The unprecedented event shook the whole world and forced eCommerce to evolve and adapt not experienced before. The dust is not yet settled, and people are still affected. However, those in the industry have already put their sight on 2021.
In 2021, over 2 billion people worldwide will buy goods or services online, and worldwide retail e-commerce sales will reach $ 4.9 trillion. Such figures encourage businesses to look for e-commerce website developers who can recognize trends and create a stunning online store that can help drive business.
US retailers were flattered by online consumers and boosted digital sales by $183 billion, up by 42% from 2019. The sales of eCommerce companies in lockdown have increased, which almost ran the e-commerce industry in top gear.
Most importantly, there was a lot to learn and discover what their customers want from the online shopping experience. Suddenly, eCommerce website development became a religious practice to succeed in online business and became a foundation for other verticals.
Based on these trends and feedback from Magento Commerce customers, we identified five key lessons that businesses should take away from 2020. We believe that your business must act on them now if you haven’t already.
The Impact of Covid-19 on The eCommerce Market
This blog will share some insights and trends to expect in the world of e-commerce in 2021 to help drive your e-commerce business forward.
Popular Trends in eCommerce Post Covid-19 Phase:
1. Mobile Shopping Will Continue To Grow
The aura of the mobile platform is unquestionable for most online shopping since 2017, and the market share will continue to expand even at a higher 79%. The online shopping trend on mobile apps and mobile web browsers will differ in some way. No e-commerce development solution is complete without mobile apps and is a sure-shot guarantee to lose sales.
Suppose we talk about conversion rates on apps that outperformed web browsers by 57% and enormous gain. It implies if you have a mobile app for your services, the chances of growth will be higher. However, 25 % of consumers still use mobile web for online shopping, so it needs attention. Secondly, businesses worldwide ensure that the mobile user experience is speedy, clean, reliable, and result-specific. Entrepreneurs should see this as a great opportunity and hire eCommerce developers for mobile app development.
And finally, smartphone applications render a great way of maintaining a constant and direct line of communication with your consumers to browse products/services and places directly from the messaging app of choice.
Other online shopping trends on the mobile platform include advertisement, loyalty programs, and even customer service using AI chatbots.
US e-Commerce grew, 44 % in 2020
“According to Digital Commerce reports, online represented 21.3 % of total sales in the year. In the United States alone e-Commerce accounted for 1/3rd of sales”.
Top Shopify eCommerce Platforms: Shopify, Magento, eCommerce, Big Commerce
Image Source: eMarketer
2. The Proliferation Of Remote Working
The global health crisis has evolved the business model in various ways and changed the track from office to remote. With numerous benefits taking from cost-saving to increased productivity, morale means that it is sufficient to mitigate the effects of pandemic and evolve in many ways.
It will lead to a new category of demand from consumers now working from home – and a unique opportunity for e-commerce. It will create numerous needs that need to be fulfilled, from quality of life (QoL) remote working to home improvement products. Additionally, this will also change when consumers are most active on social home delivery and even media vital for social media campaigns. Furthermore, you may notice an increase in demand for pick-up services, depending on your industry. The major turnaround is experienced in food and grocery industries, particularly, and share this as consumers will not pick up groceries/takeout as often used due to remote working schedules.
3. Catering To New Demographics
The increase in eCommerce sales isn’t the sole reason driven by frequent online shoppers alone but by increasing adoption rates by demographics traditionally inclined towards offline shopping.
One of the key demographics is Generation X and Boomers (40 and older). Like everyone else, these groups shifted to eCommerce because of quarantines and lockdowns, but even after the pandemic passes, a large percentage of this demographic plans on continuing shopping online.
Almost 1/3rd of the consumers aged 65 and over plan on increasing their online spending. The other thing is that the eCommerce software solution also needs to consider the age- bracket for expanding sales.
The following are some areas of eCommerce operations that may need attention:
- App layout: A far too complicated app layout might be off-putting to the older shoppers. However, can implement workarounds such as a navigation bar, search option, or shopping assistant instead of a complete redesign.
- Accessibility Options: It also depends on where you stay. The accessibility option is mandatory, but even if it is not, features such as text-to-speech are beneficial for not only buyers but everyone. That’s why if you’re an entrepreneur; you can hire eCommerce developers to reach a large customer base for a massive turnaround in the business.
- Advertisement: An effective advertisement is an excellent way of connecting to a new demographic, which isn’t an exception.
4. The Rise In Sales Of Essential Goods
When Coronavirus has brought in many challenges for retailers, the situation has a ton of positive long-term potential for e-commerce as a whole. People are forced to shop online for new things and in different ways. No matter what the future holds, this pandemic changed how people would think of eCommerce.
The retail experience changed as big online consumers’ purchasing power has reduced in just a year. Though lifestyle enhancement products may have registered a decline, the sales of essential goods, especially groceries, have increased tremendously.
Does this mean eCommerce must lower its selling prices? Not exactly! Instead of slashing prices (and potentially devaluing brand image), businesses are thriving and scaling new heights as per market trends and preferences. The eCommerce development services continue to grow, which eventually gives a potential option to buyers.
Most of us are now more health-conscious, and as a result, it’s a smart business move to emphasize the lifestyle and health benefits of your products/services. One industry that has been and will continue to be an exception to this trend is the luxury goods industry.
5. Category- Based Demand
The change in consumer trending has brought a paradigm shift in e-Commerce development services and consumer tastes and preferences. Buying pattern of consumers has changed as per the recent survey by Nielsen they identified by no. of consumers’ behaviors and trends and is especially interesting.
- Buying wellness & healthcare products
- Buying preventive health products such as masks and sanitizers
- Stockpiling on pantry items
- Buying in bulk
- Fewer shopping trips
These five e-Commerce future trends will register an increase in group/categories of products, including grocery products, health products with longer shelf life, and preventive safety gear. Also, it means eCommerce will be pretty helpful in alignment with business goals with rising consumer behavior trends and increasing average cart value, ensuring quick delivery and better consumer service.
Benefits Of Online Shopping During Covid-19
- Safety: You should limit the outside exposure as much as possible and reduce the possibility of catching the life-threatening virus.
- Convenience: Online shopping adds to the convenience factor. The only thing you got to do is find an e-commerce site that is authentic and well-reviewed with similar websites. Yes, digital payment is the way- to go. Cash on delivery could still be a great option, so it is better to limit physical exposure, to be sure.
- Discounts: Naturally, you’ll have access to several payment options other than the cash mode. Since most people are purchasing online for their household items, there’s a higher chance that companies will give online discounts to attract more customers. You could then enjoy discounted items, free shipping, bulk purchase discounts, and even occasional online sales.
- Ease Of Use: The good thing about online shopping is that you don’t have to spend much time strolling from aisle to aisle corner to corner for a specific item. If you can use it in search engines, results will be there in a few seconds. You could scrutinize the product details closely without having to go to the stores.
- Extended Variety with Exclusive Offers: When you look for a specific product that is not available in-store or any niche item you find challenging, you can go through online research that proves helpful. Once you see the product and converse directly with the seller. Along with this, you can also purchase household items from other countries without having to leave home. You need to shell out extra for shipping fees. It allows you to have that product you’ve been eyeing without having to leave your doorstep.
- Informed Decision-Making: The good thing about online purchasing is that you know the suggestions/reviews for that product, unlike a physical store. You have the privilege to go through custom ratings and can have a quick look to see top-rated recommendations.
One can avoid the fake one and have the privilege to read from genuine customers. Any eCommerce development company will look forward to taking such parameters in mind while expanding its size. When you’re purchasing from a physical store, it takes forever to search for product reviews & ratings. However, when using mobile phones, you’re there to see which brands are better.
The product itself already presents its customer ratings, so you can have a quick look to see top-rated and highly recommended ones. Just make sure to read those from real customers and avoid fake ones.
With online shopping, eCommerce platform development has seen a dramatic surge during the outbreak. It will continue to steal the show in times to come since online shopping gives convenience, especially if you’re purchasing a new product. You can also search for tutorial videos if you don’t know how to use them since no one can assist when buying them. But don’t worry; you’ll see resources on the Internet that allows you to learn independently.
Also, you can compare prices with ease and see which store offers the best deals. It also helps save money and train you to be a savvy shopper.
The year 2020 has taught us that we should be prepared for the unexpected. The post-pandemic times set the stage right to excel in eCommerce 2021 with unusual shift shopping behavior. Earlier it was a revelation now a colossal hit among shopkeepers worldwide. Not only is it fulfilling the basic needs but giving leverage to purchase lifestyle goods.
Understandably! eCommerce is leaping forward and continues to be the first choice among online shoppers.
For entrepreneurs, eCommerce is a big fish that every start-up is looking to integrate into every business segment.
It requires minimal effort, unlike doorstep/ physical store and selling products with bright chances of profit. Hence, eCommerce software development continues to be a lucrative prospect for potential investors while growing exponentially.
Okay, so again, e-Commerce seems to be versatile like ever. Technology and people are constantly evolving, and since e-commerce brings it all together, we can foresee a better future in times to come. One thing is evident that it’s never too late to jump right in, learn something new, and evaluate what suits best for a thriving business. Consumers are in the driver’s seat and will remain in the driver’s seat. The e-Commerce will customize the journey ahead of them.