Is Innovation Important For E-Commerce Business In 2020?

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ecommerce

E-commerce retail has become so popular and common, that almost everyone today purchases something online. Customers would expect a friendly user experience. The buyers hold the power and it is your concern to assure them at least a satisfactory experience.

With an exponential increase in the number of online businesses, it is important to follow the latest trends. This will give you an edge over your competitors. Users should be attracted to your website and this can only be done by providing them with whatever they want in the most convenient manner. E-commerce is bound to become a huge industry later and to save a defining place in the game, you need to get a head start.

Innovations and trends are your head start. In this article, we discuss some trending strategies and how they can help your business grow.

Importance of Innovation For E-Commerce

Businesses are dynamically moving towards e-commerce since it clearly provides higher profit margins. Not only is this industry financially better, but it also makes the process hassle-free on both ends – buying and selling.

However, all these upsides also come with a few downsides. A crowded marketplace. There are thousands of newer marketplaces coming up these days. This adds to the problem of increased competition. With these many businesses moving online, it is way harder to find a brand differentiator. This is where innovations come in. If your e-commerce business can keep up with the newest trends and continually innovate in the same way as Pinduoduo does, then you’re gold.

Trends to Watch Out For

With fresher and better trends coming out every single day, it is important to keep up for a successful business. Below we have listed a few crucial trends, some of them new and others time-tested.

Omni-Channel is the New Normal

Omni-channel is a strategy that places your customer at the core of the entire experience. The main goal is to provide your buyer with a seamless shopping experience. As per research, this approach can boost sales, provide a better user experience, and lead to improved data collection.

Statistics show that many consumers go through various sources to gather as much information as possible. These sources can either be online or offline, or maybe via mobile, laptop, or tablet. Usually, products are not even bought on the first go, rather they are saved for later and viewed on some other device. An Omni-channel approach assures that they have a unified experience. All-in-all, this strategy focuses on the entire user experience and not their individual experience on each channel.

Social Commerce

A strong social media presence will never go to waste. With a majority of the world heavily using multiple platforms, it can lift your business. Pop-ups on these social media platforms redirect your target consumers to your product which boosts sales. Studies have shown that over 80% of online customers purchased products straight from social media. With an increasingly dominant role in online marketing, these platforms also profoundly engage their users in impulse buying. Posts also have links embedded in them for instant redirection.

Super-Fast Delivery Service

A number of online marketplaces have started providing one-day or two-day delivery options. They usually come as a bonus to their subscription plans. Customers are also provided with an estimated date and time of delivery. This builds trust and favors the shopping experience.

Advanced technology has led to the complete elimination of human participation by making deliveries via drones and droids. These delivery services are quickly gaining momentum as instead of a day, they can ship within a few hours. A few e-commerce businesses also provide an option to make the purchase online and collect the product from their nearest brick-and-mortar store. Not only does this reduce logistics on the seller’s end, but the product also reaches its destination within minutes.

Personalization Is King

As per studies, personalization of content can result in higher sales. It makes the user feel special which is beneficial for your business. When consumers see recommendations targeted towards them, it makes their search easier, boosts customer loyalty, and increases traffic on your website. Personalization is a great way to improve customer relationships as well. Users today do not mind giving their information to websites for a more personalized experience.

Buyers Are Going Green

The environment is swiftly becoming a topic of discussion in every conversation. The number of concerns is increasing at an alarming rate making people a lot more environmentally conscious. Many people have started taking the responsibility to go green and raise awareness. They want to be more informed about the whereabouts of the product so they can make eco-friendly purchases. Thus, your website should incorporate sustainability and an eco-friendly atmosphere to cater to everyone’s needs.

Voice Assistants

The voice search feature has been quick to gain favoritism from many people. You can search the internet without typing or looking at the screen, it does not get any better.

Voice-based shopping has seen a surge in the past few years and ideally, it will continue to grow. The user would not have to research their products. They have to verbally describe whatever they would like and make a purchase. After Samsung’s Echo, voice commerce rapidly became popular. Experts predict that shopping via voice commands will soon be as generic as shopping via desktop searches.

Innovation Is Important in This Ever-Changing Market

There are many other techniques like chatbots, one-click checkout, augmented and virtual reality, blockchain technology – that can be integrated to improve your user experience. The e-commerce industry is expected to experience a huge boost in the coming years. Unfortunately, this also means more competition. To stay competitive and successful, it is important to keep innovating and updating.

It is only 2020 and we are already on the deeper end with regards to most of the high-end technology operations. The future holds a lot more and each year, each day there will be a ton of other ways to grow your business online.