For many high street business owners, keeping up with the latest trends is somewhat important, but for online merchants it is crucial. Not being up to date with the latest developments can mean a sharp decline in sales and can ultimately spell disaster for an online retail business.
In this post, we are going to look at eight of the most significant eCommerce trends that you should be implementing now to stay ahead of the curve in 2020. Following these advances will expectantly boost your business and your profits.
Before we look at seven of the most important eCommerce movements of 2020, let’s look at some stats:
- E-commerce is seeing a year on year growth of around 15% worldwide, with a growth of 14% in the US from 2018 to 2019.
- In 2020, it is expected that eCommerce transactions will account for 15% of all retail sales in North America. In China, this figure is anticipated to rise to 23%.
- It is estimated that there are 12 million – 24 million eCommerce sites worldwide, with more, started every single day.
- By the year 2040, it’s projected that a staggering 95% of all sales will be via eCommerce.
- The top reason consumers buy online is they can shop at any time of the day or night.
Top Trending Ecommerce Tips to Implement in 2020
Magento Migration V1 to V2
Magento and Magento Commerce (which is the paid more robust version of Magento Open source) is a very popular choice for retailers managing eCommerce sites. The Magento platform is currently run by around 31.4 percent of the world’s leading 100,000 eCommerce sites.
However, 2020 has big changes in store for Magento site owners, as the company will no longer offer support for Magento V1 as of June 2020. This means sites that continue to use the unsupported version, will be vulnerable to attack and unable to offer a safe shopping experience. It is estimated there are more than 250,000 sites running the Magento software, but only around 11000 have so far migrated to Magento 2, so if you are still using Magento 1, it is crucial you migrate to version 2 as soon as possible or look for another eCommerce platform.
Migrating to version 2 is not a simple task as it is not an update, but rather an entirely new platform, and unfortunately migrating is not just a case of a few clicks and the job is done, as with previous updates. However, if you are time or technically challenged in this area, there are plenty of reputable companies who can undertake Magento migration on your behalf.
Voice Search For Ecommerce
The advancement of smart technology has led to us using our voices more and more. This allows us to search while using our hands for other tasks, and as people are becoming more accustomed to voice search, adding this functionality to an eCommerce store could likely result in an increase in sales.
Interactive Product Viewing
One of the top reasons a customer abandons a sale midway through is because of doubt about the purchase. This usually happens because they are unsure if the item is exactly what they need due to only having a limited view of the product with standard photographs. Giving your customers the possibility of viewing the entire product helps to reduce the number of abandoned shopping carts. This can be achieved by providing a 3-D zoom enabled image of your products or alternatively a 360° video which enables your visitors to view every part of the product before buying.
Depending on what you are selling, not offering international shipping or only having restricted shipping could be a huge mistake and an improvement you can make to considerably increase your business. It’s also a good idea to make your store available in different languages for international visitors.
Thanks to simplified smartphone payment methods provided by Apple, Google, and Samsung on mobile devices, mobile commerce is an industry developing much faster than other commerce systems.
There is furthermore growing popularity for Progressive Web Apps, or PWAs. A PWA is a hybrid of a website and an app, which has several advantages over traditional websites or apps. A PWA will load around up to 10 times faster than a mobile site, and also works offline. They can be added to the home screen of a smart device, and support push notifications. Considering a PWA for your e-commerce business is definitely something to look into further to keep ahead of mobile trends in 2020.
Augmented reality or AR muddles the boundaries between the physical and virtual world. AR technology allows buyers to try on or try out or try on products without even leaving their homes. For example, IKEA offers an app that lets you virtually try out furniture items in your home, and makeup giants Sephora has an app where users can virtually test makeup products without needing to visit the store. it is expected AR development will increase e-commerce sales by up to $120 million in 2020.
Social Media Sales
Social media has now been around for some time, but it’s only recently that social media sites are participating in e-commerce by facilitating transactions by allowing the user to make purchases from within their favorite social media platform without having to leave it to make the purchase.
An estimated 87% of online shoppers say they make buying purchases helped by other users on social networks, and the advertisements they are presented with. One in four businesses uses Facebook to generate sales and 30% of consumers say they would be happy to shop directly from their social media platforms.
Instagram is a great way to get your products in front of interested customers and it’s now possible to combine your content on Instagram with shoppable posts. If you’re not using social media networks to get sales, you are probably leaving a lot of money on the table.
E-commerce changes at such a rapid speed it’s almost impossible to keep up with the latest trends, but hopefully, these tips will help you increase your bottom line in 2020. If you need help with generating sales or are just starting out with your eCommerce store, a digital marketing agency can help you capitalize on current opportunities you may not be aware of, while also helping with optimizing your website and SEO.
This content is brought to you by Mac McCarthy.