IBM’s 2020 U.S. Retail Index reports that the pandemic has accelerated the shift to digital shopping by roughly five years. The consequences are real: there is now even more pressure on retailers to keep up with the new consumer trends. This year, according to a recent study, 41% of customers have been shopping online for things they are normally purchasing in-store. So, the upcoming year will be crucial for the future of e-commerce.
There are various trends to help you boost your e-commerce in 2021, but we’re looking at seven of them in this article:
-
- AI customer sourcing
- AR-enhanced shopping experiences
- Advanced customization
- Faster delivery
- The rise of TV commerce
- Social commerce
- Recommerce
- Ethical and values-based businesses
- AI customer sourcing
AI has become necessary for retailers today. And e-commerce doesn’t lack the touch of artificial intelligence, on the contrary. It is used to make product recommendations, help customers visualize products better, and assist with queries. So, what’s next?
The upcoming year will push AI further, to help businesses find their future customers. By analyzing current trends, sales, and buyer behaviors, intelligent algorithms will identify the best channels, time, and price to list a retailer’s unique products—saving them hours of work and helping them accelerate sales and boost profits.
- AR-enhanced shopping experiences
Augmented Reality (AR), machine learning, and artificial intelligence will be part of retail experiences in 2021. A Nielsen global survey from 2019 shows that consumers listed AR and VR as the top technologies they’re seeking to assist them in their daily lives, including when it comes to assessing products. And today, with buyers relying on online shopping, retail companies can leverage AR technology to connect the physical shops to the digital ones.
- Advanced customization
Product customization has been around for a time. However, the ability to provide last-minute personalization at an affordable cost is something new, and it is a trend that will define 2021. Luckily, 3D printing enables quick customizations and will be crucial for businesses in the future. The good news is that 3D printers are becoming more affordable and available to the masses.
- Faster delivery
Customers’ expectations for shipping time are constantly growing. From second day delivery, buyers now expect same-day deliveries. We live in the age of instant gratification, and shoppers want their orders ASAP. What is more, 88% of customers are willing to pay for better and faster services. So, the upcoming year will see an increase in using drones and robots to enable deliveries faster than ever before.
- The rise of TV commerce
Speaking of fast, today, new technology like shoppable TV spots is becoming increasingly popular. With traditional retail options remaining limited, people are watching more TV programs. What shoppable TV brings for both retailers and customers is that it finally connects viewing and shopping into a seamless experience. Making a purchase by talking into a TV remote is something that consumers will soon become more familiar with.
- Social Commerce
Social commerce or shopping on social media platforms provides convenient experiences to buyers who prefer a social media app instead of going to a third-party website. And social commerce is on the rise: there are partnerships between TikTok and Shopify, and Facebook Shops is a new feature.
Social media platforms offer user-friendly features and easy access. Moreover, businesses have the potential to reach international audiences easier through social media platforms.
- Recommerce
Also known as second-hand commerce, recommerce offers a sustainable alternative to normal shopping experiences, and it has been practiced for a while now. However, the trend will see a revival in 2021. Research predicts that the second-hand market will double within the next five years.
Today, consumers are increasingly motivated by sustainability, rather than price. So, the upcoming year will be an opportunity for brands to start experimenting on the recommerce market and transform shopping experiences.
- Ethical and values-based businesses
The next year will be essential for businesses to start practicing more transparency as customers are increasingly evaluating products and brands based on a company’s values and ethics.
Today, research shows that 71% of consumers prefer buying from brands that align with their social and environmental ideas. Enhancing these experiences will be key to business continuity. So, organizations need to shift to values-based consumers. This will help them build lasting relationships, loyalty, and trust.
Conclusion
Almost everyone has, by now, adjusted to the new normal of online shopping, forced by the social distancing measures that are still in place. Online will remain a priority platform, and more than 80% of retailers predict that e-commerce will increase, and the engagement rate through social media channels will grow even more. To stay competitive, these trends will help you boost your revenues while creating new, innovative customer experience journeys.
