Latest Ecommerce Trends to Boost Your Revenue

In the age of Internet, the eCommerce industry has been growing like a wildflower. Moreover, 2019 has been quite lucrative for eCommerce businesses. Research says, the number of digital buyers from across the world has been increased up to 1.92 billion in 2019 and these results might also increase to 2.14 billion by the end of 2021.

Do you know?

China is on the #1 when it comes to eCommerce spending and the same is followed by the USA with the second highest eCommerce spending penetration rate.

Ever wondered how?

Stop guessing and go through the following eCommerce trends of 2019 which cannot be ignored at any cost.

Top Trends to Watch in 2020

Drop-Shipping 

Drop Shipping is a business with a minimal investment which many solopreneurs are thinking to consider nowadays. It works like being an intermediary between the producer and the customer where you handle the purchase and the product goes straight to the buyer without keeping the products in warehouses and actually handling it.

However, many people believe that dropshipping is saturated and cannot make you much money but beware of anyone saying something is “dead”. You never know who is still generating great revenue doing it.

According to the Merchant eCommerce report of 2018, 96 out of 450 digital stores are using dropshipping.

There are higher chances of drop shipping business to grow fast because it is quite easier to run and also involves less risk. Ecommerce platforms like WooCommerce, Magento, BigCommerce, OpenCart, Shopify are running on the top in drop shipping according to the current statistics.

Multi-Channel Marketing

In the era of high competition, people definitely do not want to lack behind. So, expanding channels sounds like a better and a lucrative option.

Research says customer retention rate rises by 91% if the business executes multi-channel marketing and businesses, on the other hand, enjoys the growth rate of 9.5%. This growth is many times higher than the annual growth of companies that do not implement this.

This is why restricting the sales to one channel or the regular B2C platform won’t earn you much. Several multi-channel software or platforms are available over the internet but what’s important is to decide the right one to serve your business purpose. Some of the popular software are Sellbrite, ChannelAdvisor, Zentail, GoDataFeed, SellWare, GeekSeller and many more.

You can also reckon with well-known channels like eBay, Google, Amazon, Shopping and can even use social media platforms like Facebook, Instagram, Pinterest for multi-channel marketing.

Artificial Intelligence 

It is quite common nowadays to see retail businesses using artificial intelligence in the Commerce industry. AI is taking over the world of online shopping as it allows eCommerce websites to suggest products and services to shoppers taking the help of images and languages which feels exactly like communicating with a human.

Do you know?

Google has recently purchased an artificial intelligence company named DeepMind for £400 million and brands like Facebook and IBM has already focused on this technology. This proves the potential of Artificial Intelligence.

The most common examples of AI in eCommerce businesses are “Chatbots” that offers 24/7 customer service. Go to any popular eCommerce website and a chat box will pop-up within a second for your service. The second most popular example of AI is “Image Search” that take you to the product or service just with the help of the image even if you do not know the name.

Augmented Reality 

Augmented reality is much more than just gaming and entertainment. One of the report predicts AR to produce 120 million dollars in revenue by 2020. Accordingly, the retailers have every reason to introduce augmented reality in their businesses. The businesses already with AR are most likely to have a 40% better conversion rate.

There is a reason why brands like Sephora, Amikasa, Quiver, IKEA, TapPainter are making the most out of Augmented Reality and increasing their online sales. Within the next few years, there are higher chances of experiencing augmented reality eCommerce as many tech firms are looking forward to making this as a new source of income.

For your information, Starbucks, Volkswagen and Nivea have also researched and developed in AR and getting influenced by the same, even many small to medium businesses have started experimenting.

Reviews & Prominent Content

Product Reviews has evolved greatly from the past few months in the eCommerce industry. It has become one of the biggest trends to increase conversions and further improve SEO rankings. And, as the digital era is going on, buyers are becoming smarter each and every day and cannot afford to miss the reviews.

According to a survey conducted by the Harvard Business School, 4 out of 5 customers change their minds after reading negative reviews and nearly 92% of shoppers prefer to purchase the product after reading the excellent reviews.

Thus, this is the power of product reviews that has a strong impact on online buyers. Better product reviews benefit both customers and the producer. Customers love to have an overview of the item they are interested in and opinions from other buyers make buy the product instantly. On the other hand, positive reviews add guest visitors that helps in increasing the demand and revenue for eCommerce stores.

Now you know

You are very well aware of the fact that eCommerce industry is transforming every year. The above trending technologies are something to not ignore if you want to earn more. In 2020, a number of eCommerce stores are running on such strategies and hitting a great turnover. To stay in the competition, timely implementation will actually add value to your business.

So, let us know in the comment section below if we’ve missed any new eCommerce trends and how did you like this article?