![]() ![]() Competition is stiff, and it’s much harder to retain your customers’ loyalty (and repeat business). While it’s great news if you’re shopping online, it does pose a challenge if you own an online shop. Online shoppers have more choices now than ever before. Modern, tech-savvy consumers are also more insistent and educated about data privacy and demand the best possible protection from ecommerce stores – as they should! 4. SMBs experienced a significant uptick in recorded cyber attacks in 2021, and there’s no reason to believe that trend won’t continue. Hackers are turning their attention to smaller ecommerce stores, who are still responsible for the personal and financial information of their customers. The vast amount of money spent online is fuelling another worrying ecommerce trend- cybercrime. It’s hard to maintain and create the customer experience they want, especially for start-ups. Modern consumers want free returns and shipping, a variety of payment methods, intuitive and responsive websites, and excellent customer service at all times. Big brands like Amazon have set the standards for shipping, speed, user-friendliness, and variety that consumers expect every ecommerce experience to emulate. Changing ExpectationsĬonsumers simply aren’t comparing apples with apples anymore. Consumers were also reluctant to make big-ticket purchases while they waited for the market to stabilize as the threat of a global recession loomed large in 2021. While the pandemic certainly fuelled the need for online shopping, it also impacted the disposable income of many houses. Many ecommerce brands experienced difficulties, including: 1. While ecommerce sales continue to soar, 2021 wasn’t without its challenges. We don’t know everything the future holds for ecommerce sales, but we know that the future is bright. Shopping online is smarter, faster, safer and the experience is more personal than ever before. Mega-warehouses enable fast delivery and guaranteed stock availability. In their place, innovative ecommerce sites have introduced video previews, augmented reality and reviews, utilizing machine learning to determine preferences and personalize the online shopping experience. The initial challenges of online shopping, including the lack of personal interaction, difficulty with trialing products, and long delivery times, are a thing of the past. New technologies, including drone delivery, voice search, and social media shopping, drive innovation and interest in the space. By 2024, ecommerce sites will own more than 21% of the global retail market. Online shopping continues to grow globally, accelerated by the 2020 pandemic and the need for contactless commerce. We’re seeing ecommerce trends happening right now that industry experts had previously predicted would manifest over the next ten years.Īccording to Statista, online commerce is expected to top $5.4 trillion in 2022, marking a growth of over 500% since 2014. The only surprise is that it happened so quickly. Commerce, in general, has been moving in this direction for quite some time now. In truth, what’s happening now isn’t entirely disruptive. ![]() Shopping in physical stores transformed, and many retailers struggled to find a balance. Over time, it seemed that younger generations began to prefer ecommerce stores over brick-and-mortar stores. Online retailers found new global audiences and embraced the changes, while others favored the traditional in-person business model. Advances in payment card technology, encryption, and other security protocols made it easier for people to trust online channels, opening up a new world of convenience for people who lived in remote locations or couldn’t travel to shop. Predictions at that time were that, eventually, all shopping would be done online, so the revolution began. Earlier iterations of what was then called “teleshopping” were based on connections between telephones, televisions, and computers-all in all, a cumbersome system that didn’t find its legs until the internet made it a viable concept. The Long Road to HereĮcommerce as we know it started in 1995. In this article, we’ll recap some of the seismic shifts that the world of ecommerce has recently experienced and shine a light on ten of the most significant trends that will shape the marketplace in the year ahead.īut before we get into the detail, let’s take a moment to understand the long road we’ve traveled to arrive at this juncture. If you’re a player in the ecommerce industry, you’re no stranger to disruption and the need to adapt to changing market dynamics after two years of unprecedented change ushered in by the pandemic. It’s 2022, and now is the time to consider the forces that will shape the business world in the year ahead. ![]()
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