The year 2020 opens up to a new decade and brings, within itself, the complex challenges. COVID-19, being one the most defining factor, has impacted every aspect of human life. It has derailed the global economy and imperiled the existence of brick-and-mortar shops.
But 2020 is not all about bad news! It has transformed the way people shop and interact with brands. Today, e-commerce is up for some significant changes, based on its exponential boom in the past few years.
At the start of 2020, the sales through the eCommerce reached $3.5 trillion, a whopping 14% of the total retail sales in the global market. By the end of 2020, the global e-commerce market will reach $4.2 trillion, accounting for 16% of global sales.
However, for merchants, growing online sales, and improving cash flow would require some effort. The competition is increasing; rates of online advertising are higher than ever. Digital noise has become louder, whereas the global shopping pattern has changed.
After analyzing the tips from industry experts and leaders, we have collected three stellar trends to take your eCommerce sales to new zeniths. Without further ado, here are our best bets:
Augmented Reality has redefined the online shopping landscape by removing ambiguity. Today, many companies are using this technology to let consumers visualize the product before making the final purchase.
For instance, if a consumer likes a clothing article or furniture piece, he can (virtually) test how the dress will look on them or place the furniture in a room before hitting the buy button. One greatest example is Burrow, a DTC furniture brand, uses ARKit, where a consumer can upload a picture of his room and place the 3D model of the chosen furniture to analyze how it will look.
Today, people use voice assistance tools such as Google Assistant or Alexa to do everything, including online purchases. These tools help in saving your time while efficiently placing the order and shipment details. Through this technology, you can place orders even without touching the screen. However, it is an untapped market with untested potential.
Online shoppers often look for a personalized experience that brick-and-mortar stores offer. But with the prevalence of artificial intelligence and machine learning, online merchants can offer customized and personalized recommendations based on consumer needs.
The greatest example is online ads, as not everyone is bombarded with the same ads but they are filtered based on customer preference and online shopping activities. AI helps merchants connect with consumers using real-time data. It can also automate several processes through chatbots for 24/7 service.
The most effective eCommerce merchant services trends in 2020 are not suitable for all business types. Depending on your marketing objectives, customer needs, and product classification, opt for the ones that work best.
Know your customers, analyze your competitors, and measure your business to improve your online sales.
Lou Honick is the CEO of Host Merchant Services. Prior to founding Host Merchant Services in 2010, Lou was the founder of HostMySite.com and received numerous awards including SBA Young Entrepreneur of the Year, Inc Magazine 30 under 30, and multiple listings on the Inc 500. As a serial entrepreneur, all of his companies have operated on a singular devotion to outstanding customer service and support. Lou is a respected expert on the topics of customer service, payments and fintech, Internet technology, and entrepreneurship.