E-commerce Predictions To Be Aware of For The Coming Decade
Over the past decade, technology has continued to grow substantially and moving forward that doesn’t look set to change. Keeping up with these developments has been especially important for businesses in the e-commerce sector, as they strive to implement relevant tactics to stay ahead of the game and continue to generate revenue.
As 2020 approaches, perhaps now is the perfect time to analyze the previous decade and look to the future. This article will discuss five of the key e-commerce trends that are predicted to shape the coming years:
- The Rise of Alternatives.
Behemoth websites like Amazon, Facebook and Google have been at the top of the game for a while now, monopolizing the majority of online traffic
It’s difficult to deny that there is relatively little that would challenge the primacy of these organizations. However, if these companies were to increase their rates in the near future, it might usher in a time when merchants would no longer be able to feasibly purchase traffic.
If this were to occur, a major traffic alternative for retailers would likely surface, operating differently than the social and search giants of today. This platform would be based around an open source search engine, promising search results uninfluenced by advertisements or paid means.
Websites like IntoTheBlue have already seen a huge benefit from altering their website in ways that go against some of the more typical SEO techniques used by e-commerce brands. By adding huge amounts of information to each of their category pages, their rankings have shot up substantially—more so than if they were using the traditional SEO methods of squeezing in as many keywords as possible.
- The Importance of Personalization
The marketing world has had to keep up with huge leaps in technology—and the resulting shift in consuming behavior—over the past three decades.
While this has caused many marketing professionals to question their future, one thing they know for sure is that digital marketing will be critical to their organization over the next few years.
According to Digital Marketing Institute, sharing is a huge part of today’s internet landscape and the upcoming generation of digital natives is changing the way information is viewed and passed on.
Personalization is a key component of sharable content and can be achieved through using big data or user-generated content. But while big data helps marketers create a unique experience for individuals, user-generated content empowers customers.
“This form of content marketing gives marketers an infinite supply of creative input while creating a bond between brand and consumer. Millennials are especially influenced by user generated content campaigns with 84% reporting that user generated content on company websites has at least some influence on what they buy.”
Brands must also bear in mind that “ads that make people share and buy can usually be summed up in one word: emotional.”
Nowadays, effective advertising is all about creating a connection with an audience on an emotional level–whether that be through humour or heartfelt stories.
- The Evolution of the Workplace
There used to be a time when the demise of prominent retailers like Payless, Sears, RadioShack and ShopKo seemed unthinkable.
But the rise of e-commerce platforms like Amazon has made it more difficult for traditional retailers to attract customers to their stores—especially if their store serves as nothing more than a warehouse for products. This change, along with a shift in consumer behaviour, has forced companies to change their business processes, as well as their marketing and sales strategies.
Additionally, technology is changing the way organizations and their employees work, with new ways of control, coordination and collaboration. Not only are evolving technologies helping people do things better and faster, but it’s changing how and where we work.
“Together these innovations are hurling us toward a new industrial revolution. Savvy corporate leaders know they have to either figure out how these technologies with transform their businesses or face disruption by others who figure it out first.”
- The Growth of Voice Search
The way people search online is undergoing huge changes. In fact, current statistics indicate that 41% of adults use voice search at least once per day, and this number will increase to 50% by 2020.
While there were some doubts surrounding how accurate voice search was initially, research now suggests it is more than 95% accurate. As such, tech firms from around the world are beginning to invest in the technology, making it the next logical step for e-commerce and web design industries to implement as well.
To stay fresh and customer-focused in 2020, e-commerce brands will need to integrate voice search into their selling and advertising strategies.
- The Development of Subscription
The popularity of the subscription box economy has made it possible for consumers to order anything from razors to ready-to-cook meals and have them delivered to their doorstep on a regular basis.
According to Clutch, 54% of online shoppers say they subscribe to a subscription box service. The company goes on to say that the reason subscription boxes succeed is because they play into basic elements of human psychology, including our desire for services that are novel and convenient.
Something as simple as Netflix helped make consumers comfortable with the idea of putting their credit card online because they believe they will receive ongoing value from that transaction, suggests Amir Elaguizy, co-founder of the subscription service, Cratejoy.
In order to make subscription box services successful, though, companies need to develop long-tem relationships with their customers.
Technological advancements have had a huge impact on the e-commerce world, transforming the way consumers connect with and shop brands.
“E-commerce organizations are expected to remain up to date with the latest technologies,” says Acquire. As 2019 winds down, companies that sell online should take a few moments to reflect on the key e-commerce trends mentioned above and plan accordingly for the upcoming decade.
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