Understanding eCommerce trends and growth for 2021 is one of the key factors for improved business performance and increased success in the eCommerce industry.
2021 will serve as an adjustment period for most businesses as they continue to redesign, adapt, and modify their business models and platforms in consonance with the new normal and the ever-changing demands of consumers worldwide.
The eCommerce Explosion in 2021
The COVID-19 pandemic has brought the global economy to a standstill with its implementation of lockdowns and quarantine periods. However, despite the strict government protocols, eCommerce businesses managed to rise above the challenges.
Top eCommerce platform, Amazon, doubled its profit during the pandemic. Based on current industry growth and recorded sales of multiple eCommerce platforms, the future of eCommerce is indeed promising. Thus, enticing more entrepreneurs and investors to join the industry boom.
In view of the increasing success of eCommerce amidst COVID-19 and diminishing quarantine restrictions in major countries, states, and cities, some brick and mortar stores have started to modify their services in order to adapt to the current shopping behavior of consumers.
Although there is no conclusive data on how many new eCommerce businesses were started during the pandemic, it is safe to assume that this global health crisis produced and will continue to produce an influx of online businesses.
Furthermore, an increase in unemployment worldwide also influenced the rise of eCommerce. As an increasing number of retrenched employees turned to online selling as a source of income, eCommerce activity has become more active than it was before.
It is estimated that the “global eCommerce market will reach $66,932.1 billion by 2030, growing by 13.5% annually over 2020-2030,” according to a press release published by MarketWatch.
eCommerce Emerging Markets for 2021
The future of eCommerce depends not only on the current strong marketplaces. The continuous success of the eCommerce industry in 2021 also depends on new and emerging markets.
Currently, the majority of eCommerce revenues are coming from the Americas and European countries. However, emerging marketplaces such as China, South Africa, Brazil, Russia, and India are gradually becoming a stronghold for eCommerce businesses.
The sales growth of the eCommerce industry from emerging marketplaces is expected to reach 20% of all retail sales in 2022. Such an increase is likely influenced by the on-going improvement of internet access in the aforementioned countries.
2021 eCommerce Trends to Consider
The future of eCommerce is indeed bright, especially that e-retail revenues are projected to grow up to 6.54 trillion US dollars in 2022. By carefully identifying the eCommerce trend in 2021, sellers will have a better chance of becoming successful with their online ventures.
To give sellers insight into specific updates, here are some eCommerce trends worth considering for 2021.
Even before COVID-19, shoppers have been turning to online retail stores to fulfill their shopping needs. However, what separates successful online retail stores from their competition is a seamless and consistent experience across all channels and devices.
Omnichannel should be prioritized this 2021 as more and more consumers use numerous channels for their shopping ventures. In a study of 46,000 shoppers, 73% of shoppers used multiple channels when shopping online.
Apart from the traditional website shopping experience, sellers should introduce other channels such as a mobile app for a convenient shopping experience.
The increasing reliance of consumers on technological advancement has pushed buyers to utilize voice assistance for their eCommerce experience.
Voice assistant devices, such as Amazon Echo with Alexa and Google Home with Google Assistant, have been widely used by households to do almost everything including online product purchases. It is estimated that by 2025 75% of houses in America will have smart speakers.
Be sure to optimize your eCommerce store in anticipation of an influx of searches and purchases via voice command products. Product descriptions, tags, and other factors that contribute to voice command search result visibility should be properly handled as early as today, Q4 of 2020.
Artificial Intelligence is a growing trend within the eCommerce industry. Online sellers and other eCommerce participants should look into the incorporation of Artificial Intelligence into their online selling system.
Many online stores and eCommerce platforms are using AI to help in offering personalized guidance and recommendations to online shoppers as in-store associates. AI is also being used on social media platforms to help drive traffic and improve customer satisfaction and engagement.
Latest Payment Options
Another trend that sellers should consider for 2021 is new payment options. While payment wallets like PayPal, Payoneer, Google Pay, Samsung, and Apple Pay are slowly becoming a global trend, not all online stores have incorporated such payment options.
Hence, it is logical for sellers and online stores to start implementing new payment options within their businesses.
Dynamic Pricing Strategy
In the world of eCommerce, dynamic pricing is gradually becoming a necessity. If you are dealing with voluminous inventory, manual repricing will surely be a headache, especially during peak seasons where price wars are more prevalent.
The use of automatic repricers for a dynamic pricing strategy is a must-follow trend in 2021. Amazon sellers, for example, are using automatic repricers for their Amazon stores.
Automatic repricers such as Seller Snap can make repricing easier for your sellers like you. Additionally, price wars may be avoided with the software’s capability to adjust product prices according to the current marketplace situation, API fed information, and competitors’ behavior.
One of the major adoptions in the eCommerce retail industry would be Augmented Reality. The future of eCommerce customer interaction could greatly improve with augmented reality.
With AR, customers who are unable to physically interact with the actual product sold online will have an opportunity to experience the product.
Becoming a Leader in the Future of eCommerce
The future of the eCommerce industry holds many questions and doubts for some online sellers. However, with proper preparation and application of upcoming trends, your eCommerce venture will succeed.
If you are interested in shaping your online business to fit the demands and needs for 2021 and beyond, be sure to adopt the latest trends and technology for the eCommerce industry.