It is safe to say that the year 2020 was one for the history books. The global pandemic of COVID-19 sent the world into a spin.
The effects of Covid were massive for the eCommerce world. Due to retail closers, online spending skyrocketed and the industry accelerated at full speed. As we move into 2021 with no clear sight of when Covid-19 will be over, the eCommerce industry is set to still move at its current pace.
So, what are some eCommerce trends you can expect in 2021? Here are seven trends worth paying attention to:
Consumer Financing (Buy Now Pay Later)
Never before have people needed to make quick and unexpected purchases. With so many job cuts affordability is a priority for consumers right now. When you offer a financing option, you are giving the customer the opportunity to buy a product or service they otherwise could not afford. Consumer financing is actually a win-win for both the retailer and the consumer.
In fact, research has shown that people are more likely to buy from a business that offers Point Of Sale consumer financing from well-established brands like ChargeAfter.com.
Think of it this way, the consumer gets the goods or service at a price they can afford and the sale goes to you instead of your competitor.
New Payment Options
One of the main reasons that a consumer will buy from a brand is largely due to the payment options available. The more options you offer the better. However, aside from the obvious payments like Google Pay, Apple Pay, PayPal, etc. cryptocurrencies payments are also on the rise. For example, Bitcoin comes with many benefits for online shoppers.
As cryptocurrencies are gaining momentum, more eCommerce stores may start offering it as a payment method.
Consumer Behaviour Has Changed
Gone are the days where online shopping was just about buying clothes and booking holidays.
Now, consumers are buying things like groceries, home essentials, and health and hygiene products. Consumers are looking for immediacy plus convenience, and the trend is likely to stick around for 2021 and beyond.
Mobile E-commerce Is On The Rise
We already relied heavily on our smartphones to get us through the day. While everyone is stuck at home and consumers are starting to trust online shopping even more. It’s much easier to make a purchase on a mobile device. It is projected that by the end of 2021, mobile sales are set to make up to 73% of online sales. So, if you haven’t got your mobile marketing strategy together, you need to start ASAP.
Eco-friendly Products Are On The Rise
Green consumerism is a trend that is growing at a quick pace. It means that consumers are looking for products that are eco-friendly. In fact, 65% of consumers say that they want to buy products from brands that advocate sustainability.
Major eCommerce brands like Amazon have already pledged to reduce their carbon emissions fully by 2040. Implementing more sustainable practices is good for the environment and business.
Voice Commerce Is Rising
Amazon’s Alexa and Google Home were already popular. But now, they are increasing in popularity even more. People are becoming more and more reliant on these voice devices to help them with everything. Research has suggested that by 2025, 75% of U.S. households will have smart speakers. But, that’s not the only reason why smart speakers are becoming more popular. The convenience and accuracy of this technology have played a major role.
Amazon and Google are both implementing regional languages in their devices. This will help consumers shop even more conveniently and accurately.
Ai Will Enhance Shopping Experience
It is no secret that businesses are adopting Artificial Intelligence (AI) technologies. AI is a game-changer for eCommerce, it can offer recommendations to shoppers. Also, AI uses the purchase history and browsing data of a shopper and shows them products they are most likely to buy. Using AI will likely increase your conversion rate because of its accurate technology.
The Bottom Line
2020 was a year nobody will forget, as much as we may like to. Many businesses were forced to close their doors and their future remains bleak. The eCommerce space was lucky, it didn’t just survive, it thrived. Opportunities were to be seized and they are still up for grabs. If you take advantage of these trends, 2021 could be just as memorable but for good reason.