E-commerce Trends That Will Make Huge Impacts In 2020
There’s an average of 24 million e-commerce sites right now on the internet and more are being created. This same moment you’re reading this article, a startup with a dream and a vision is creating an e-commerce store with the hope of selling a product and taking over their own niche. It is a competitive market out here and the best way to stay on top is to stay abreast of the trends in the industry. If you’re a newbie in the e-commerce industry, it is important to have in-depth knowledge of industry insights and trends so you can make a more informed decision.
How Data Supports The Rise of E-commerce
E-commerce is undoubtedly going to grow and improve in years to come. There are predictions that eCommerce will generate $4.5 trillion dollars every year from 2020. This just shows how bright the future of commerce is. A Nasdaq report says that 95% of all purchases will be made through e-commerce by 2040. Amazon is the leader in the e-commerce industry, with 59% of millennials expected to check Amazon first when shopping online. In 2017 alone, Amazon accounted for 44% of all online shopping in the United States, the figure has increased. According to Optinmonster, 93% of internet users have purchased a product online.
E-commerce Trends for 2020
The year 2019 was good for e-commerce. There were innovation, growth and new strategies, in 2020 there should be an influx of new trends that will impact the industry in the most positive ways. Here are some of the trends you should look out for in the year 2020.
Artificial Intelligence is here
The year 2020 will be a big year for Artificial Intelligence. There was a time when artificial intelligence was a tall dream for advertisers, but the rapid improvement in machine learning, the benefits of AI is now easily accessible for e-commerce businesses. With artificial intelligence, businesses can now deliver more personalized services to their customers. These personalized services include personalized marketing and interactions with customers. According to a Gartner report, 85% of business interactions with customers will be handled by machines powered by AI and ML.
Mobile commerce will become more prominent
E-commerce is growing at an electric pace, with mobile commerce moving at an even faster pace, thanks to smartphones. With smartphones, you can purchase anything and everything you want online easily. The customer experiences a more convenient buying process using mobile than another device, and the rise of progressive web applications is set to make mobile commerce even more prominent. According to Statista,
mobile e-commerce revenue will rise to $189 billion by 2020. This is because the majority of sales will be made through native and progressive web apps.
Augmented Reality will be a trend
Augmented Reality isn’t just science fiction anymore, it has become real. With augmented reality, you can bridge the gap between the digital and non-digital physical space. Buyers have always dreamed of trying out products without having to leave the comfort of their rooms, with augmented reality, it is finally becoming a reality (no pun intended). Stores like Sephora now allows customers to try on their makeup products directly from the app, while Ikea can allow you to test new furniture in your room from their website app, all thanks to augmented reality. In 2020, we will see more of this trend, we can’t wait to see how AR is better explored.
Voice search will change the world
Voice search has been growing steadily over the years. According to reports by Comscore, voice search will account for 50% of online queries by 2020. This trend will have a huge impact on e-commerce because every buying decision starts with an online search query. That’s why it’s important for every e-commerce website to optimize its website for voice search in 2020.
Social media will play more role in e-commerce
Every brand and business with ambition should have an active voice on social media. It isn’t news that social media can influence sales, but in 2020, social media will become more dominant. Social media will be more optimized for users to make purchases directly from their social media app. It is already widespread in China and will spread around the world in 2020. According to nChannel, 25% of shoppers will consult social media before making a buying decision. BigCommerce reports that eCommerce stores with social media presence will make 32% more sales than stores that don’t. That’s how impactful social media is to the growth of e-commerce, especially in 2020.
Automation of sales process, content creation, and customer engagement are going to become more dominant in 2020. For e-commerce marketers, automation will save time by 80%. Some of the processes marketers can automate include, marketing, direct sales, the publication of content across all channels, customer engagement and segmentation, as well as tracking of customers’ actions in real-time.
Customer experience is king
It has been established that customer experience is the most important investment e-commerce companies focused on in recent years. Come 2020, more companies will invest in customer experience innovations and management. 85% of businesses plan to invest more in CX in 2020 than any other year.
More competition for Amazon
Amazon is the undisputed king in the e-commerce sector, but in recent years there has been a rise in the number of competitors and also the quality of competition. The e-commerce industry’s market share that was dominated by Amazon will be reduced by 2020, that’s for sure.
China will make more impact in the e-commerce sector
China is undoubtedly the number one eCommerce country in the world by volume of trade. In 2020, China will become even more powerful and ultimately unleash its great influence all over the world.
Interactive email is here to dominate
Email is a powerful tool for e-commerce marketers. According to Optinmonster, every one dollar spent on email marketing generates an equal $44. That’s a 4400% return on investment. In 2020, email marketing is about to get more interesting with interactive emails.
Every e-commerce marketer should be aware of trends in the industry for 2020. This will enable you to better prepare for what’s coming and position yourself to make profits.