It is almost 20 years since e-commerce has reshaped our lives. Globally, online platforms like Amazon, ASOS, ETSY have even changed the market rules. As 2020, makes another calendar year mark, it is no surprise that AI, Catboats, and augmented reality are re-imagining the way consumers shop on the net. Niche websites for electronics, fashion, medicine, luxury items, travel and even automobiles are trending.
This is a 6 minute reading material highlighting why online sales is unstoppable.
Key takeaways:
- Online sales growth trends
- Rise of environmental conscious buyers
- Increased mobility in shopping
- Personalization and deep learning
Online sales have risen multi-fold
Across the world people prefer to shop online. It is no longer a mere convenience but a lifestyle driving the massive sales especially during festive seasons across the world. The concept of ‘Black Friday’ has also been transformed as rules keep changing in the digital marketplace. While e-commerce becomes competitive, regular brands need to keep re-inventing to be relevant to consumers.
According to Statista, 2019, there is a massive 7-year leap related to shopping on the internet. https://www.statista.com/statistics/379046/worldwide-retail-e-commerce-sales/
There is a wide level of trust that consumers have on their favorite shopping websites. As regular customers they enjoy loyalty programs and rewards. What’s more, with evolving technology, they are hooked online for long. With better shipping policies, refunds and expectations of express delivery, this year marks the rise of mindful buyers.
Rise of environmental conscious buyers
With the advent of green consumerism, the same concept reflects when it comes to buying things on the internet. There is a big upsurge of sourcing products or creating them from natural elements. Thanks to the younger generation who have opened doors to buying via ethical means, online platforms that support this idea are successful. The theme ranges from buying vegan skin care products, cosmetics and other wearable apparel. Brands that support sustainability and make the earth eco-friendlier are in demand. How do we know that such buyers have increased? Online companies are able to check purchase history and track preferences to learn which items are in demand.
Increased mobility in shopping
It is a no-brainer that smartphones have taken over conventional desktop shopping activities. Now shopping is on the go. The rules have changed some more. Purchasing is possible 24 x & from anywhere in the world. In case the buyer has a question, the chatbot comes to the rescue. There are several options to curate items, check prices and then make the purchase.
Personalization and deep learning
As competition rises, companies break the system and try to give a better UX. Many individual buyers get a personalized experience while buying stuff online. Companies have algorithms that recognize consumer behaviour and know their preferences. Based on previous purchases, recommendations are given. It certainly helps in improving the online sales and offer more options to the buyer. With the introduction of facenote which is a facial recognition platform, buyers enjoy a better online experience.
Winding thought: The newest trends which will become popular soon are voice-based shopping online. It all started in the UK and is set to be popular worldwide.
Nice Article. Relevant in today’s times.
Very informative.