Entrepreneurs need to be aware of these trends, go out of their comfort zones, and to create a difference, to succeed online
Amazon was founded 23 years ago with an objective to serve people’s shopping needs online. The world has come a long way since then. Today, leading e-commerce retailers are talking about same day deliveries and drone-shipping of products. So far, the results are overwhelming enough to inspire newcomers in the e-commerce industry to take more such initiatives in the coming years.
The way innovation is happening at present, the future of this sector seems pretty bright. Here are five trend shifts that will play a huge part in this transformation and change the course of the e-commerce industry.
The era of bespoke or custom-built products
Given the current competition level in the industry, the day is not far when retailers will start providing custom-built products to customers which can live up to their expectations. From clothes to shoes, from groceries to gifting options — everything that you once thought wouldn’t be available online will find its way on e-commerce sites. Most retailers have already taken initial steps in this direction and received amazing results.
E-commerce retailers cannot afford to follow the traditional path anymore. Those who do are destined to be left behind. The new-age entrepreneurs are aware of this trend shift and want to go out of their comfort zones to create a difference and succeed online.
Recently, when this concern was raised at Pulkit Om, Founder and CEO of Mayaflowers, a leading e-commerce website offering online flowers and customized gifting options, he said:
“E-commerce, post-disruption, is waking up to course correction. The leading organised retailers are doing away with outsourcing IT to cut down the operational cost. Tesco, Carrefour, and other retailers are following the suit. In the wake of these developments, it seems logical for the new enthusiasts to go slow. If we look at certain developments and successes and rise of some of the e-retailers, we can notice certain insights which will be crucial for the new enthusiasts. Rather than pumping money on marketing, they need to develop the organic route, strengthen their customer connect and simplify their user interface. Besides innovative ways to engage the consumers, sustainability with the focus on reduced cost of operation is the key.”
He’s not the only one who believes customer engagement is the key to success in the e-commerce field. There are many others who are trying their best to increase user engagement on their product/service platforms. For all such entrepreneurs and retailers, custom-built solutions are likely to work like a gem in the coming years.
3D printing technology available for everyone
Ever since the launch of 3D printing technology, people have been constantly talking about it. Experts believe it will play a huge role in the e-commerce field in the future. One scenario can be “use of 3D printing for designing your own clothes.”
Nobody had thought in the 1980s that they would be able to shop for their favorite items online in less than 20 years. But the first ten years of the 21st century witnessed a whopping growth in the online sales of various items. Similarly, there are high chances that 3D printing technology will become as common among people in the future as online shopping today.
Number of buyers will continue to rise
It’s one of those trends that will go upward regardless of what anyone says or writes. According to this report, there will be more than 2 billion people shopping online in 2019 as compared to 1.46 billion in 2015. This is a great example of how swiftly the e-commerce industry is getting bigger and bigger every year.
M-commerce vs e-commerce
Mobile (m)-commerce is quickly overtaking desktop-based e-commerce. As the number of smartphone users rises, more people will look to buy products using their mobile phones. This number is expected to touch 45 per cent of all the online transactions by the year 2020. Following the trend, many businesses have already started exploring smartphone apps like Instagram, Snapchat, etc., for up-selling, down-selling and cross-selling.
So far, the results are amazing enough to prompt tens of thousands of other business owners to follow the same path. Should you want to grow your business, there can not be a better timing to get started. Focus on acquiring loyal Instagram followers first, and then forge ahead with promoting your products to them. The more time you spend on building a loyal follower base, the better returns you’re going to get in the coming years.
Intrusive ads have no future
Content will continue to be the king in the future, but intrusive ads will die a slow death. According to a study, more than 47 per cent of people aged between 18-24 use ad blocker at present. This number is going to get bigger in the future. Businesses that earn revenues on the back of intrusive ads will have a tough time going forward. Those wanting to master the art of online marketing will have to create content that adds value to customers’ time as well as understand how native ads work as they will come handy and play a crucial role in the overall success of an online business.
If you are planning to explore e-commerce in the near future, then make sure you prepare yourself in the best possible way. Pay close heed to these trends to unearth new and exciting opportunities for your business.
Is there any other point that you think should be on this list? Let us know in the comments section.
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