Reasons why retailers are switching to ecommerce marketplace

In 2020, most brands focused on survival and establishing the basics of their eCommerce operations. Even though many brands struggled in 2021, eCommerce still opened new doors for them. As they embraced newer forms of commerce and invested in online platforms, they were finally able to come up in 2021 with new strategies.

With new technologies being introduced and implemented, digital transformation is helping retailers stay ahead of the competition. The e-merchant must learn how to adapt to the changes in eCommerce in order to be well-positioned in 2022. This blog will help you in understanding the trends of e-commerce in the retail industry through graphical representation. You will also get an idea of the advantage of Social Commerce trends, the significant role of the retailers’ industry, eCommerce sustainability and also shopping cart migrations.

Regional e-commerce share of retail in 2020, with a forecast for 2025

Analysis of graph

According to the study the graph shows that in Asia Pacific, e-commerce comprised half of the retailer sales in 2022. Also, the share of e-commerce is North America and Europe followed by Asia Pacific with 20%, 16% and 51% respectively. It is expected that the growth will increase up to 10% by the end of the year 2025 ultimately giving rise to sales. Therefore, the retailers are switching to E-Commerce platform to boost their business.

5 top trends of e-commerce in the retail industry

To stay ahead of the competition, Ecommerce product trends continue to evolve as the Ecommerce segment becomes more competitive. Make ecommerce marketing a continuous process to build brand loyalty, add new customers, and meet customer expectations.

Seamless online purchases

Your website may not be able to accept direct purchases from customers. Selling directly through social media is now a popular channel for ecommerce. There are many popular apps that allow you to make purchases without ever leaving the app, such as Instagram. For consumer companies, social media is an excellent place to advertise.

Voice Shopping

Voice search plays a pivotal role in online shopping with voice commands, a trend in ecommerce. Among the interesting and engaging ecommerce trends introduced by Amazon, shop with Alexa makes checking out after shopping a hassle-free experience. Voice shopping will reach $40 billion in the US by 2022, according to estimates. Today, voice search is considered to be an important part of omnichannel experiences.

Mobile Commerce

The share of mobile Internet traffic was expected to reach 55% by 2022. Consumers may spend hours researching a purchase before they make a purchase using their phone or tablet, which accounts for 72.9% of online sales. Digital experiences that are optimized for mobile devices are therefore crucial to Internet success. The convenience of mobile shopping contributes to the growth of mobile commerce. Customers’ mobile experience has been greatly improved by the addition of mobile payment options. Mobile devices are preferred by three out of four consumers because they are time-saving. If you want to boost your sales, you can reach to the best mobile app development company.

Buy Now Pay Later (BNPL)

Customers can pay for products on a regular installment basis in the Buy Now, Pay Later model. BNPL agreements are typically interest-free, making them a popular alternative to credit card payments.

The architecture of BNPL requires event driven and microservices architecture that enables different modules to match the features with third party consumers with the help of APIs. API-based BNPL have provided a new perspective towards buying your choice of product with the help of advanced technology. If you too want to introduce BNPL for your prime customers you can contact techno Exponent, a leading IT Company.

Retailers are adopting the BNPL because-

Reduces cart abandonment rate
Boosts sales
Easy refund
No cost EMI
Speeds up the checkout process
Increases order value size

Video Marketing

Video marketing grew 49% faster than the companies that did not use it, according to one study. B2B brands will invest heavily in video in 2022, according to HubSpot. Also, transparency increases when you upload the product of video with its advantageous use. 90% of customers use product videos to assist them in making buying decisions. There are many online video platforms, including YouTube, Facebook, Instagram, and TikTok. The creation of a multi-channel video strategy is therefore necessary. Engaged users are now directly directed to online shopping carts by many platforms with commercial capabilities. It’s not only about conversions when it comes to a video strategy. The user experience must also positively affect customer perceptions of your brand, which are crucial throughout the buyer journey.

What is eCommerce sustainability?

E-Commerce sustainability is an attempt of the online marketplace to turn your business into eCommerce. Enable eCommerce helps you to shop green by adopting sustainable products and green technology by using eco-friendly packaging. E-Commerce sustainability helps you to achieve success in online stores in many ways. Also, customers are favoring purchasing from sustainable E-Commerce brands for the last 2 years. The idea of shopping green online is agreed upon by a majority of the customers as it reduces the negative impact on the environment.

The core benefit of e-commerce sustainability is to attract more visitors as environment-conscious consumers are increasing. This is a suitable tactic to boost the conversion rate that turns loyal customers into a significant number of sales. Store owners have a greater chance of distinguishing themselves from their competitors by becoming sustainable eCommerce companies.

What are trends in shopping cart migration?

Online retailers use shopping carts to make the process easier for customers to buy products or services. eCommerce shopping carts allow customers to put their preferences on a list of future purchases that they wish to make from your shop. In today’s digital marketplace, the customer tends to select the product from the cart if they find fluctuation in the price. In shopping cart migration, they either purchase the item if the price is low or keep it in their shopping cart for later purchase. The benefit of cart migrations lies in their ability to improve business operations and output. The process of selecting products and keeping them in the cart is easy but tracking the price of the product on a regular basis has also become as simple as buying a new product just at one fingertip. This is only possible due to the advancement in technology. One cannot go to an offline store time and again to check the latest price of the product but can be traced online at one click.

If you are running short on time and money both and want to expand your start-up business, you must outsource eCommerce development company for enabling the above mentioned features. Not only you can showcase your business online by introducing eCommerce but also you can reach customers globally.

The final touch

Presented above are ecommerce trends that provide a clearer picture of what the future holds. You can see that consumer preferences in e-commerce are rapidly changing. Meanwhile, ecommerce businesses use emerging technologies to automate marketing, production, fulfillment and other aspects of their operations. Creating excellent omnichannel experiences across in-store, web and mobile channels is key to achieving the best results. Modern ecommerce suites can do this and support both B2C and B2B channels. it’s recommended that after reading the blog you can significantly improve how you sell online or even create a robust online business by considering these trends if you are an online seller or plan to become one. In order to achieve this, you will need to utilize available technologies. Therefore, it would be wise to hire Ecommerce Developer from the best resource available in the market.