One of primary concern of an entrepreneur is to predict the latest trends which are changing the working of market.
The world is changing, and so does the business environment. The e-commerce sector was once considered as an exotic innovation, but now it is a full-fledged economy sector which affects the corporation across the globe.
Guess what the most crucial aspect of e-commerce is? It is that it allows even an entrepreneur with a low budget to start their own business and excel superbly. Sounds good, isn’t it?
But one thing you should keep in mind- the market waits for no one! If you don’t update with the latest trends, you might be overtaken by your competitors rather severely.
As we are moving towards 2020, watch out some of the latest e-commerce trends to enhance your business manifold.
I. Rise of Second-Hand Market- “Re-Commerce”
Reverse commerce or re-commerce is the process of selling electronic devices, either old or new through online distribution channel to companies who again sell them after getting repaired.
It is the second-hand market which is emerging as a top-class market in the field of e-commerce. The given trend is gaining high momentum due to these factors:
- High Focus on Sustainability
- Obtaining Product for Less Money
- Remain Updated in Fashion & other Industry
As we are moving in 2020, one thing is clear that the market of re-used product is still alive and tickling.
II. Subscription-Based Business Models are here to Stay
In recent years, a lot of attention has been garnered by the subscription-based models. Do you know why?
It is the increase in purchasing capacity of the people in age-group of the twenties, which provide an immense opportunity for entrepreneur to cash it to their success.
For many consumers, especially millennials, there is excellent ease of monthly direct debit payment which has made them highly excited.
The e-commerce companies are also focusing on the concept of “experience-first” which has helped their customers to provide better facilities to enrich their experience.
One thing that people like about these models is that they save the customer’s time and provide the best quality service at their doorstep.
An e-commerce trend must watch out in 2020!
III. Social Selling is Creating Uproar in E-Commerce Sector even in Future
Today, the power of social networking is undisputed! A recent study has expected that in 2020, the numbers of social media users are going to be around 2.95 billion, roughly a third of the entire earth’s population.
It is the power of social media which has gained high fame and is now utilized by big brands to showcase their products in a better way.
What is social selling and why so fuss about it? It is a procedure of selling the products and services by promoting them on social media in the most appropriate manner.
They utilize various targeting options to attract customers to their respective business brand. If they can manage the business effectively through social selling, then they are going to get:
- High Customer Reach
- High Engagement Rate
- Profitable Conversion Rate
Come 2020, when more and more brands understand the power of social selling, it unleashes to attract a large number of audiences.
As an entrepreneur, you can find good audiences through Facebook, Instagram ads and grow your brand to a great height.
IV. Mobile Payment will get More Attraction in Digital World
It is not an e-commerce trend, but a necessity to adjust in changing times of the digital world. There has been a steady rise in purchasing the product via smartphone and is going to surge in 2020 and beyond.
With the increase in several mobile payment methods and increase in functionality, the given trend is going to rise in future also.
Various tech innovations such as contactless cards, smart-homes and augmented reality will drive the cashless transaction in the future. The given fact will then help the consumers to purchase from their e-commerce sites in a better and more relaxed manner.
As mobile payment will become more comfortable, safer and trusted in the coming future, various payment services like PayPal will ensure the longevity of the e-commerce sector.
V. Provision of Multi-Platform Journey with Platform-Specific Messaging
In 2020, e-commerce is all about being present all over the internet. The journey of a customer is to visit several platforms from different devices to get access to their favourite products.
Do you know where you will get the prospect? The answer is from Facebook, Snapchat to email or back to SMS. If you want to get the platform-specific message; then know the procedure to provide them with news which they will receive at the best moment and at the right time.
Two things you should remember while adopting a multi-channel approach:
- Provide the customer what they desire
- Engage with them to nurture them further toward the conversion
As you can see, e-commerce trends for 2020 are heavily dominated by advancement made in technology. Furthermore, online shopping has become more convenient, which has resulted in more people opting for purchasing online.
If you want to enhance your e-commerce business as per the hot trends of 2020, then contact leading e-commerce web Design Company who will help you to achieve a good fortune in the given industry shortly.