Online Buying Trends
E-shopping convenience and accessibility also encourages consumers to purchase products online. Buyers can make purchases without leaving the comfort of their home. They also get to choose from several delivery options and enjoy a more tailored shopping experience. They can check product information, as well as customer reviews, from anywhere, anytime.
online buying trends
Market analysts say inflation and bracketing were the main factors behind the trend. Bracketing refers to buying several items (such as apparel), trying them on at home, and keeping what works for you.
AI is increasingly being used in areas such as customer service, sales, and marketing. Similar to how sales associates assist buyers in their shopping journey when in a brick-and-mortar establishment, online shops leverage AI and machine learning to provide customers with a more tailored shopping experience.
15% of online shoppers have signed up to at least one subscription provider. 40% of American consumers who answered a Recurly poll said that exclusive access to services or content was their main reason for subscribing. Gen Z subscribers (44%) were particularly interested in unique product bundling, discounts, and perks.
Although in-store shopping experienced a revival in 2022, frequent online shoppers will continue to look for flexible fulfillment options, including buy online and pick up in-store (BOPIS) on the same day.
Other variations include "reserve online, try, buy, and pick up in-store" for luxury customers, warehouse pickup, and local delivery. For local delivery, an outlet nearest the customer delivers the product instead of the main store processing the shipment.
Augmented and virtual reality can transform customer shopping experience by allowing potential buyers to visualize how your products will look like in the real world. Think of it as a virtual tour but tailored for products. By incorporating AR and VR into your website, customers would be able to better imagine how a hat, handbag, or makeup product would look like on them, allowing them to make smarter buying decisions.
Embracing change, especially if you know what to expect, can enable your business to reach new heights. Which trends are you looking forward to the most? What challenges do you think will crop up over the next few months? Let us know your thoughts!
The ecommerce industry is always changing and this year has been no different. More than ever, merchants are creating and/or improving their ecommerce businesses to meet customers where they are. While it may seem like everything in ecommerce is evolving, we narrowed it down to the biggest trends that will affect businesses in the coming months and years.
Augmented reality (AR) has been a complete game changer for ecommerce. With this type of technology, shoppers can truly see the item they're shopping for, which helps them make a buying decision. AR really changes the shopping experience in specific industries, such as fashion and home decor because the customer can get a better feel for the item without seeing it in-person.
As more homes adopt smart speakers, more consumers will utilize voice search to shop online, order food and organize their lives. The rise of voice search creates an opportunity for ecommerce businesses in terms of keywords and content.
Chatbots interact with online shoppers much like an in-store sales associate would do. Today's shopper wants to be able to find and buy a product in just a few clicks, and if they can't, they get frustrated. This is where a chatbot can step in and save the sale.
Knowing what trends will be a good fit for you will often come down to knowing your own customers, vertical, and competitors backwards and forwards. There's several things you can do to evaluate industry trends and make the right move for your B2B.
Every industry changes at some point or another, and staying up to date via reports and data can show you where things are headed. The numbers in these reports often come from original research you can trust, instead of just following the popular word-on-the-street. Plus, when you're regularly aware of what's happening in your industry, you'll grow a sense of what trends are worth the effort and what ones can wait.
Use customer data to evaluate if a trend is right for you. What do the numbers show? Many trends might work for other businesses, but you know your customers best. Consider utilizing more than one data gathering tool so you can see customer trends from different sources. Use these numbers to see the overall trends in your business. Would adopting a new trend interrupt your customer behavior?
Don't be afraid to ask current customers what they need. Getting feedback from current customers can give you insight into trends, and you can create more specific plans for the future. You never know, a customer might even suggest an idea you hadn't thought of yet.
Yes, ecommerce is growing. Consumers of all sorts expect to be able to browse and make purchases online. Because of this, many businesses are jumping online and creating storefronts to compete for sales. In today's world, shoppers who may not have shopped online were forced to when brick-and-mortar stores closed and/or only offered buy-online-pickup-in-store (BOPIS) options.
Omnichannel means retailers diversifying their strategy by selling on different channels. This can include both offline and online channels. This approach to commerce not only offers these different options for customer interaction but also focuses on integrating them so that customers have a cohesive experience across all the different touchpoints. Selling on multiple channels is not new, but omnichannel is a growing trend in terms of focusing on a holistic approach to the overall experience.
Online sales continue to play an increasingly important role in retail. In 2022, Statista forecasts that ecommerce sales will account for close to 20% of all global retail sales. Forecasts show that by 2026, online sales will make up nearly a quarter of worldwide retail sales.
Changes in consumer behavior that, in large part, were due to lockdowns and stay-at-home orders over the past few years have led consumers to shop more frequently online. Currently, 57% of US consumers shop online once a week or more.
Region-wise, shoppers in Europe, Great Britain, the Middle East, and Africa are more comfortable checking out larger basket values than consumers in the US. In Q2 2022, online orders placed from a mobile device in the US had an average value of approximately $112, compared with almost $95 in the EMEA region.
Social media is also a key driver of AR usage. People often first experience AR when they try a filter or lens on Snapchat, Instagram, or TikTok. These filters allow people to try on makeup or clothing before they buy online.
As retailers look for new ways to bring products alive away from physical stores, ecommerce businesses are tapping into 3D tech. Instead of relying on static product photos or videos, 3D imagery shows items in a new light, helping customers make buying decisions.
These online shopping trends show that the popularity of online purchases is only set to grow in 2023 and beyond. As the number of online shoppers rises, ecommerce brands will continue to tap into new tech and trends in a bid to attract and retain customers.
Retail e-commerce revenues are projected to grow to $5.4 trillion in 2022, according to market data provider Statista. As retailers adjust to this digital sales boom, online marketplaces are changing the way customers shop. Amazon alone accounted for nearly one-third of all online retail sales in 2020, according to Internet Retailer. Other top online retailers also saw huge increases in their online sales. Walmart, for instance, reported its online sales grew 79% in its fiscal year 2021.
The pandemic, which pushed many consumers to change how they buy essential items, electronics, and clothing, has helped to reshape the future of online shopping and forced businesses to evolve to meet new needs and demands. To capitalize on the opportunities presented by e-commerce, business professionals must be well versed in the latest technologies and trends, including the following.
Analysts need strategic thinking, computer proficiency, and decision-making skills to succeed in the future of online shopping. The recent explosion in online shopping provides an exciting opportunity for business professionals to step into a digital marketing role. Market research analysis positions alone are expected to see 18% growth between 2019 and 2029, according to the U.S. Bureau of Labor Statistics (BLS).
In the world of e-commerce, shoppers require a more personalized experience. According to Accenture, 91% of consumers are more likely to shop with brands that recognize, remember, and provide relevant offers and product recommendations. In fact, when online stores personalize the shopping experience, they can experience a jump in sales conversion rates of 15% to 20%, according to McKinsey.
The retail industry has been significantly impacted by the increasing use of mobile devices. Market data provider Statista predicts that in 2021, online purchases made from smartphones will account for more than $345 billion in retail sales. With mobile e-commerce, shopping happens everywhere, no brick-and-mortar storefront or laptop required. So, what does mobile mean for the future of online shopping?
A report from Coupon Follow, the retail coupon code tracker, found that nearly half of millennials have used voice technology to buy items online. By simply calling out to Alexa or Amazon Echo, someone might add an item to their online shopping cart.
More than half of Instagram users utilize the platform to find products. Many online shoppers look to Pinterest, Facebook, and others for ideas about what to buy. Giving social media users a chance to make purchases within the networks they already use provides for a quicker, easier purchasing process with fewer steps.
Additionally, social media platforms are well positioned to implement augmented reality (AR) experiences. A full 71% of shoppers say AR technology encourages them to buy, according to Deloitte research. Having the ability to test or try out products builds confidence in a purchase. The growing use of social e-commerce, and the opportunities it presents for more interactive and personalized buying experiences, suggests more businesses should explore the possibility of using social media platforms to expand their online storefronts. 041b061a72