Emerging markets are poised to play a significant role in the future of eCommerce. These regions are predicted to have three billion internet users by 2022. Twenty percent of retail sales are expected to come from these regions by that time. These emerging markets will likely have the most to gain from the rise of eCommerce.
Drones
Drones are an exciting new technology that is already being hailed as a potential game changer for eCommerce. A recent report by McKinsey noted the emergence of new technologies, such as drone delivery, in a world where a pandemic and Covid-19 have changed consumer behavior. Drones are expected to help improve shopping convenience by providing speedy and contactless package delivery.
Drone deliveries have many benefits, including saving time and fuel costs. Since they don’t use roads, drones can travel almost anywhere. They also save on labor costs and can safely deliver products that may be perishable, like food. The technology is already being tested in Iceland and Tanzania and will soon be tested in Rwanda.
Drones have been used for various uses, including delivering medicine, monitoring hurricanes, and protecting endangered species. Ultimately, drones may revolutionize e-commerce by improving consumer convenience and loyalty. With this new technology, consumers will be able to purchase items more conveniently than ever, and retailers will be able to collect data from customers to tailor their experiences to suit their needs.
Drones will be an integral part of eCommerce, and Amazon, for example, plans to use drones for up to 80 percent of its deliveries in the future. As this technology continues to develop, more small businesses will be able to use it to their advantage. While regulatory issues may still hinder the adoption of drones in many countries, if these problems can be overcome, this technology can be used for a wide range of eCommerce purposes.
As the drone industry grows, more companies are investing in technology. Many retail and tech giants are investing heavily in drone research and development. With so many applications, the drone industry will continue to grow in the coming years. As more companies adopt drones, drone delivery laws are constantly changing, and businesses need to be vigilant about what the regulations are in their country.
Drone delivery will be the next great revolution in eCommerce. It will significantly cut the delivery cost and speed up the customer process. This will be a massive boon for eCommerce players, allowing them to boost conversion rates and increase revenue.
Personalization
Personalization is an effective way to increase customer satisfaction. Studies show that a highly personalized shopping experience results in a 20 percent higher customer satisfaction rate. In addition, personalization helps retailers reduce buyer fatigue and analysis paralysis. Personalization can be applied to all stages of the marketing process to maximize its effects. It has the highest impact during the “intent” stage when shoppers browse a website. It can also help reduce the choice-making process and increase customer loyalty.
Ecommerce personalization can help increase conversion rates by showing users what they are looking for and highlighting products that are likely to be purchased. Using this tactic can significantly boost conversion rates, particularly for popular products. According to one study, visitors who read three pages of personalized content were likelier to buy than those who read only two pages.
Payment options
Increasing payment options for your eCommerce business is a smart move. Not only will it help you increase conversion rates, but you’ll also reduce cart abandonment. Cart abandonment occurs when a buyer adds a product to their cart but doesn’t complete the checkout process. Offering several payment options will help your customers feel more comfortable with the transaction and increase customer confidence.
If you’re still unsure of the payment methods your customers prefer, consider surveying your customers. You can also research which payment methods your competitors accept. If you’re using Google Analytics to track customer behavior, you can learn how to improve your checkout process and offer more options for your customers.
In the United States, PayPal is the most popular online payment method, followed by Visa and AMEX. In Europe, eCommerce sites have several payment methods that they can choose from. Credit cards, PayPal, and Venmo, are the most popular online payment methods in the United Kingdom. But, in Southeast Asia, cash on delivery remains the most popular payment method.
If your customers can’t pay in full at one time, you can offer a payment plan that gives them several installments. This option is helpful for medium and large purchases. You can also provide a credit option to let customers pay for their purchases immediately. The platform will then collect the money from the customer and transfer it to the seller. You can offer instant payouts or buy now, pay later solutions and set up recurring billing.
Payment methods for eCommerce are constantly evolving. New options are emerging almost every week. They aim to make transactions faster and easier for customers. Providing multiple payment options is helpful for online businesses in two ways: it helps customers feel more comfortable and increases their chances of making a sale. It can also lower costs and increase customer retention.
Social media
Social media is already a massive part of people’s lives – it’s estimated that nearly half of the world’s population spends at least two hours daily on social networks. Many also rely on social networks for education, entertainment, and communication. It only makes sense that they would eventually want to use these social networks for commerce, too.
Social commerce is growing in popularity across the globe. A recent Accenture report projects that by 2025, social interaction will surpass traditional e-commerce by a factor of three. The report also forecasts that by 2025, half of all US adults will buy goods and services on social media.
Social media has proven to be an invaluable tool for luxury brands, boosting brand awareness and sales. A luxury brand cannot survive in the online market without a social media strategy. According to recent surveys, 80% of UK consumers say they purchase a product after seeing it on a social media network. In addition, mobile commerce is growing at 16% per year.
Instagram has introduced shoppable posts, allowing businesses to tag products in organic posts. Consumers can then tap on the posts to buy them. Snapchat has also introduced visual search, enabling users to point their camera at a product or a bar code and be redirected to an online store. Brands have also incorporated chatbots to help better customers make purchases.
If you haven’t started using social media to sell online products, it’s time to get on board. Creating an Instagram or Facebook Shop is essential to a healthy social media presence. While social media will not replace eCommerce anytime soon, it will make it easier to sell your products. The key to social commerce success is to automate the process. This way, businesses don’t have to spend every waking moment responding to questions and comments on social media.
While social media and eCommerce are two different things, social commerce has some significant advantages. It removes friction from the consumer journey and makes the purchase process seamless. In the past, a consumer had to navigate back and forth between an e-commerce website and a social media site. Now, users can save products they like and buy them instantly.
