According to statistics, the world of ecommerce saw a massive growth in 2016. With revenues projected to touch 1200 USD, the industry is set to grow at a compound rate of 10.72 per cent in 2017. This will lead to revenue of about 1,777 billion USD by 2020. The trends in ecommerce have emerged from how customers shop to what they are buying and how these people are responding to marketing shenanigans. The online business store is seeing a great story indeed. Here are a few trends that are seeing amazing growth.
- Stupendous growth of mobile commerce: More and more phones are now being used conduct purchases online. There has been a steady growth of mobile-responsive sites that sell goods and services. By the quarter 2 of 2016, smart phones were the top source of traffic for ecommerce sites and desktops came in a distant fourth when it came to buying goods online. In 2017, there is an expected rise in the use of mobile phones to transact business and mobile wallets or e-wallets are expected to be the favoured choice for millennial adults across the world. Android users are expected to use more mobile wallets than Apple users, according to Gartner. Apart from steady growth in mobile wallet integration, people will start using mobile digital assistants when they shop. Gartner predicts, about 2 billion USD of items will be sold using digital assistants in the next two years.
- Rise of Artificial Intelligence: With rising interest in AI, a lot of online social media companies are using chat bots to help with shopping and booking along with customer service. Facebook and Whatsapp, Twitter and Google Allo are just a few brands that have integrated a chat bot for users like you when it comes to attending to customer queries. There are 11000 chat bots for Facebook alone while spring bots from the clothing retailer Spring is all about live messaging and personal shopping. This has led to the birth of conversational commerce, a major trend in 2017.
- Better availability of analytics for an informed decision: The use of analytics is also one of the most dominant ecommerce trends for 2017. With technology fast evolving, data can be accessed from multiple locations. You can get access to data real time from anywhere and through any mobile device. 2017 will see a rise on minimum spend for maximum results in transacting business. Predictive and prescriptive analytics will see a rise and sales will be pitched keeping in mind customer behaviour and likes. Email marketing will use predictive data analytics to target customer bases in 2017.
- Good deal of customer engagement with user-generated content: The growth of the dropshipping business has led to a phenomenal difference in how sellers treat customers. If the customer is engaged and well treated, then there is an emotional connection between the buyer and seller thus leading to repeated sales in the long run.
- The rise of loyalty apps and mobile payment: There will be a significant rise in mobile payments in 2017. Starbucks, for instance, began mobile payments which is unqualifiedly successful in the US markets. The idea has been replicated by ecommerce companies online and will be a hot trend in 2017. The company has streamlined payments system and added a loyalty program that commentators in other countries are going to replicate. 22% of Starbucks’ customers now pay through the loyalty app and that generates about a 12% rise in revenue. Starbucks also collects customer behaviour to forge a permanent relationship with its customers online- often focussing on them as preferred members.
- Selling customizable products and personalization of the entire experience: With the data increasingly available online, across social channels, companies or ecommerce majors can now cash in on customer information like never before. There are many apps that allow the content to be processed and then allow personalized deals for regular customers. Information such as age of the customer, customer experiences is vital for ecommerce companies to stay ahead of competitors and lower cart abandonment rate.
A lot of social networks online have vested interests to aid ecommerce in 2017. The concept of social selling is gradually making its mark. Facebook CEO, Dave Wehner, outlined how Facebook needed to diversify the company’s revenue streams in order to keep the shareholders happy. There are several methods to roll out selling options. A lot of brands will see sales hike with the products going viral. Word of mouth selling will generate a lot of buzz in 2017. These are the key ecommerce trends that will drive growth in 2017. In case, you are a user and not a seller, you got be pleasantly surprised with the growing number of brands online and the business they will transact globally in 2017!
January 10 , 2017
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