11 May Ecommerce trends to look out for in 2022
The very nature of e-commerce means it is dynamic – ever-changing – sometimes through necessity, sometimes for fun, and sometimes just because new tech is just too exciting to ignore. Here are the top e-commerce trends we think you need to look out for in 2022;
Online shopping is now a part of our everyday lives with everything you might need just a few clicks (& in some cases just a few hours) away and by the end of 2022, e-commerce will account for 20.4% of global retail sales; an increase of 10% in the past 5 years (Forbes).
The acceleration of e-commerce during the past few years of the pandemic brought about changes to shopping behaviour, as well as the expectations consumers have of those businesses selling to them. It has also led to an element of ‘overcrowding’ as multiple new e-commerce businesses have (and continue to) enter the space.
Add to that the Metaverse and immersive tech and the whole concept of online shopping expands even further.
The rapid growth of e-commerce can be attributed to many reasons — Covid-19 being a major one. In times of uncertainty, fears of the virus and stay-at-home policies have driven changes in consumer behavior, bringing offline footfall to online stores. Large numbers of e-commerce businesses emerge as the times require.
Facebook CPMs—the cost per thousand impressions—have increased significantly over the past year as digital ad spending has resurged and advertisers have flocked to the platform, driving more competition into programmatic auctions.
Ecommerce Trends 2022
Consumer Behaviour Change
Covid changed consumers. How they buy, where they buy, and what they buy are under scrutiny. It’s never been more important to keep an eye on your competition and understand your target.
Having endured lockdown, consumers are eager to break out of their confines and explore, play and embrace novel experiences, both virtually and in the ‘real,’ physical world.
Shoppers will continue to purchase directly through social media meaning that brands can now both grow and sell, to their audience at the same time.
... social commerce is really evolving social media into the mall of the 21st century, where users come to both hang out and shop.
Retailers will start optimising their voice search strategies as voice shopping positions itself to disrupt the UK retail industry in the same way mobile commerce has done. In fact, it’s been reported by OC&C Strategy Consultants that voice shopping is set to deliver £3.5bn in sales by 2022.
Around 70% of voice purchases are made on a specific ‘known’ product, typically as a repeat order.
(UK Fashion Network)
Increased use of bots to drive efficiency in the workplace and improve customer service. In fact, Gartner has predicted that 70% of white-collar workers will be interacting with conversational bots to speed up their work in 2022.
While in 2021, chatbots have experienced widespread adoption throughout different industries like insurance, banking, healthcare, eCommerce, retail and more. In 2022, we can expect to see chatbots permeate the workplace to enhance employee experience.
Tailoring ecommerce experiences to boost conversion rates will be essential as consumers expect brands to provide a seamless and personalised CX.
With technological advancements like machine learning and online tracking, consumers now expect brands to offer them individualised, customised and seamless omnichannel shopping experiences.
Shoppers customising/personalising items online is not a new concept, but it is one that is growing in popularity as consumers look to express their individuality.
In the past few years, expressing ourselves through what we wear has become a way of throwing out signals amongst the noise of political unrest and a seemingly never-ending pandemic.
(New York Weekly)
Live Shopping and Video Consultations
This is a highly interactive way of increasing customer spending through enhancing online UX by encouraging streaming event viewers to purchase items in real-time (think Facebook Live).
The number of people who watched live streaming sales events on various online marketplaces has increased by 16.7% compared to CNNIC’s March report, making it the fastest-growing internet sector in the country in the first half of 2020.
Artificial Intelligence and Machine Learning
The (AI) market is expected to break the $500 billion mark in 2023 so the automation (and improvement) of customer experiences using this tech is more important than ever.
Artificial intelligence is a constellation of many different technologies working together to enable machines to sense, comprehend, act, and learn with human-like levels of intelligence.
Faster Payment Options
Businesses must make the payment process as quick and easy as possible (look at ‘local’ options) as consumers have embraced new expectations when it comes to online shopping and payment options.
While physical stores still have an essential role in a digital-first economy, that role may now include facilitating online shopping by acting as a showroom, a micro fulfillment center, a curbside pick-up location, and more.
Flexible Delivery Options and Fulfilment Technology
Reducing abandoned purchases by providing agreeable delivery methods by giving full visibility and control over how and when consumers have their products delivered.
...retailers need to offer options to customers and have the agility and flexibility within their supply chains to accommodate these delivery demands.
(UK Tech News)
Clear and consistent collaboration and branding between all sales channels (apps, websites, social media, email, etc). Essentially it’s about providing a fully hybrid experience.
To offer frictionless shopping experiences, people, processes and systems need to be connected in order to exchange the right data at the right time via the right channel.
Brands need to provide eco-friendly products and shopping experiences. Fast fashion is out and sustainable, resale platforms are gaining popularity, and the likes of Amazon, Apple, Google, and Microsoft have pledged to clean up their acts.
Consumers increasingly factor sustainability into their online and offline purchasing decisions. They’re paying attention to the sellers’ ethical practices.
Mcommerce involves shopping through a mobile device (over 50% of all purchases take place on a mobile). Consumers are more reliant on digital devices than ever, and predictions show that this way of shopping is likely to become the consumers’ preferred channel for online shopping.
By 2025, retail mcommerce sales should more than double to reach $728.28 billion and account for 44.2% of retail ecommerce sales in the US.
The subscription ecommerce market allows customers to subscribe to websites or apps for recurring delivery of products and/or services. It encourages regularity (and money-saving) to improve the lifetime value between brand and customer.
The global subscription e-commerce market size is expected to increase from $72.91 billion in 2021 to $120.04 billion in 2022 at a compound annual growth rate (CAGR) of 64%.
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