When the pandemic broke out in 2020, it changed how businesses operated. As a result, many companies had to shut down their physical stores and divert their activities online. If you want to maintain your business’s performance during the pandemic, investing in an online presence is the way.
Moving to the online space is a good move for most companies. While most people aren’t allowed to leave their homes, the need and desire for products are still there. By going online, you’re reaching out to your customers without face-to-face interaction.
As online transactions continue to rise, the ecommerce industry won’t slow down anytime soon. Experts predict that the global ecommerce market will hit $5.42 trillion by the end of 2022 and $6.3 trillion by 2024. In comparison, the market was at $3.3 trillion in 2019 before the pandemic happened.
Ecommerce is here to stay, making it a must for businesses to hop on an ecommerce platform if they want to boost their profits. But as the industry expands, the market also becomes more saturated. As such, you need to keep up with the latest ecommerce trends to stand out from your competitors.
In the infographic and article below, we’ve rounded up the ecommerce development trends that will significantly impact global online retail in 2022 and the years to come.
eCommerce Development Trends to Watch Out For
Many businesses are transitioning to the digital space as online purchases become more common. If you want to start improving your ecommerce site, developing it with advanced tools and technologies is the first step. Here are some of the custom ecommerce development trends you may incorporate as you update your website.
1. Headless Commerce
If your ecommerce platform doesn’t require a pre-designed storefront, your site is considered headless commerce. In a traditional ecommerce model, you would need to constantly update both the front- and back-end systems, which is a burdensome endeavor that takes up a lot of time, effort, and resources.
On the other hand, adopting a headless ecommerce store gives you more flexibility on the back-end because you’ll be able to build your website however you want. Additionally, the architecture makes space for more SEO and content marketing opportunities. Thus, you can focus on enriching your website’s user experience without wasting time and effort organizing the back-end data.
2. Subscription-Based Model
From beauty and food to education and gaming businesses, subscriptions are becoming the top ecommerce development trend. The subscription economy has grown more than 435% from 2012 to 2020. This shows that many online shoppers find value in subscription-based ecommerce sites.
Additionally, customers find subscription-based models attractive because of their convenience. With this, you can plan out your inventory more accurately as your sales are already locked in.
The biggest challenge with subscription services is continuously creating a sense of value and variety with your offerings so that consumers will stick around. To execute a subscription-based model effectively, you need to generate compelling ideas hinged on your target market’s needs to convince them to renew their subscription each month.
3. Progressive Web App
Another growing trend in the ecommerce industry is progressive web apps or PWAs. Online retailers are always looking for ways to improve their sales and customer experience, and PWAs can help with that. PWAs are web applications that deliver a native app-like experience. They provide an enhanced mobile experience minus the high costs of native app development.
Native apps create higher engagements than mobile web, but to start one requires a lot of resources. If you want to market your business faster, PWAs are a good alternative. With PWAs, a website can look and behave like a native app with the perks of fast load times, push notifications, and offline use. You don’t have to invest in developing a high-cost native app because you can implement PWAs instead.
4. Digital Wallets and Social Payments
Digital wallets or e-wallets are electronic cards linked with apps that allow users to send and receive money. In 2020, 44.5% of global ecommerce payment transactions were made through digital or mobile wallets.
By 2024, forecasts show that mobile wallet usage will increase to 51.7%, making it the most popular payment option for ecommerce. Other top payment methods are credit card, debit card, bank transfer, and cash on delivery.
Offer multiple payment options on your ecommerce site to give your customers more ways to pay. If consumers don’t see their preferred payment method on your site, they’ll likely abandon their carts and look for a different brand that offers their choice of payment method.
Excellent customer support is essential to enhance your engagement, and chatbots are a way to provide this 24/7. Chatbots streamline your conversation with customers. They instantly answer any basic queries customers have, which boosts your operational efficiency.
Powered by artificial intelligence technology, chatbots also make it easier to personalize your online shopping experience. They gather data from their interactions, which real support reps use to personalize their interactions with customers.
6. Voice Search
During the pandemic, the average number of people who bought smart speakers globally increased by 69% compared to pre-pandemic times. This rise in smart speaker purchases goes hand-in-hand with the increase in user dependence on voice assistants since it’s one of the device’s main features.
Consumers often use voice search to shop online or order food. This trend means you should optimize your site for natural language searches to be more searchable in voice commerce.
7. Gamification in Ecommerce
Games enhance your ecommerce website experience because they make shopping more exciting and entertaining for the customer. For your business, gamification can improve customer loyalty, sales rate, and brand awareness.
Pura Vida Bracelets is an example of a company that introduced games on its ecommerce site. It provided customers a chance to play a “Spin the Wheel” pop-up where they could win various perks. This game increased the company’s email capture by 150% and boosted conversions by 164%.
People are typically enticed by competition, status, and achievement. These elements in games encourage your customers to explore your ecommerce site for longer while earning fun discounts, rewards, or points. Examples of games you can implement are product quizzes, customer avatars, and a freebie wheel of fortune.
Develop a Robust eCommerce Website
The ecommerce industry progresses at such a fast pace. Consumers and their ever-growing expectations and demands are the main drivers of the industry’s growth. As such, it’s your responsibility to keep up with these ecommerce development trends to continue delighting your customers.
By building a cutting-edge ecommerce website, you can stand out from your competitors and capture the attention of your target audience. Explore trends and technologies that will allow you to stay ahead of the game.
Vessell is an ecommerce platform builder that makes it easier for businesses to build, customize, and launch their website. Contact us to upgrade your online store and take your ecommerce business to greater heights.