These recent days we can see E-commerce is likely to be the buzzing word moving around the world. But Why? The answer is simple, as we can see the disaster which grounded the industries for the past few months due to the pandemic situation of COVID-19, there is tremendous growth for the e-commerce industry, and it is going to mark up a stand in the market, setting the other industries aside.
So, the future of e-commerce business in 2020 is going to set up a trend, and its awareness has reached millions of people throughout the world, so it is an excellent opportunity for the e-commerce industry to become the priority for the customers in fulfilling their online marketing requirements.
Let us now understand the importance of E-commerce trends and the future of e-commerce business in 2020
Future of e-commerce Business in 2020
e-commerce business Model: There are four types of business models which we follow for e-commerce business:
- Business to Business(B2B)
- Business to Customer(B2C)
- Customer to Customer(C2C)
- Customer to Business(C2B)
So, it is a must for anyone who wants to start a business in an e-commerce platform needs to understand these models as these are the basic things to be acknowledged before starting an e-commerce business.
AR increases reality in e-commerce:
Augmented reality, which is trending technology, will take the business to the next level when applied in the e-commerce platform. People find things they look to purchase, their price, features, etc., and if AR is enabled along with these features, it will drive more users as it generates a sense of reality, making them visualize things in a much broader way.
Growth of M-commerce:
With the rise in mobile users’ use, M-commerce or Mobile commerce also increases exponentially. With mobile devices, people can make business transactions by following a few steps, and this entire process is known to be M-commerce. Few examples of M-commerce are in-app purchasing, making use of digital wallets such as Apple pay, Samsung pay and Android pay, mobile banking, and use of Virtual apps like Amazon mobile app.
AI in E-commerce:
Artificial intelligence plays a crucial role in the e-commerce business. By facilitating the users with 24/7 customer support service, it requires a human resource to assist the users, but it will be much more comfortable by automating the process through implementing AI-driven personal assistants and with the help of chatbots, customers need not require to wait for a longer time to receive the response for their queries, and the chatbots save the time and effort spent by any human resource.
Voice Search changes the way of purchasing:
As per Google,20% of mobile queries are through voice search and 50% use voice for web search. So, as we can see, people find it more convenient to search for queries or any requirements through voice search. It is an opportunity for the e-commerce business to enable voice-powered purchases to drive more business.
Multiple Payment methods:
The entire shopping process ends with the payment, and people find it easier when provided with multiple payment options. So, it important to understand the preference of payment methods globally and need to simultaneously integrate them for seamless payment for the customers.
Growth of Businesses post COVID-19 with the E-Commerce platform
Visitors pay attention to Videos:
Most of the customers trust the product by watching the video promotions and the reviews shared through videos. Customers prefer videos over images shared on the site. To gain their trust, boost sales, and enhance visitor engagement, consider adding video plugins of products to your e-commerce store.
Conclusion
It is predicted that the e-commerce industry will drive exponential growth, and the growth rate is found to be $5.9 trillion by 2023. So, if you are planning to start your business with the help of an E-Commerce platform, this is the right time to upgrade your business with the online shopping store.
We at Krify have a team of skilled professionals who are passionate about developing robust mobile and web applications and delivering a flawless result, by understanding the business requirements. If you are planning to start an online shopping platform, we have a ready product of e-Commerce mobile application and Website. For more details, contact us.
