Purchasing products online is continuing to be a common way for people to acquire a variety of products. While e-commerce has been a popular way to purchase products for years, the industry is continuing to evolve. It is expected that the e-commerce industry will change in a variety of ways this year.
- Artificial Intelligence will Guide Purchase Decisions
The use of artificial intelligence is continuing to be impactful in the e-commerce industry. Today, AI technology is used to help predict which products and services a consumer will want to purchase. As online retailers gather more information and notice purchase trends, this technology can become more efficient. Due to this, e-commerce will continue to change as the use of artificial intelligence increases as well.
- Voice Search Will Provide More Convenience
Through the use of smart speakers, consumers are able to complete a variety of transactions. This includes ordering products directly or adding items to a shopping list. The use of voice search can also be done to complete some research and receive feedback. As smart speaker technology continues to evolve, it will provide more support for consumers. This could create a direct impact on purchase decisions.
- More Reliance on Third Party Logistics
As the supply chain continues to be stressed, the e-commerce industry will continue to rely more on third-party logistics. Professional 3PL services help to connect trucking companies with manufacturers and wholesalers. These services ultimately ensure that you are able to get the products you need as efficiently as possible. Not only can this shorten the delivery cycle, but 3PL can help reduce energy usage through more efficient practices.
- Improved Customer Experience Through Chatbots
A common trend that anyone will see in e-commerce this year will be the increased usage of chatbots. A chatbot is an automated service that can be used to answer your questions. This can include answering questions about the product, the service you will receive, and other important factors. As these bots become smarter, they will continue to offer more insight for the consumers. This will help anyone make more informed decisions.
- Improved Online Personalization
Personalization is continuing to be a major change for websites and consumers. Websites are aware that no two consumers are completely alike and they may have different preferences when it comes to an online experience. Due to this, websites will make personalized changes for each consumer. This can include website layout, advertisements seen, and other differences. The goal will be to provide each consumer with a personalized experience that meets their needs and preferences.
- More Ways to Pay
Throughout the rest of the year, it is also expected that most online retailers will offer additional payment methods. Beyond the use of standard credit cards, you will be able to use electronic payment options. This can include PayPal, Zelle, Venmo, and other similar services. Additionally, it is expected that the acceptance of cryptocurrencies will also increase as these coins gain further acceptance globally.
- Increased Utilization of Video Marketing
Due to the bandwidth that it requires, video has only been used sparingly in advertising. However, as Internet speeds increase and videos take less space, businesses can use video for e-commerce marketing. Videos will continue to be used for marketing, social media, product recommendations, and other forms of advertisement.
- Sustainability Will Become a Higher Priority
Due to environmental challenges, sustainability will continue to be an important factor for consumers. When looking to purchase products online, consumers will be more likely to purchase from a business that is environmentally conscious. This will include how they source products and manage energy usage. Finding sustainable ways to run an online retailer will help build the business.
- More Subscription Services
The use of subscription services is growing in popularity with online retailers. A subscription service benefits both the consumer and the retailer. A consumer will benefit by knowing they will have the products they need consistently on time. Retailers benefit by having a consistent stream of revenue and more inventory needs predictability. To encourage subscriptions, many retailers also offer slight discounts. This trend is expected to continue going forward as well.
- Social Media Will Have More Impact on the Bottom Line
While social media used to be a way for people to connect, it is now a tool to purchase products. Consumers have used social media to research products for years and many now use it to make purchases directly. Retailers that want to improve their market share need to have a solid presence online. Not only will consumers make purchases on social media, but they will also use it to connect with retailers.
In recent years, more people than ever before have done the bulk of their personal shopping online. This trend is expected to continue in the coming year. However, the e-commerce industry is bound to continue to evolve and change moving forward. The e-commerce industry is expected to change the following ways this year:
- AI technology and chatbots will have a great impact on purchasing decisions, marketing, and the entire industry.
- To improve efficiency and reduce costs, the e-commerce industry will rely more heavily on third-party logistics.
- Ability to shop through a mobile application will be a requirement for many consumers.