Back in September, we published an article called ‘Business is Still Business: Some Things to Remember As an E-Commerce Seller’, where we gave you a few reminders to keep you grounded in the ever-changing world of e-commerce. It’s really easy to lose yourself in keeping up with all these different trends, with developments in technology, software, and just the changing environment in general. We all need to remember and stick to the basics of business, but that’s not to say that you should become complacent! It’s always better to stay ahead of the game, and we’ve got some of the trends experts predict will be THE things to watch out for in 2020.
People Will Still Prefer Phones
We entrepreneurs are pretty lucky – the internet lets us manage our businesses with just a few clicks, using just a few tools and services, usually all on one device. Well, consumers are pretty lucky too, and they know it. More and more people are using their phones for online shopping, and it doesn’t look like this trend is going to stop any time soon. Optimizing for mobile e-commerce (or m-commerce) is quite important: not only do 4 out of 5 Americans claim to be online shoppers, statistics published on Think with Google show that people who have bad experiences on your mobile shop are 62% less likely to purchase from you in the future! So if you haven’t optimized your shop for mobile devices yet, you’d better get to that right now, because you might not get a second chance to win a sale if you make a bad impression.
People Would Rather Watch than Read
It’s been said before: all this easy access to an incredible wealth of data has left us with shorter attention spans. It’s so easy to click away from an article you’re not interested in, or a YouTube video that wasn’t quite what it promised to be, and there’s so much to do and so little time to do it. We want info FAST, and we don’t want to waste any time trying to find it. The same can be said for online shoppers. According to Coresight Research, 72% of shoppers would rather watch a video about a product than read a description about it. If you think about it, it makes sense – you’d rather see the product in action than read about it and try to visualize it, wouldn’t you? Over 87% of businesses now use video marketing tools, and that number is set to increase in 2020.
People Will Pay Even More Attention to Big Data
We’re now coming off a few years of rapid technological change, and we’re finally seeing concrete data on how all this tech is affecting our spending habits, and businesses are starting to pay attention. According to Deloitte, 65% of global procurement officers claim that business analytics would have the biggest impact on their strategies, and business leaders are starting to rely on analytics tools to optimize their operations. It’s such a big part of every industry that statistics published by Maryville University have shown that the U.S. business data analytics market is set to exceed $95 billion by 2020. Having a clear, reliable business analytics platform is key to staying competitive – after all, it lets you identify gaps in your business and adjust accordingly. Luckily, most e-commerce platforms come equipped with a built-in analytics tool – you just have to make sure you know how to use it!
People Will Want to Stay Connected
There’s been a lot of fuss lately about how businesses ask users to log into social networking sites to use their services, but it’s not that hard to figure out why business keep doing it: it works. Having one account to use across different services, keeping track of your preferences through your purchase and browsing history is creepy at worst, and convenient at best. Research has also shown that 51% of millennial consumers are more likely to buy products advertised on social media. This year, we saw Instagram push out a service that lets people tag and buy products right from their feed, while Facebook’s Marketplace also took off. It’s more important than ever to have an active social media presence.
People Will Want to See NEW THINGS
This isn’t just product-wise, but service- wise too. According to Business2Community, advancements in technology need to be apparent on e-commerce platforms too. Consumers are looking for artificial intelligence (AI), augmented reality (AR), and virtual reality (VR) to help ease their shopping experience. From makeup companies allowing you to try out products in AR to clothing stores offering VR tours of their boutiques, many businesses have been quick to jump on the trends. Chatbots, voice search functions, and even reverse-image searching have helped consumers find what they need, and FAST. If your business hasn’t looked into how to use any of this newfangled technology, then you’d better get a move on, because these futuristic things are set to be commonplace in the near future.
Article written for sellersfunding.com by Aiyana Quinn