eCommerce trends in 2020
Which eCommerce business does not want to stay ahead of their competition?
However, to do that, you must stay abreast of the rising eCommerce trends in 2020 and see which opportunity you can leverage.
Read on as I walk you through the emerging eCommerce trends in 2020.
Increase in Customer Retail Experiences
You would be wrong to think that the recent rise in eCommerce activities is putting brick and mortar outlets out of business.
Although large retail establishments are on the verge of financial ruin, the retail experiences are here to stay — the only difference is that they are becoming accustomed to a new reality.
While personalisation, chatbots ( enabled by Artificial Intelligence), and interactive product technology all function to replicate that online feeling.
In my opinion, there is no technology in place that can truly substitute every single element of a physical in-store experience.
Keeping that in mind, organisations and brands are striving to create retail experiences that are immersive to boost sales further, engage the services of more sales representatives, and build long-term relationships with customers.
If I were to give an example, the retail giant, Amazon is launching the 4-Star stores throughout the country.
At these stores, you can engage with Amazon’s top products and devices in person.
The other brands that are lining their pockets courtesy of this new reality are brick and click retailers.
Such stores effectively combine an eCommerce and unified retail experience.
These brands open their retail outlets with fewer employees and less square footage but a more interactive and personalised in-store visit.
With eCommerce platforms on the surge and hosting providers galore to choose from, organisations are making use of digital kiosks to create eCommerce experiences within a retail outlet.
As a user interacts with the digital kiosk, it can perform several functions that include showing interactive information about the product at hand and offering personalised product suggestions.
The Surge of Buy Now Pay Later
Buy Now Pay Later is a flexible payment option that is going to be an exceedingly popular eCommerce trend in 2020.
Buy now, Pay Later platforms such as Zip and AfterPay offer shoppers the flexibility of dividing a purchase into several instalments (interest-free) over a predetermined period.
This “buys now, pay later” eCommerce trend has truly become the rage around the world.
For example, in Australia, the trend accounts for around 10 percent of all the sales made online.
According to Accenture, the buy now pay later solutions in the United States of America represent an opportunity that exceeds 1.8 trillion dollars!
I would say it is no surprise that modern shoppers greatly prefer this payment option when you think of the buy now pay later advantages for the shopper.
They can either choose to pay all at once for the purchase or split it up into smaller payments for the exact same price.
The solution is free of cost to the consumer! So why would they not prefer to pay overtime?
There are no fees, no potential for racking up credit debt, and no interest as well. The schedules of payment are completely automated, and a reminder is sent a day earlier.
The shopper can also reschedule his/her payment without any surplus charge.
Hence, it is quite easy to understand why customers are gravitating towards (and will continue to do so) the “buy now pay later” payment option.
Flexible Shipping Options
Flexible shipping options are a trend that is most likely to take the eCommerce landscape by storm in 2020.
From my experience, if you ask customers, most of them will tell you that the delivery experience can break or make their relationship with an eCommerce brand.
Lately, consumers have become greatly accustomed to expecting customisable and fast delivery options.
Usually, potential consumers abandon their e-cart because of long shipping times, higher shipping costs, and a lack of delivery options.
Therefore, for an eCommerce business, it is of paramount importance to provide flexible shipping options such as same-day delivery to its customers (the same-day delivery option has become very popular recently )
Another option that is sure to become more fashionable in 2020 is where consumers can choose financial rewards in return for their readiness to wait for a touch longer for their package.
Moving forward, it is expected that a larger number of e-commerce brands will duplicate this strategy by offering discounted shipping or in-store credit when customers decide on slower delivery service.
The Prevalence of Virtual Reality and Augmented Reality
The fact that the customers cannot see the product before purchasing it is one of the biggest challenges that online eCommerce stores have faced in the past.
It is difficult to sell items such as furniture and clothing that individuals would like to preview before buying.
IN 2020, Virtual and Augmented Reality are assisting in solving this problem by enabling consumers to virtually try on various products without touching them physically.
Organisations such as IKEA and Amazon are making use of similar technology so shoppers can assess how furniture pieces will look in their own houses.
More eCommerce stores are investing in such digital systems and technology to revolutionise the customer experience that they offer completely.
There is no doubt that Virtual Reality and Augmented Reality will become very much prevalent in the eCommerce domain in 2020.
By being cognisant of the latest eCommerce trends (such as those I mentioned above), you are more than likely to stand out from your competition.
Bear in mind, though, that (and this is the most important advice I can give you) regardless of whatever trends gain traction and how much the eCommerce business continues to expandl, your first and foremost priority should always be to provide a positive customer shopping experience.
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