E-commerce is huge and going even bigger As any other massive business niche, the industry evolves rapidly. Some recent trends demonstrate interesting and, sometimes, quite unpredictable, tendencies.
Bright Perspectives for Smaller Companies
In the world where E-commerce giants seem to dominate the market, it appears that there is still a plenty of free space for smaller entrepreneurs. For instance, in 2017, Shopify, a multi-channel commerce platform, reported 70% growth in a year with half a million of merchants.
Moreover, Privy, a platform that helps to boost customers response, conducted a research among 500 of small and medium businesses that sell on Shopify or BigCommerce. The research demonstrated that 79% of the businesses with 5 and more employees and 50% of all the companies that participated in the research tend to meet their holidays’ goals.
In addition, on Privy’s sites alone there were, “3.2 billion consumer sessions on small- and medium-sized merchant sites in 2017”
So, the idea that a medium or a small-sized company cannot withstand the competition of the E-commerce sharks, is false and dangerous for a mind of a person who wants to start the E-commerce company.
The Brick and Mortar Stores are Still Relevant
The Internet and computers are convenient, but they still cannot simulate that feeling of visiting a real-life store… at least yet. Not to mention that in a physical store, you can actually touch and test a product you want to buy. Even if the online prices may be cheaper, the urge to go an “old-school” shopping is still strong.
As a result, even the previously purely online shops start to open physical stores to boost their performance. For instance, due to WSJ, in 2015, even such a giant as Amazon opened its first physical store in Seattle and “has two others in San Diego and Portland, Ore.” In addition, the company plans to open a 370 square meter bookstore in Manhattan’s Time Warner Center.
However, there is no place for a fully traditional brick and mortar shops in the market of the future. If a business wants to stay relevant and competitive, it should become a hybrid, providing real-life as well as online experiences for their customers.
Voice Search Dominates
Google revealed that 41% of adults and 50% of teens are using voice search daily, and these numbers will definitely increase with the development of the conversational AI.
And voice search is not only about mobile devices. A lot of people talk to their computers and smart speakers as well. What is more, 65% of people who own Amazon Echo or Google Home smart speakers cannot imagine going back to traditional Web navigation.
It means that SEO should adapt fast to the new realities and retailers should change the way they communicate with their potential clients. Companies should make the description of their products compatible with the voice search, making them more conversational and longer in comparison to the usual style.
Big Data and Analysis Takes Over
Almost every action taken by the customer on the Internet is taken into consideration and can be transformed into data that later, can be used to boost sales, targeting a client with goods that he or she is willing to buy.
Companies that fail to implement the big data analysis will not be able to keep up with the competitors who target their audience efficiently. The e-commerce companies now should be able to deliver a highly-personalized user experience.
Chatbots make users’ interaction with a website more convenient and intuitive. According to HubSpot, 47% of customers are willing to make a purchase by contacting a company via a live chat with a bot. Moreover, on average, people are ready to spend $50 dollars on chatbot purchases.