future of commerce

As the world continuously embraces ecommerce as the new model of conducting business, we are set to see some interesting ecommerce trends. There are various of these trends, some of which are already in effect now and others are projected to manifest in the near future. Keep reading to learn about the future of commerce.

Ecommerce trends to watch out for

1.Continued growth of online sales

A conversation around ecommerce would not be possible if online sales were to be on a decline. That’s because the overall setup of this kind of transaction is pegged on more people making purchases which empowers the sellers to remain operational.

All signs indicate that online shopping will continue to be one of the most popular activities on the Internet. Experts project that global ecommerce sales will hit more than 4.891 trillion by the end of 2021. The current projection cap for online sales stands at $6.388 trillion, which is almost twice the sales registered in 2019.

Please note that as online shopping remains the most popular activity on the Internet, the extent to which this is embraced varies from one location to another. However, that has not stopped an increasing number of people turning to online shopping.

The main motivational factor for the rise is online shopping remains the convenience accorded to consumers. All that an individual need is a few clicks of the button and they will have ordered an entire month’s house shopping!

2.Mobile shopping has tremendously grown and will not stop

There are several free ecommerce platforms, and all of these have one thing in common – they market themselves as being mobile-friendly. That does not come as a surprise considering the fact that more people are making purchases from their mobile devices instead of computers or laptops.

Of all the global sales registered in 2020, $2.66 trillion were from a mobile device. All indications suggest that this figure will grow by 18.8%, making it $3.16 trillion and further increase to $3.79 trillion by 2022.

All key stakeholders in the world of ecommerce understand that this is data they cannot ignore. Thus, they should strive towards enhancing the mobile experience for consumers in a bid to remain on top of competition.

Future of commerce, as more people begin to trust online shopping, a considerable number of buyers are turning to their mobile devices as the point of purchase. This is a trend noted mainly among the Millennials and Generation Z consumers who have grown around the Internet.

3.Social media is quickly going the online commerce way

When social media first emerged not more than two decades ago, its goals were quite simple – connect people with their friends. For years, this was the trend until a point where they could no longer ignore the rising demand for shopping features within these platforms.

As one would have expected, social media sites have not disappointed as far as embracing ecommerce is concerned. For instance, Facebook recently introduced the “Buy” button while Instagram Checkout is also a feature to marvel about.

Social media is well-known for changing the way we live our lives, and it sure is set to change how we conduct business on the Internet. Brands have recognized this opportunity and jumped onboard to boost their visibility. As more people spend time on social media, brands are keen to leverage influencers and push their sales to the next level.

Additionally, ecommerce hosting platforms have been designed to be friendly to social media. You can easily link your Shopify store to Facebook, Instagram, and other social media sites.

Furthermore, the latest sensation – TikTok – has proven that any new social media platform can emerge and disrupt existing giants. The video sharing app has grown to incorporate ecommerce elements and is currently working on adding shoppable links in videos and profiles.

All these developments are a clear indication that the social media platforms are headed the ecommerce way. You will no longer just use these sites to connect with friends and have fun. They are turning to hotbeds of serious business transactions.

4.Changing consumer habits

More consumers are going online to buy products and services. Similarly, their habits are changing as the preference for brands also evolve.

Two notable habits are: (1) becoming more environmental conscious, and (2) willingness to buy from independent businesses.

On the environmental bit, the concept of green consumerism is on the rise and brands must quickly act or they will be left behind. Research shows that more people are beginning to factor in a product’s environmental consciousness before they purchase it. With this trend, it is clear that ecommerce platforms need to take all the necessary measures needed to create sustainable practices.

As you focus on sustainable environmental practices, you also need to keep in mind the new habit among consumers of buying from independent businesses. A study by Shopify in 2020 revealed that over 57% of those surveyed were more likely to purchase from new brands.

One major contributor to this change of heart could be the pandemic which badly affected small businesses than established sites. As a result, more people appear to have made a conscious decision to buy from small businesses as a way of supporting them. The need to experience personalized customer experience and interest in unique products also rank as a motivational factor in the focus on independent businesses.

There are more trends happening in the ecommerce world and it would take a keen eye to spot them and act on them accordingly. The concept of B2B commerce is one such trend that we have not discussed here but you should not ignore it. If you want your business to grow in the long run, you must be open to these trends and be ready to take necessary measures for the growth of your future of commerce .platform.

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