Fortunately, 2020 is coming to an end. What a year it has been for many businesses! Way too many downs due to a pandemic which I don’t even bother to mention anymore because I am getting too sick of it.
Luckily 2021 is near, and let’s hope for a much better year than 2020! So why not start looking forward and take a look at what e-commerce trends we might expect to see more of in 2021.
Here are ANYDAY’s 6 e-commerce trends to expect for 2021:
Online selling will get bigger
Ecommerce is the most popular online activity and has been growing exponentially. Online sales are forecast to reach $4.5 trillion in 2021. This popularity stems from the ease and comfort that online shopping offers, resulting in more and more people shopping online instead of purchasing their products in physical shops.
Today’s online stores are more user-friendly, offering customers only the best shopping experience. The processes involved in online shopping have also improved, allowing customers to find and choose the items they want with ease and pay using a variety of payment options.
AI – Makes customer service easier for your online store
AI (Artificial Intelligence) acts as your online in-store associate who is offering personalized guidance and recommendations to your customers. The AI system uses the customer’s purchase history and browsing behavior to show the products they are more likely to buy. With that information, the AI is able to communicate and guide your customers around the website. In that way, you save your online store from having one or more employees giving this guidance and help.
AI technology is getting more and more popular for online stores, and it is expected that online stores will spend $7.3bn on AI by 2022.
In a Forbes article, you can read more about how companies like Amazon and Alibaba are using Artificial Intelligence to predict what customers might want to buy, by collecting data about each person’s buying habits and based on these habits, recommending items to its customers.
AR – The new changing room for online stores
AR (Augmented reality) is an online store’s answer to the physical stores changing rooms. Online stores are not able to offer their customers the opportunity to try on or physically inspect the products that they intend to buy. AR helps eliminate this hurdle by letting customers see how a certain product would look on them in the real-life even before they buy the product.
It is expected that more than 120.000 online stores will be using AR technologies to offer customers a rich buying experience.
Here is an example from Shopify AR that uses AR technology to offer consumers to see the products in almost real life before buying it.
Mobile commerce will dominate e-commerce
More and more consumers are using mobile devices to do their shopping online. As consumer’s trust in online shopping increases, they feel more comfortable making purchases online using their mobile devices.
By the end of 2021, mobile devices are expected to make 73% of the total e-commerce sales, up from 59% back in 2017.
You should as an online store owner therefore always focus on improving the customer experience for mobile users. When you are setting up new content on your website, make sure that the content fits for the mobile users, and also make sure to stay up to date with the latest mobile commerce trends!
Read much more about why mobile commerce is so important for online stores in our earlier blog post Go mobile or go home!
One-click ordering will decrease the abandonment rate
Another trend for mobile users in 2021 is the one-click purchases on online stores. Placing an order online has historically required quite a bit of information from the shopper. Customer name, credit card number, credit card expiration, shipping address, billing address, email address, and so on. Entering this information manually each time a customer wants to buy something on an online store can be pretty annoying resulting in bigger cart abandonment rates.
Studies show that the highest abandonment rates are from mobile devices with an abandonment rate of almost 81% compared with around 74% from computers.
One-click ordering makes it possible for customers to complete the entire purchase process in just one click, potentially resulting in lower abandonment rates on the online store.
New payment options will emerge
Payment options are one of the main reasons why customers choose a specific online store. If you don’t offer your customers’ preferred payment method, they won’t purchase from your online store.
Most online stores accept digital wallets like Google Pay, Apple Pay, and PayPal apart from debit and credit cards, but more and more online stores are starting to accept payment with installment solutions and cryptocurrencies such as Bitcoin. Cryptocurrencies have many benefits for online store owners, such as low transaction fees and no reverse transactions.
In 2021, we might see more e-commerce businesses will start accepting cryptocurrencies for transactions and if you are looking for a payment solution that accepts cryptocurrencies, our payment solution at ANYDAY is integrable with cryptocurrencies.
Installment solutions is also a popular payment method for online stores, where you can offer your customers to split their payment into several installments. With ANYDAY Split you can offer your customers a transparent installment solution with 0% in fees and interest.
Want to read more interesting e-commerce news? Go to ANYDAY’s blog here.