2020 E-Commerce Trends To Keep An Eye On
Stay ahead of the curve by keeping your business up to date with the latest e-commerce trends.
The world of e-commerce is constantly evolving as new technologies come to surface. As an e-commerce professional, it is vital that your company stays up to date with the latest innovations. By keeping ahead of the curve regarding the latest e-commerce trends, you position your business as an industry leader, solidifying your brand in the minds of your target audience through tactics like personalization and the utilization of artificial intelligence on your site.
At this point, I’m sure you’re wondering what 2020 e-commerce trends you should keep an eye on; to help you out a bit, I’ve created a list below of the most important e-commerce trends to look out for this year.
1. Mobile E-commerce Payments
Mobile shopping was a huge perk for consumers in 2019 and experts predict this trend will continue in 2020. As a way to make the shopping experience easier and to increase conversion rates, mobile payment methods are expected to grow. It is estimated that more than 50 percent of Americans shop online using a mobile device and 55 percent of Europeans shop online using a mobile device.
Despite this increase in traffic, conversion rates on mobile are typically low, with more shoppers completing purchases via desktop. Thus, it is expected that mobile payment options will increase in order to combat this, and simplify the mobile checkout procedure. Whether businesses choose to implement instant purchase, integrate a PayPal plugin, or choose to accept mobile wallets, finding an optimal solution for mobile payments is crucial in the upcoming year.
2. Voice Commerce and Chatbot Technology
Hey Alexa, how many people use voice assistance for online shopping and ordering? The answer: 30 percent. That’s a huge chunk of the market and a great area for merchants to focus on this year. With voice shopping expected to grow by 40 billion in the next two years and a predicted 8 billion devices with voice assistants in them by 2023, it is easy to see why merchants should start paying close attention to voice commerce.
The use of modern technologies such as chatbot technology allows the customer to ask questions and get an almost instantaneous answer, while browsing a site. A whopping 45 percent of end users consider chatbots their primary service for inquiries while shopping. By 2025, the global chatbot market is predicted to generate more than one thousand million dollars revenue. By incorporating this form of artificial intelligence, you provide customers with a quick and seamless customer service experience right at their fingertips, which means less work and more revenue for you.
Creatuity took the initiative to combine voice commerce and chatbot technology by creating a unique experience powered by Amazon’s Lex service. The Creatuity Chatbot is able to speak with customers in real time, and can respond to both voice and text questions. The physical bot can continually learn new commands and has the ability to notify returning customers of changes in order status, recommend new products, and make smarter recommendations. Customers can complete purchases by saying out loud “buy this product.” Simple as that.
3. E-commerce Personalization
Another use for artificial intelligence is e-commerce personalization. While AI used to seem too futuristic for modern use, intimidating users and merchants alike, this is no longer the case. AI technology has the power to improve the customer journey from start to finish by allowing e-commerce to be proactive. The data and analytics that AI can collect from consumers can be used to create tailored experiences for each user, catering to their individual needs rather than a broad audience. Over 80 percent of customers are more likely to buy from an online store that provides personalized experiences.
“Personalization is compelling for customers because a company has taken a process that can be tedious and simplified it to fit customers’ needs,” said Vish Ganapathy, Managing Director and Global Retail Technology lead at Accenture. “Not only are customers satisfied with the results, but with each customer interaction, the brand gains insights into how to improve its product and targeted marketing techniques.”
However, it is important to note that e-commerce personalization that fails to provide use for the consumer can backfire. Over 74% of customers get frustrated with sites when offers, ads, or promotions have nothing to do with their interests. Thus, the personalizations should be unique to each user based on their interests and behaviors.
4. Progressive Web Applications
Gartner predicts that Progressive Web Apps will replace 50 percent of general purpose websites in 2020. PWAs are a way for merchants to provide a seamless omnichannel shopping experience that is quick and stable even in shaky network conditions. Economist Mariana Mazzucato says, “PWAs provide optimized UX for mobile and offer many of the same features as native apps including lightning speed…which will be instrumental in closing the mobile conversion gap in 2020.”
Jason Woosley, the VP of Commerce Product & Platform for Adobe’s Experience Business, says PWAs are the next evolution of web commerce, because of its unique ability to act as a mobile application while living on the web. It removes the need for developers to create a separate application and website; shoppers can even add the PWA to their phone’s home screen as if it were an app.
Last year, Creatuity developed the first ever PWA using the Magento Progressive Web Application Studio for farm supply store Rural King. The PWA allows all Rural King stores with the ability to display all available products in an organized, effective manner that works the same way across all devices.