eCommerce sales are projected to hit over $5 trillion in 2021, that means it will be around 20% of the overall global retail sales.
Consumers seek instant turnaround times and 24/7 access to their desirable products, specifically millennials and gen Z consumers. Gen Z consumers are connected on constant bases through an online environment and are recognised as digital natives. Immediate access and convenience will become norm in the near future.
Smart phones are paving the way for seamless shopping experiences like search, comparisons, discovery and smooth payment gateways. Mobile shopping is set to increase over $200 Billion this year. User friendly and secure payment checkouts are making it more convenient for users to buy online. like Samsung Pay, Apple Pay, Google Pay and Paypal are transforming payment convenience. eCommerce has made shoppers even bolder, now new trends suggest that over 40 percent consumers are opting to buy foreign products more frequently.
With the increase of voice browsing, voice eCommerce is gaining more traction. Plus, soon cryptocurrencies will be in vogue. Social media platforms are facilitating customer to buy directly from their platforms like instagram, facebook, youtube and twitter. Once America was dominant force in ecommerce transactions, now rest of the world specifically China, Brazil, Pakistan and South East Asian regions are thriving.
Bluetooth low frequency Beacons are enabling frictionless transactions, this trend will be on the rise. Beacons have integrated small sensors that send and receive consumer information in a discreet manner, that includes demographics, purchasing power, previous shopping experiences, preferences and predicts future aspirations too. Thus makes shopping experience pleasant and hassle free. Retail and marketing industries can benefit beacons tech, Augmented reality and virtual reality.
Augmented reality will provide real-time interactive experiences. Augmented reality removes the physical boundaries and helps process ecommerce transactions in real time virtually while maintaining that real world shopping experience intact. Artificial intelligence based digital assistants will revolutionise ecommerce. Currently, Google, Cortana and Siri are making waves, but in the near future digital assistance will even make eCommerce experiment more fluid. Major players are already heavily investing in AR & VR.
Traditional customers prefer to buy in store because they are often concerned about issue like how it gonna fit and how it gonna feel. Augmented reality addresses both issues head on and let’s experience in the real time as in-store sales like cloths or jewellery. It’s been estimated that merchandise that returns from consumer’s end because of misfit costs around $300 Billion in terms of potential sales. Through Augmented reality consumers will be in position to view and experience desirable products from the comforts of their homes and then make transactions through their smart phones.
Shopping offers escape from stressful, hectic daily routines for many, in fact the consumer wants to experience instant gratification. Secondly, consumer desires to be in the limelight on platforms like social media. So retailers are increasingly integrating social media trends with their brands. Driverless cars and drones are too gaining momentum gradually.
In the near future, technology driven eCommerce transactions will prove to be delicate, pleasant and timely.
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