Though there are hundreds of reasons people like to shop online, one of the major reasons is the comfort and ease that it provides. People prefer to purchase goods and services from the comfort of their home rather than making a trip to the nearby mall.
There have been a lot of advancements in the world of online shopping. Today, even the people living in rural areas have access to the internet, allowing them to shop online as well. Also, let’s keep in mind that ecommerce website development is not something that has only benefited the consumers, but it has also helped retailers flourish and grow.
Let's have a look at 4 major trends in the ecommerce industry to look out for in 2021.
Rise in Use of E-commerce Due to COVID-19
The global pandemic has had a huge impact on the present and future of e-commerce. With all the marketplaces closing down due to lockdowns, consumers have no other choice but to shop online. It has been reported that Jeff Bezos, the owner of Amazon, has already noted his revenue increase by almost $24 billion since the pandemic hit.
Analysts anticipate that this impact of the virus on e-commerce is not only for the time being, but is going to stay even after it is over. This is mainly because people are slowly getting used to the comfort of shopping from home, and getting their products delivered to their doorstep.
Significant Increase in Mobile Shopping
There has been a significant increase in the use of m-commerce over the past 4 years. A growth of 15% was noted in the sales made through mobile phones back in 2016. In 2019, the revenue earned through m-commerce was double the amount of revenue earned in 2016.
It is expected that by the end of this year, mobile devices will be used to carry out more than 73% of e-commerce sales. This can also serve as a great opportunity for small businesses to grow, increase their sales, and improve their brand reputation.
Enhanced E-commerce Experience With AI and AR
AI and VR are two technologies that are capable of making major changes, and an overall positive impact in the realm of e-commerce. It is expected that by 2022, online sellers are likely to spend $7.3 billion on AI. Whereas stats indicate that 61% of online buyers prefer to purchase their products from websites that offer AR technology.
The chatbot market size is projected to grow from USD 2.6 billion in 2019 to USD 9.4 billion by 2024, at a CAGR of 29.7% during the forecast period. – Business Insider
Considering the benefits that AI and AR bring to ecommerce website development, we can say for sure that the implementation of the technology is only going to increase in 2021, as more and more businesses start to realize the importance of it.
New Payment Methods Expected to Emerge
When it comes to e-commerce, the variety and choice of payment options that are available for customers and retailers are constantly evolving. After all, payment methods matter a lot when you shop online. The majority of customers abandon the website as soon as they find that their preferred method of payment is not being offered.
Making payments with bitcoins is one of the major ecommerce trends of 2021 that is expected to rise this year. Bitcoin transactions can bring numerous benefits for businesses, for example; high security, easier international transactions, and zero to low transaction fees.
The rise of this trend can undoubtedly revolutionize the e-commerce business.
Takeaway:
Ecommerce businesses that plan to dominate the market better get ready to adopt the emerging ecommerce web solutions to stay ahead of the competition.
