This year we have witnessed a change in the span of hours and days. While some changes were for good, some were worse than ever imagined. The global pandemic has impacted every phase of human life. Whether health or business, all in all, there is a revolution and change in lifestyle. When it comes to eCommerce, the same change has occurred. However, the change here is for good, as the eCommerce industry skyrocketed in the first few months of the lockdown itself, thus benefiting the eCommerce shipping industry as well. All thanks to technology and automation. Here are 4 technology trends impacting eCommerce in 2020 and have increased sales and shipment.
The Change is For Real!
Did you ever imagine that from the traditional way of trade shows, expos, and other retail events, everything would have ever switched online? Well! It is for real. The world has moved online. Virtual meetings, Online shopping, Online shopper experience through AR (Augmented Reality) and VR (Virtual Reality) is actually the new way forward. Small scale industries haven’t thought twice to provide daily essentials via an online platform.
eCommerce businesses have invested heavily in software and online tools to expand their reach, along with smooth customer experience. Chatbots, Voice Assistants, Voice Search, Omni-channel marketing tools, CRM (Customer Relation Management) software, CMS (Content Management Tools), SEO, Social Media, and Going Mobile are the various ways through which eCommerce now functions.
As stated by YourStory , the retail industry in India is estimated to be around $800 billion. Alongside, the eCommerce penetration accounts for 3.5%. This surely indicates the growth of the Indian eCommerce. Additionally, the two segments in India are considered to be a giant marketplace in eCommerce include Flipkart and Amazon. While, in regards to global statistics, undoubtedly, Amazon tops the list.
eCommerce businesses have evolved to be on the leading front. Amazon sales reached the sky during the lockdown. So much so that the Net Sales of Amazon in Q1 of 2020 reached $37 Billion across the globe. This clearly states that Amazon has taken over the traditional brick and mortar industry. 1 in every 3 SMEs is now online. It has also become a research tool for any product. 9 of 10 shoppers first check the price and availability of a product on Amazon, post which is Google Search.
4 Technology Trends Impacting eCommerce in 2020
All throughout the recent year, we have seen the growth of the B2C (Business to Consumer) eCommerce industry. Along with this, the B2B has also jumped high with regards to sales and is now a trend. The year 2020, especially has seen a jump in both the markets. One of the major reasons for this jump in technology. Further, it also bridges the gap between eCommerce businesses and consumers/ businesses. Customers have a dependency on technological devices to fulfill their shopping needs. Here are 4 technology trends that have impacted eCommerce in 2020:
The World Of Smartphone
mCommerce (Mobile Commerce) has seen significant growth with 1 in 3 individuals owning a smartphone. Across the globe, shopping via a smartphone is the ‘new normal’. This trend leads to the rise of eCommerce websites visited more via smartphone devices than other mediums. Additionally, by 2021 global M-Commerce sales will account for 53.9%.
Of the total population across the world, 67% own a mobile phone, as per data of 2019. Of which 79% have purchased via a smartphone. More than just purchases, mobile users are using the device for product researches and price comparisons as well. Almost 52% of website traffic backtracks via mobile phone search. This clearly states that eCommerce has a shift to mobile as a growing trend.
As an eCommerce business owner, having a website that is user-friendly and with an easy checkout process, is not enough. Above and beyond, you need to make it mobile responsive and should incorporate mobile payment methods which are secured and responsive.
E-Wallets
While shopping has shifted online, payment methods have followed. As an eCommerce business owner, if online payments are not an option as a part of your checkout process, you have an abandoned cart. Statistics state that mobile wallet payments also called e-Wallet accounts for an estimated $500 Billion by the end of 2020. Other ways of online payments that have been on a rise include; Credit/Debit Cards, Net Banking, UPI, etc.
With E-Wallets, last year AliPay, a Chinese e-wallet service ranked on top. Well! Undoubtedly, with China being the most populated country. Hence, it is no surprise that there were about 1.2 Billion active users on AliPay. Following, on the rank sheet were other E-wallets like WeChat, Apple Pay, PayPal, Samsung Pay, Amazon Pay, Google Pay, etc.
Why E-wallets for eCommerce?
Its a fast and easy transaction. This, in turn, helps to boost sales. Additionally, customers have a secured payment gateway along with the easy or receipts and transaction IDs. Credit and Debit card information or bank details are not easily disclosed. Also, there is room for double verification through an identification and verification 4 digit UPI Pin Number.
Customer Interaction Through AR and VR
Augmented Reality and Virtual Reality are the new ways in which marketing and customer experience are defined. Online products restrict customers to understand the product from various angles. Hence, via AR or VR, a brand can bring the feel of the product features to the customers before they purchase it. Through this, the consumers can virtually give the product a try and thus make a purchase decision.
AR and VR are able to create an experience that is an immersive and real-life simulation. This helps online stores to maximize sales. Virtual showrooms are the new methods in which customers shop by visiting an online store. Through AR or VR you can also provide your customers with a 360-degree video catalog. This would help enhance a digital experience that is engaging and more personalized. Although, not every eCommerce brand is making use of AR or VR, but it surely is a growing eCommerce trend.
CRM Integration leads to Better Customer Experience
Customer Relationship Management (CRM) helps eCommerce business owners to connect with potential prospects and existing customers through different channels. These channels include different eCommerce websites, marketplaces like Amazon, Flipkart, eBay, etc. and social media platforms. Each of these channels has its own benefits to enhance the customer experience.
The integration of CRM Tools helps to increase the database through customer experience. Additionally, through this integration, you are provided with a central database for effective marketing strategies outlined. This, in turn, will also help in forecasting the future of the brand and inventory management. All of which will boost sales and ensure high order fulfillment rates.
Now that you know about the 4 technology trends and their impact on eCommerce. It is more likely that you should go ahead and invest in these software and online marketing tools. eCommerce shipping and eCommerce business go hand in hand. And with the growth in the eCommerce business, eCommerce shipping needs to be optimized. Hence Dash101. With almost 8 courier integrations and multiple channel integrations, it is your one-stop shop for all your eCommerce shipping needs.
