In this blog, let’s have a brief discussion on the future of eCommerce and the top 5 Growth trends in 2020.
The ever-changing landscape of eCommerce reached a peak position than other business sectors. Every change in technology may help us to grow with that or it will land us to face new challenges to stay competing.
Even though many ups and downs encounter several sectors. Ecommerce market is still expanding bigger than ever. As we are witnessing a drastic shift in approaches by the eCommerce business giants.
As the online world is increasingly crossing over the physical world. Such acts result in to complete downfall of the physical world (i.e. 15,000+ retail locations were expected to close this year).
According to the latest survey, there going to be 2.45 billion digital buyers by 2020 globally. Therefore, an eCommerce website is crucial for your retail business to compete in this online world.
Some stats that may provide quick information on buyers’ behavior in the eCommerce industry:
- 85% of customers conduct online research before making an online purchase.
- Sales over the eCommerce platform account for 14% of retail sales in 2020.
- Nearly 67% of customers compare the price of goods while they are in a physical store.
The global market of eCommerce
The market for eCommerce keeps expanding at a fast pace. There are many startup eCommerce websites then, now are massive multinational companies. At the end of the year 2019, retail eCommerce sales amounted to US$2.8 trillion. Now the experts estimate that it’ll increase to approximately US $4.50 trillion by the year 2020.
The top 4 countries in terms of the eCommerce sales volume were as mentioned below:
Here are the top 4 eCommerce websites in terms of “Gross Merchandise Value”(GMV) at the end of 2019,
Let’s have a quick glance over the eCommerce industry and its future and top growth trends. We have handpicked some following list of top 5 growth trends in 2020. These growth trends help you initiate new ideas, to overcome hardships, to be successful and to sustain in the eCommerce business in coming years.
FUTURE OF ECOMMERCE: TOP 5 ECOMMERCE GROWTH TRENDS
STANDARD ECOMMERCE PERSONALIZATION
Ecommerce personalization has become a huge trend among businesses over the past years. As customers’ expectations of personalization increases, personalization will become a mandatory eCommerce business-standard.
In fact, 35% of customers have ended their relationship with a business that is lagging in personalization. As the personalization becomes a sophisticated marketing strategy, it improves overall online presence and individualized shopping experience to a customer. This is done by analyzing personal information which ranges from demographics, browsing behavior, buying history, and other data relevant to their shopping journey.
REVOLUTION IN MOBILE APPLICATION
Mobile applications have become a major contributor in shaping the landscape of customer engagement. As of the customers’ behavior in the past years, the mobile market has already reached 70% of eCommerce traffic by the end of 2019. And it tends to grow even more in 2020.
This mobile application accounts to $175.4 billion in revenue by the year 2020, mobile shopping will still be as relevant in 2020. The following factors fuel the mobile application revolution:
- User-friendly mobile checkout
- App store optimization
- Use of push notification
IMPLICATION OF NEW PAYMENT OPTIONS
Payment options are among the important criteria that push customers to make a transaction. Without such payment options, buyers won’t buy from your online store. This is why implementing most personalized payment options is mandatory to stay competitive and that is what all your potential buyers demand.
Some digital wallets like GPay, PayPal are widely implemented by eCommerce businesses for payment options.
In fact, 60% of people expect that digital payments will overtake cash and cards by 2020.
SHIFTING OF ECOMMERCE CENTER
A technologically advanced western country, the United States’ share of the total global eCommerce retail market is likely to decrease by as much as 17% in 2020. One of the main reasons for the decrease is due to the rise of globalization and the improvement of technology and infrastructure development from the non-western regions.
This eCommerce shift indicates that businesses must adopt an international approach to make sure of their global accessibility and market presence. So make sure that you have stepped into enough technology to make a physical presence outside your local country.
RISE OF SOCIAL SHOPPING
More and more people are doing their shopping on social media platforms in recent years. The improvement of social media’s selling capabilities shows that it is not just a social media platform it is are more than an advertising channel.
People can now purchase products on their chosen social media platforms like Instagram, Twitter, Pinterest, Facebook, and YouTube. Now all these social platforms working on improving their social selling features.
When people tap to view a product tag on a post in social media, they will see the following:
- An image of the product
- A brief description of the product
- How much the product costs
- A purchase link of the product
As earlier mentioned, adapting to the latest trends and technology will greatly help your business to stay competitive and to prove the market presence.
So all those parameters just fit only within a futuristic web development platform called Node.js.
What is Node.js?
BENEFITS OF IMPLEMENTING NODE.JS IN ECOMMERCE INDUSTRY
Here are some top benefits of using Nodejs in the eCommerce industry,
- Reduced development cost and time
- Dynamic mobile application development
- Increases the enterprises’ revenue
- Customized services
- Simple and robust
- SEO features
Node.js is a platform with that developers can build enterprise-level web and mobile application. This feature supports your project with both backend and frontend aspects of any web application. In order to deploy such a powerful platform, you should choose a good eCommerce development company for your project. There, you can hire an eCommerce developer that can create safe, secure and feature-rich Node.js based eCommerce applications.