Digital commerce arena is becoming more competitive – According to a recent industry reports, digital commerce exceeded 20% of global retail sales, up from only 10% five years ago. The result is increased costs of advertising and reduced return on advertising spend. Advertising on Meta for example already costs 47% more than the year before.
Digital commerce businesses have to move global to surpass growth bottlenecks in domestic markets – total addressable market (TAM) is a common limiting factor of growth. As businesses reach their growth limits in the domestic environment, the world will see more e-commerce brands expand into the global stage. Go-global movement is echoed by consumers. In fact, a recent survey showed that 76% of online shoppers have made purchases on a site outside their own countries.
AI and machine learning algorithms play huge roles in personalization of customer journey.
Hybrid commerce provides a seamlessly and reasonably connected customer journey – complementing online channels with the brick-and-mortar store experience improves purchase rates.
AR and VR are used to engage audiences with an immersive experience – these technologies help customers examine products closely and boost their purchasing confidence.
Voice and visual searches and use of AI assistants – more people are using newer ways to browse and shop online. Optimize your eCommerce site for both search technologies.
CRM builds communities around eCommerce brands – CRM helps in understanding of potential customer’s needs and behavior to strengthen relationships and improve customer loyalty.
Social commerce is cost-effective and encourages in-app purchases – Influencer marketing and live shopping are two of the latest trends in eCommerce with a substantial growth.
The subscription model helps customers fulfill their recurring expenses easily – attracts loyal customers, and boosts retention rates and profitability.
Provide multiple payment options to improve user experience – some customers prefer traditional payment methods, others favor novel ones, like digital wallets or the BNPL feature.
Customer support remains a priority – excellent support and flexible return/refund policies positively influence purchasing decisions, cultivates loyalty, promotes a positive brand image, and boosts eCommerce sales.
Fast and free delivery improves customer satisfaction – shipping costs and speed impact customers’ purchasing decisions.
Inventory controls – Inventory remains a huge expense for digital retailers, a problem that technology has worked hard to solve.
Zero-party data for future data privacy policies – stay ahead of upcoming data privacy trends by applying the zero-party data strategy.
Adopting sustainability practices around eCommerce brands – many consumers consider a product or brand’s sustainability before purchasing. Identifying business’ environmental impacts and applying more sustainable solutions become mandate.