The Future of eCommerce

Over 4.5 million Shopify businesses sell everything from workout gear to coffee beans to pet food online. The COVID-19 pandemic gave eCommerce a boost, but it’s not slowing down.

Online shopping continues to grow worldwide and eCommerce trends show that this goliath industry is constantly evolving. What’s next for eCommerce?

Mobile

Mobile commerce is any monetary transaction completed using handheld wireless devices like smartphones and tablets. It’s an advanced evolution of eCommerce and is gaining ground in the digital marketplace. With mobile ownership rates on the rise, along with access to fast wifi, m-commerce is taking over a significant share of the global online shopping market.

The mobile eCommerce trend shows no signs of slowing down, with more shoppers buying items online than ever before. Mobile sales continue to grow rapidly, with the industry predicted to reach over $4.5 trillion by 2025. In fact, according to Statista, m-commerce sales already make up more than 10% of all online retail purchases.

While desktop computers offer a number of conveniences, many consumers prefer the portability of mobile devices. Having a smartphone in their pocket allows them to search for more information about products before purchasing them. They can compare prices from different retailers and quickly find local stores with the best deals. For example, if a customer is planning to buy a new television, they’ll likely check their phone for reviews and pricing before making their decision.

In addition, mobile devices allow consumers to instantly find and mentally bookmark new brands that they want to try out later. This is particularly true for apparel and beauty products. And with the proliferation of apps that let customers easily upload and share photos, consumers can quickly spread their favorite finds with friends.

Businesses that aren’t leveraging the power of mobile eCommerce are missing out on potential customers. And the right m-commerce strategy can help them win the battle for customer loyalty and sales. But before launching an eCommerce platform, it’s essential to understand the challenges that come with it.

Chatbots

Chatbots are a time-tested way to enhance the client experience, reduce bounce rates, and drive sales. Many businesses utilize them to automate website support and answer common questions, like whether a particular product is in stock or how long shipping will take. Others use them to capture customer information, qualify leads and connect clients with a live agent. The best chatbots are designed to provide valuable, personalized recommendations and content that is relevant to a customer’s journey with the brand.

Most chatbots are text-based and respond to a set of simple questions or requests. They often sound robotic and operate similarly to interactive FAQs, which is fine for answering frequently asked questions or checking order status. But more sophisticated bots are able to converse in human language and learn over time, increasing their intelligence and ability to handle more complex issues. These advanced chatbots can even address a customer’s name and email address when they make a request, which creates a more personal connection and boosts loyalty.

The future of e-commerce includes more natural and engaging communications between brands and customers, and that’s where chatbots come in. They can help you nudge customers to take action by displaying image carousels, forms, and picklists directly within the chat window. They can also prompt upsell and cross-sell activities by automatically checking if a consumer is eligible for a discount on a hotel room with a view or recommending that they purchase a pair of socks to match their new Nikes.

A well-designed chatbot can meet the high expectations of consumers for immediate and always-available customer service while reducing costs and improving efficiency. By handling simple inquiries and routing more complex requests to a live agent, they allow agents to focus on higher-value tasks and accelerate the resolution of issues.

Wholesaling

Wholesaling is a way for businesses to sell products in bulk. This allows retailers to save money on inventory and shipping costs while providing a consistent experience for customers. However, wholesaling can be a tricky business model to manage, especially when you’re trying to sell your products online. It’s important to understand your audience and how to market to them. This will help you make the right decisions about your business model and how to best sell products online.

Creating a wholesale eCommerce site is a great way to expand your reach and increase your sales. It’s also a good option for brands that have limited resources and want to keep control of their product line. However, if you’re not prepared to invest in the extra time and infrastructure needed for wholesale sales, you may not be able to grow your business.

B2B eCommerce is on the rise, and companies like Shopify and Faire are working to simplify the process. They offer a range of apps that allow you to create a wholesale store, customize customer accounts, and create wholesale pricing discounts. These apps also allow you to track inventory in your warehouse and send invoices in a timely manner.

Another benefit of selling wholesale is that it can help you build strong relationships with your customers. Customers are used to receiving fast shipping and high-quality customer service from B2C sites, so they expect the same when it comes to wholesale orders. This can help you build trust and loyalty with your customers, leading to higher conversion rates and long-term sales. You can also create a separate wholesale order center that’s open 24/7, which is ideal for B2B customers who are located across the country or the world.

Subscriptions

Subscriptions are becoming increasingly popular in the eCommerce world. The subscription model is based on the delivery of products or services at regular intervals, and it provides consumers with a variety of benefits. Subscriptions are convenient and can save money by eliminating the need for ad-hoc purchasing. They also provide companies with a steady stream of recurring revenue that is not dependent on cyclical economic conditions.

The subscription eCommerce model is growing at an exponential rate, and the industry is forecast to continue to grow in the near future. It is ideal for businesses that want to sell their products or services at a consistent frequency, and it can also help businesses increase customer retention and build brand loyalty. This model can be used for a wide range of products and services, including skincare, pet food, vitamins, makeup, and more.

Consumers love eCommerce subscriptions because they allow them to set their own delivery frequencies and receive goods or services on a consistent basis. They can also pause or cancel their subscription at any time, which is especially useful during pandemic lockdowns. Consumers are also using subscription services as a way to try out new products and brands, and many are recommending these products to their friends.

While the subscription model has significant advantages for eCommerce businesses, it is not without its challenges. One of the biggest challenges is churn, which can seriously damage a business’s bottom line. Subscription eCommerce companies must focus on reducing churn and finding ways to connect with their customers. ProfitWell Retain is an automated tool that can help you reduce churn rates and build long-term relationships with your customers.

Personalization

Personalization is a powerful eCommerce tool that can help businesses build stronger relationships with their customers and increase sales. It also helps businesses differentiate themselves from their competitors, which can be especially important in crowded markets. In addition, it allows customers to interact more closely with brands, which can help build brand loyalty and customer advocacy. This is why it’s so important for eCommerce businesses to implement personalization tools.

The concept of personalization is a shift away from a one-size-fits-all marketing approach that prioritizes reach and breadth, to methods targeting customers based on their needs and interests. It involves tailoring experiences or communications based on insights a business has gained about its buyers, such as time elapsed since their last visit, email open, call center interaction, purchases made, and articles read.

As a result, customers are increasingly expecting personalized experiences from their favorite brands. In fact, a recent study found that 75% of consumers like it when brands customize their experience for them. This is particularly true when it comes to content and product recommendations, as well as email and website personalization.

In today’s world, where customers are accustomed to personalized experiences from services such as Netflix and Spotify, it is no longer an optional feature for eCommerce retailers to offer. If a business does not offer personalized experiences, they risk losing customer loyalty to a competitor that does.

Personalized experiences can be created through a variety of techniques, including cookies and pixels, behavioral data, predictive models, and AI. However, a vital element of the personalized experience is the ability to connect with the consumer on an emotional level. This can be achieved through the use of video and other immersive media, which allow a consumer to feel connected with a brand in a way that they cannot with other forms of communication.

Shopify Development Trends: Most Shopify store owners focus on their digital marketing alongside their web development. Keeping up with the cutting-edge Shopify Apps in ensuring a frictionless checkout for their online store, with additional tools to fill the Shopping Cart. Online shopping continues to grow year-over-year as the user experience improves with tailored customer service practices. Behind the scenes, are Shopify partners such as TheGenieLab. We are helping business owners and shopkeepers to drive continuous improvements through digital marketing services. Furthermore, they are providing Web Development in Shopify, BigCommerce, and other eCommerce store architectures. If you need a hand in any aspect of eCommerce, feel free to reach out to us at wish@thegenielab.com