Online marketplaces are continuously evolving platforms. As an increase in technological innovations and improvisation of relations with customers, suppliers, employees and competitors the online industry is growing in a fast phase. Besides this, the business models that gross a successful online business is also changing drastically. With global e-commerce sales projected to top 3.9 trillion in 2020, there is a wide range of options in the industry to develop a promising online store. But it’s your concern to opt the best option that can suit your capital, goals, product sources, business strategies and many more to stand at the top. So to prepare for the future of e-commerce you have to be aware of the new opportunities in the online market. Here in this article, we present before you 6 such innovative trends that can take over the online industry in 2020.
Increasing acceptability of google as a marketplace
Google is the perfect platform to display your products in today’s online market scenario. Regarded as the worlds information centre it promises its sellers more customers attracted to their webpages. Furthermore by proper optimization, to google sales channel, the online stores can increase the profits too. In addition, by integrating with Google, your e-commerce platform can create a product listing ad that will top at the SERPs shopping tab when a customer searches for the products. The steps to advertise on this massive channel includes to sign up with the google merchant centre. Furthermore, by meeting the ad requirements your ad appears on the channel.
Social media changing to shopping platforms
Social media is becoming a perfect medium for the sellers to attract customers to their web pages. In these days, people are more into the social media platforms so the chances of getting noticed by the audience are high for the online stores. Moreover, as per a recent report, many stores increased their sales by advertising on social media platforms like Facebook, Instagram, WhatsApp and many more.
AR and VR are becoming more popular
As we all know that the major drawback of the online industry is that it does not offer the customers to touch and feel the item. So now the online marketplaces are giving the customers an advanced option of AR and VR through which they can try out their products virtually. Many companies like Amazon and Ikea are now using this tech to increase their customer experience. So spending a little on these technologies will help you to increase your sales and profit.
Personalization of products
This type of personalization or customization feature offered by online stores has come up with better sales. As customers customize the products according to their taste the sales and the conversion rates increases. Furthermore, these services make the business platform more interactive and engaging to the customers. These services are more effective in the health and wellness sectors. People concern about their health and wellness more these days so customizing products according to their body type is great news for them. So these online stores are booming in the industry.
Adjustable payment options
Now e-commerce and online payments are revolutionizing the online markets. So every shopper wants a hassle-free payment option to do their purchase. It is the sellers or marketplaces duty to provide them with all the payment options available. The tough task in the online industry is making shoppers buy expensive items. So to make it easier there are some services like Afterpay, Final and Affirm. These services make the shoppers pay the big amounts in smaller amounts within the period of several months. In short, the online stores using these services come up with increased conversion rates.
Environmental concerns are at the top in today’s market. Sustainable e-commerce and the benefits of tree-hugging are now going hand in hand. As many of the consumers turned to the social or environmental benefit products it compelled many companies to go green. Many of the companies have started to use biodegradable materials to reduce environmental waste for shipping purposes. In addition, this has constrained many consumers to change their shopping habits. Furthermore an uplift in the sales of eco-friendly products. So welcome green in your online store to attract more customers. Implementing more fresh ideas for this will draw more eyes to your store.
Market trends are not stable they evolve in each time. The success and failure of your long or short term investment depend on recognizing the changing market. So by walking through the aforementioned trends, we hope you will do your investments in the real direction of the market. Also, make sure to take advantage of these emerging trends in the e-commerce industry to boost your sales and conversion rates. In the online market always check for new opportunities and come up with unique ideas to drive more shoppers and built a perfect empire.