result, may become the preferred way to purchase goods and services for many consumers.
There are a plethora of benefits to implementing this payment model for both the retailer and consumer alike. Online shoppers are able to split their payments over a few weeks or months depending on their budget while the retailer gets the total amount upfront without taking on the risk or admin of the payback plan.
For store owners, implementing a Buy Now, Pay Later model from renowned partners like ChargeAfter also works as an effective marketing tool to help capture your market and convert more sales. Giving consumers an affordable way to purchase your goods helps increase overall basket size and reduces cart abandonment rates.
There is a growing amount of pressure on companies to put more focus on their social responsibilities and this is a trend that will continue to rise in the future. According to research, 87% of consumers are more likely to purchase goods from companies that offer environmental and social benefits and 88% of consumers remain loyal to businesses that support environmental and social programs.
Shoppers enjoy a seamless and convenient shopping experience across all platforms. In a response to a recent survey, 73% of shoppers said that they use a multitude of channels to purchase their goods. With the increasing popularity of voice-assisted and mobile devices, omnichannel consumers are likely to increase in 2021. In order to stay ahead of this trend and provide customers with an enjoyable shopping experience, here are a few things to keep in mind going into the new year:
- Ensure your website is optimized for mobile.
- Create a personalized experience for the customer.
- Offer more payment options including Buy Now, Pay Later, purchase online and in-store collection, purchase in-store with options to deliver to your home.
The Bottom Line
With eCommerce expected to see significant growth in the coming years, businesses looking to capture the market should adopt these trends in order to stay ahead of the digital era. Implementing Buy Now, Pay Later, omnichannel shopping, and voice-assisted commerce will help maximize your sales and marketing potential. In addition to that, turning your focus towards sustainability and social awareness will also help build trust in your brand and capture the loyalty of your target audience.