2021 turned out to be another tough year globally as the coronavirus pandemic caused further disruption, and ecommerce was hit with supply-chain bottlenecks and updates to data privacy which saw adverts become largely ineffective online.
Despite this, retail ecommerce sales are expected to reach $6.54 trillion globally in 2023, almost double that of 2019. Online shopping continues to overtake traditional retail and mobile shopping sales are soaring as consumers are inundated with choice.
To help support you as an e-tailer, we’ve put together the top 5 ecommerce trends to watch out for in 2022 to help support your business.
The return of ‘teleshopping’
Though not in the way we are used to, live social shopping has made a comeback on platforms like Instagram and TikTok. Social shopping allows consumers to see products up-close and even click ‘Buy’ as they watch in real time. Brands such as M&S and Walmart have already hopped on the trend of live shopping and research from Facebook has revealed that 89% of people would be interested to try out the new trend.
We’re not talking about robots – just yet. AI technologies do however develop customer choices in the ecommerce sphere. Intelligent product recommendations powered by AI are increasing conversion rates by a whooping 915% according to a study by MyBuys.
AI is also helping e-tailers behind the scenes, as AI-enabled inventory management helps to maintain stock levels and predict changes in product demand.
According to research by Trivium, 74% of consumers said they would pay more for sustainable packaging and 67% said they would identity as environmentally aware. An increasing amount of people, especially in younger demographics, are becoming more self-aware of what they are buying and how it may impact the planet.
Whilst sustainability in ecommerce is not as simple as turning a switch; e-tailers can take small steps to help their brand transition to a more environmentally friendly option. Whether that be phasing out the use of paper receipts or adding a mission statement to your online platform to let consumers know you’re moving towards a more sustainable future with your products.
The metaverse has arrived and with it so has augmented reality (AR) technology. Although not a new trend, AR in ecommerce is giving consumers a more seamless experience when buying products online. The coronavirus pandemic accelerated the need for AR technologies, as consumers were unable to shop in-person for much of 2020 and 2021.
Furniture retailer Ikea has an app which allows consumers to see how furniture may look in their homes, a try before you buy approach, without the need to go visit the store in person.
“I want it now!”
Amazon Prime revolutionised the one-day delivery time, and now anything more than one-day is too long. Fast shipping is a competitive advantage for ecommerce and e-tailers. Research conducted by Deloitte revealed that 76% of consumers say that they’re more likely to order online if they can get same or next-day delivery.
Fast delivery now leads to conversion rates – so to stay in front of your competition focus on your fulfilment.
Ecommerce growth doesn’t look to slow down anytime soon, and the rapidly expanding world of online sales could derail traditional retail in the next 10 years. Though trends are fast-changing the goal for e-tailers remains the same, to enhance customers user experience and make shopping as easy and exciting as possible.
Opening an account with Currency Solutions is completely free and you’ll be able to make currency transfers anytime at our excellent exchange rates.
We appreciate that navigating the currency market can be daunting! So, a dedicated account manager will always be on hand to offer guidance.