Spanning the entirety of contemporary economics, electronic commerce is rapidly growing, changing, and developing. As an integral part of this ecosystem, e-Commerce companies must pay close attention to global trends.
In 2014, the volume of international electronic trade amounted to $1,47 bln. In 2015, the number reached $1,7 bln. Forecasts for 2019 suggest that this figure could almost double, amounting to $2,3 bln in sales volume. The implications are clear. As a key global trend itself, e-Commerce will continue shaping international markets for years to come.
Mobile commerce is a trend that remains relevant year after year. More than a third of consumers already rely on mobile devices to access online stores, resulting in the m-Commerce market growing 300% faster than its e-Commerce counterpart. Industry predictions suggest that the percentage of purchases using mobile phones or tablets will increase to 69% by 2020.
According to ECommPay statistics, roughly 30% of electronic transactions are made using handheld devices It is interesting to note that email marketing generates 26.7% of the total sales volume via mobile phones, 23.1% via tablets, and only 20.9% via personal computers.
Companies integrating the multichannel approach aim to increase brand loyalty and customer conversion rates by offering consumers various purchasing methods. The options available include online stores, mobile apps, social networks, and other interchangeable channels.
To make this possible, companies procure special e-Commerce platforms designed to increase the reliability of online order execution. Though multichannel commerce is not yet universal, it has gained popularity in some key jurisdictions.
The customization of solutions and services is a growing trend, though integration difficulties and setting problems, as well as rising costs, limit its prevalence. In the field of electronic payments, the companies offering proprietary technologies and innovative solutions prevail.
To tailor services to individual clients, the services of a personal account manager may be employed. Consulting the client regarding payments in their specific e-Commerce industry, the manager’s responsibilities include providing help and support, as well as anticipating and negating any possible problems.
Payment processing optimization
Optimization of the payment process is another popular trend in the e-Commerce field. Though use of credit cards online is still popular, the latest studies suggest that 50% of online payments are now being made via alternative payment systems (APS), such as e-Wallets, e-Vouchers, prepaid cards, and more.
Merchants looking to enhance their business should actively integrate the APS most relevant to their jurisdictions. Consumers will have more payment options, which directly influences sales conversion and profit margins.
Trends in offline sales include several innovations that improved retail sales. For example, in 2016, large clothing companies began using RFID technology to collect customer data. For example, Bluetooth devices located throughout a shop can identify the most popular stands by monitoring the movement of targeted customers. If a customer uses the company’s mobile app, they could get push-up notifications about promotions and discounts once they enter a specific area in the store. RFID was successfully tested and is now being used by famous brands such as Macy’s, Waitrose, Tesco, Walgreens, and others.
To collect information about the customer’s preferences, the companies install scanners in the mirrors inside the fitting rooms. When the client tries something on, the sensor reacts and collects the data. It is expected that by 2018 more than 3.5 million sensors will be installed, thereby increasing sales.
Client loyalty programs are another example of active offline sales techniques. Customers can get extra discounts and bonuses by paying offline via alternative payment systems (APS), such as ApplePay or SamsungPay.
The active position of online merchants has had an impact on the profits of offline businesses in various spheres. According to the recent Nevada State Financial Report, Las Vegas offline gambling revenue hit a historic low. Though Las Vegas is still an iconic gambling destination, a growing number of gamblers prefer to go online.
That concludes ECommPay’s quick summary of 2016’s top e-Commerce trends. This year demonstrated how far e-Commerce has come and how much further it can go. Any company, from a small start-up to an established brand, has the chance to reach new customers and maximize profits if it successfully follows the trends outlined above.