With the advent of festivals, one thing that took over television sets, mobile phones, internet and newspapers was the online sale. Whooping discounts, mindblowing offers, and gift cards became the talk of the town. Yes! This was the magic created by e-commerce sites. Today, e-commerce is not just buying and selling online; it’s much more than that. In this blog, let’s explore Current E-commerce Trends and look at the ones which are here to stay.
Key findings: According to reports published by financial services firm Morgan Stanley in 2017e-commerce is estimated to grow over 1,200% to $200 billion (Rs13,30,550 crore) by 2026, from $15billion in 2016. By 2026, Morgan Stanley expects India to have 475 million online shoppers whencompared from 60 million in 2016.
Searching and shopping using Voice Search: Artificial Intelligence has made voice search a rage. With smartphones, people can search and shop online with their voice. Reports show that about 40% of millennials have used a voice assistant to search for products before making a purchase. Since voice search has become more precise, consumers and e-commerce retailers are reaping benefits. It is also predicted that by 2020, the number of people using voice search for shopping with surpass 50%.
Churning Video Content: Gone are the days of static content. With social media, dynamic content is the fastest growing ad format. Video content is poised to be the next big thing for e-commerce as consumers find video content engaging and relatable, which makes it all the more shareable. Statistics show that video marketing alone can increase the click-through rates by a staggering 200-300% and stimulate purchase intent by an incredible 97%. Hence video content is trending and bound to stay for long.
Creating Interactive Content: Storytelling or interactive content has booked a strong place in e-commerce trends. Unique content strategies are being adopted by online retailers to drive conversions and differentiate. Brands are churning content like recommendations, reviews and opinions to build outstanding customer experience.
Wallet offers and discounts: Demonetization opened realms of opportunities for mobile wallets. E-commerce retailers leveraged the same, and are offering great cash backs on loading money in their respective wallets. Not only this, they have a set a trend by offering discounts on shopping from wallets.
Personalised Shopping Experience: Unlike a normal Kirana store, e-commerce sites have tailored and personalised the entire shopping experience. For instance, when you buy a bedsheet, you are given options of matching pillow covers, curtains, and rugs. Today, online retailers classify the products that you would need on a monthly basis. So just like you subscribe to a newspaper, you can now subscribe for a toothpaste, floor cleaner and much more.
Virtual Shopping Experience Is on the Rise: As I mentioned earlier, AI is changing the face of e-commerce. Today, eyewear brands like Lenskart allow customers to try frames instead of visiting the store virtually. Though this phenomenon is still catching up, soon online retailers will adapt it full-fledged.
Clearly, e-commerce is the future of retail, and though there might be trends that will come and go, virtual shopping and interactive content with a touch of personalisation are here to stay.