Ever since the expansion of eCommerce back in the 90s, it was clear to everyone that this particular form of transactions will forever change how we think about trading. Fast forward 30 years into the future and you will find a world in which 96% of US citizens have made an online purchase at least once in their life, 80% of them in the last month alone. With how things are, it would be foolish to assume that eCommerce hadn’t undergone some tectonic changes to evolve to this point.
But the world of online trading is ever-growing and ever-expanding, which means its evolution is still on. Let us take a look at some of the most important trends that will shape the industry in 2020.
Every user gets a personalized experience
If you take a look at a recent study published by Accenture Research, you will see that 43% of US consumers are more likely to opt for the companies that offer them personalized purchasing experience. These numbers are to be expected – people like to feel special. It is important to point out, however, that we are finally living in a time when this beneficial practice can be successfully emulated in the online environment. Machine learning, advanced analytics and big data are all the tools that can be employed to deliver our customers timely, relevant and personalized content.
Devices becoming dominant trading tools
When we think about online trading, we imagine a rather clunky process that requires several necessary steps that are the easiest performed in the desktop environment. Mobile devices were predominantly reserved for emergency situations. This year, when it`s safe to say that nearly half of all purchase decisions will be made on mobile, we can say the tides are slowly turning in favor of these devices. The causes of this development are numerous but we can single out the fact that most of the contemporary trading platforms are built around the needs of mobile users as the strongest contributing factor.
The expansion of online B2B market
For most of its decades-long history, eCommerce was considered to be something that unravels between businesses and customers. The examples of B2B transactions were always present but never frequent. This trend is undergoing a gradual change, and not only that – the list of products that are entering the global B2B eCommerce market is growing with each passing day. For instance, these days you can easily buy quality oilfield equipment with nothing more than a couple of clicks – a transaction that was hard to imagine just a couple of years ago.
Multi-channel trading
If we take a look at recent research conducted by Harvard Business Review, we can see that as much as 73% of participants have used multiple trading channels to perform shopping. As you can expect, this number is only expected to grow in the following year. But, what does that mean for the expanding eCommerce landscape? Well, one of the obvious developments we can expect to see is that retailers will stop putting too many resources in one trading channel or another and instead, invest their efforts in building comprehensive omnichannel trading environments.
The evolution of AI assistants and chatbots
In 2019, we’ve seen AI making a true invasion of the eCommerce industry. This year, the technology behind it is expected to become even more accessible and affordable. We can expect to see a growing number of small businesses using the services of chatbots and AI assistants. If we had to put this into numbers, we could resort to research published by Zendesk which says that 85% of customer interactions in the online environment will be performed without any participation of human agents. Of course, this is only a projection – this number can turn out to be even higher.
Fast delivery
The eCommerce industry is not an isolated world that exists entirely in the online environment. Its efficiency depends on a number of different real-life factors with delivery being probably one of the most important ones. The good news is that these ancillary services are undergoing an evolution of their own and reaping the benefits of developing technologies both in terms of effortless management and the very process of delivery (e.g. the rise of drones). With how things are, the time for local deliveries could be cut to mere hours.
The untapped potential of emerging markets
All of the things we’ve covered above only speak in favor of online commerce. With all these positive factors at its side, the eCommerce industry will become leaner, more efficient, and continue to grow. But keep in mind that in spite of working 24/7, the online market services only a fraction of the global population. Some projections say that up to 3 billion consumers will get access to the internet in emerging markets like Brazil, China and Africa by 2022. The first effect of this global expansion will be felt in 2020.
As we can see, although it is more than firmly established, the eCommerce industry is far from stale. On the contrary, exciting new developments are occurring seemingly on a daily basis. Tracking these developments and using their benefits is the only way aspiring businesses will be able to remain competitive in the contemporary global market.
About the author: Lilly Miller is a freelance writer, who focuses on the latest business trends, commercial design, and environmental issues. She also loves to experiment on daring new home decor trends and write about it as a regular contributor on Smooth Decorator. Settled in Sydney for the time being, Lilly shares home with two loving dogs and a gecko named Rodney. You can find her hanging out on Twitter.