E-commerce is a booming sector that shows no signs of slowing down. According to an Insider Intelligence report posted on the Forbes website, the e-commerce global market is expected to reach $6.3 trillion in 2023. While this number is undeniably impressive, when we look at the big picture – e-commerce is relatively young. We’re not saying that numbers may slow down anytime soon. We’re saying that we will witness more e-commerce innovations in the future.
The e-commerce industry in the Philippines is constantly evolving. If you want to stay ahead of the competition, you should be aware of all the e-commerce trends that are shaping the future of the industry.
In this article, we will be breaking down the 5 most important innovations that are taking the e-commerce world by storm.
1. Augmented Reality Shopping
A 2017 research on BigCommerce and Square found that 49% of consumers that not being able to touch or try a product was their least favorite aspect of online shopping. While product photography has helped a lot in this challenge, Augmented Reality E-commerce might be the perfect solution we are looking for.
With AR technology, customers can see and even experience the product they want to buy in a more realistic way. It enhances the customer experience and reduces uncertainty when buying online.
We’ve actually seen this e-commerce innovation in the beauty industry. Customers can use AR to try on different makeup products and see how they look on their faces. The widespread adoption of this innovation in e-commerce wouldn’t come as a surprise.
2. Voice-powered Shopping
Voice assistants help us do many things easier, faster, and sometimes very fun. It’s no wonder this emerging trend is shaping the e-commerce industry. Research found that 51% of shoppers are relying on their smart speakers or phones to help them with their shopping decisions.
As more people continue to adopt smart speakers, we can see more of this technology in the e-commerce future. This innovation will surely provide opportunities for online businesses to optimize their websites and apps for voice search.
3. More Artificial Intelligence in E-commerce
By now, you’ve probably experienced how artificial intelligence has affected several industries. From technology to digital marketing and so much more. It’s not hard to see its impact. And it is not a surprise if AI could reach the e-commerce industry.
Artificial Intelligence collects data and learns how a customer shops when they buy online. This capability can make automated and more personalized shopping experiences for customers.
Ron Smith, Editor in Chief, The Digital Outdoor, had an interesting take on the importance of AI for business:
“People want to know that brands care about them, and AI will be programmed accordingly. We have currently seen the opposite behavior on social media, where AIs learn from humans’ more negative remarks, but it’s highly likely that consumers will crave the impact. If bots can learn how to form sentences to convey an emotion, companies can soon teach them to offer comfort and products based on customers’ moods.”
4. Expect More Mobile Sales
If your website isn’t mobile-friendly then you are losing a lot of opportunities. A recent study found that half of the website traffic is coming from mobile devices. What’s more, at least 79% of smartphone users have made a purchase online using their mobile device.
With the opportunity of being able to shop anytime and anywhere, we can expect to see this number go higher in the following years. So, if you’re website isn’t optimized for different screen sizes, you must act now.
5. Cryptocurrency as a Payment Method
It is crucial for e-commerce businesses to provide secured payment options for their customers. This is why we will be seeing more blockchain technology in the e-commerce scene.
Blockchain, especially, Cryptocurrency has the power to revolutionize the e-commerce industry. With the adoption of blockchain technology, shoppers and sellers can enjoy a number of benefits such as improved transparency, a decentralized marketplace, and more secure payment options.
6. Personalized Experience
E-commerce retailers are now leveraging data analytics to create personalized experiences such as product recommendations, targeted ads, and other forms of digital marketing.
This e-commerce trend is expected to further expand in the next few years as consumers continue to seek personalized shopping experiences. A study found that personalization affects 84% of online shoppers’ buying decisions.
Let’s Build the E-commerce of the Future, Together
The e-commerce industry is seeing a lot of innovations. Those companies that can keep up with these changes and trends will have a real advantage in the competitive landscape.
If you’re looking for a partner to navigate the ever-changing landscape of e-commerce, Be Global E-commerce Corporation is ready to help. Our e-commerce experts will provide you with all the tools and support you need to succeed. We will be working closely with you to reach customers and drive online sales.
Navigate the ever-evolving world of e-commerce. Contact us today for expert help.
