In a recent survey, 78% of the middle-aged audience got to know about ground-breaking products/services in industries such as art, fashion, and makeup.
Future of e-commerce is as bright as ever. Industry experts claim that global e-commerce sales are suspected to grow multi-folds in next 5 years. Having said that, one can expect a fascinating picture of e-commerce that is likely to alter the way we shop today.
In a recent survey, 78% of the middle-aged audience got to know about ground-breaking products/services in industries such as art, fashion, and makeup. By using visual content, brands are now able to reach out through these platforms to a worldwide network and thus, influencing their shopping behaviors.
In fact, 59% percent of population discovers products on Instagram and Pinterest where they also get to shop from within the app. Yes, that’s certainly possible with ‘native shopping’ as it allows the audience to shop the look they want from the app they first found it. This helps brands to get a wider reach as well as a confirmed purchase since only those exit their present application who are ready to make a purchase.
Not just this, but the e-commerce experts are expecting another huge trend to hit the market soon enough so that brands can track their online presence by the size of their offline sales. Sounds tricky? It’s not! The concept simply uses AI in tracking consumer shopping behavior, their frequently used applications, geolocation, mobile payments, as well as what websites/landing pages led them to brands’ websites. All of this information combined can prove to be beneficial in tracking what MAD (Marketing Advertising Discounted) services attracted each and every customer towards the purchase.
Another interesting pattern that has been observed in the last 5 years is the power of ‘word of mouth’ and ‘referrals’ which have had a massive impact on driving customers. References from social media are on the rise as the customers who have heard/seen/watched people experiencing their choice of products translates significant revenues for retailers.
We are in an ever-developing technological era where machine learning and algorithm play a huge role in analyzing businesses of almost every sector. E-commerce is the center of development right now, businesses can expect to uncover several new ways of attracting customers.
Customers spend more time on social media than they ever did, leading to a more accurate analysis of their feed and choices. This analysis is fundamental to creating more relevant ad campaigns and attracting their attention.
One cannot deny the quick success of subscription services and how they have altered the trends in shopping. Customers feel more comfortable in subscribing than shopping and this clearly suggests that subscription services shall play a huge role in the future growth of e-commerce. Be it the digital services such as Netflix, Hot Star, and Amazon Prime or the Fab Bag or Elle Box in their respective industries, all of these have led to more economical and personalized consumer choices.
Of all the expected trends, ‘personalization’ is the common denominator and the unifying factor that shall lead the upcoming e-commerce trends. Personalization and data analysis can help address the common issues faced by retailers today. Giving what the customer needs can help online and offline retailers largely.
This article is written by Dipanjan Purkayastha, CEO,HyperXchange