Improve your E-commerce strategy with the latest trends for 2019
Adapt or perish
Global online sales in 2018 saw an enormous boom rising to $2.8 trillion globally. In 2019 it is expected to grow to $3.5 trillion. These might seem like staggering numbers but online sales only account for around 11% worldwide. That means that there is a massive opportunity for growth on the horizon.
Building Brands Through Content Community and Ethics
The triad of content, community, and commerce will rise in importance with each pillar supporting the other. E-commerce is constantly evolving according to new customers behaviours and needs. Patrons are looking for smooth application interaction, a fast payment checkout, great customer service, and rapid delivery. On top of this, customers are looking for brands that reflect their values.
The Rise of Mobile Payments and Person-to-Person Platforms
Leading major future trends is the exponential growth of mobile devices and increased mobile commerce worldwide. By 2021, mobile e-commerce sales are expected to account for 54% of total e-commerce sales. Our devices become the tools to not only browse for items but to purchase while at home, or on the go. The future of e-commerce is all about reaching for your phone rather than your wallet.
From Card to Phone
Payment methods like Apple Pay, PayPal one touch and Amazon Pay are already making it easy for consumers to send funds directly to merchants without having to deal with a third party. In the end, this means instant transactions and a higher conversion rate. It also means a reduction in pain points between seeing a product and the point of purchase. The next generation of customers won’t want to deal with cash or credit cards, instead opting for a biometric verification or a swipe of their phones. In this case, funds will be stored on crypto wallets run on a mobile application.
Dynamic Pricing for a Changing Global Economy
Clearly, consumers are changing and e-commerce has to evolve quickly to stay ahead of changing expectations. This involves every part of consumer decision making, including when, where, and why people make their purchases. Global platforms will have to adapt to emerging needs. While sales and brand interactions may begin online, they will bleed into the offline space with increasing regularity.
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The Artificial Intelligence Edge in Marketing and Sales
Another standard practice rising to prominence in e-commerce is the integration of artificial intelligence and machine learning technology. Amazon CEO Jeff Bezos credits the integration of Artificial Intelligence with Amazon’s most profitable year to date. But global logistics are only one way that artificial intelligence can be used to cut profit margins and increase customer happiness.
It can also be used to improve product recommendations in order to offer customers exactly what they want, or to improve customer service and response time more efficiently. This means that business is accelerating to meet the needs of customers and payment platforms which can facilitate this will ultimately take market share.
More Sales with Augmented and Virtual Reality
E-commerce has also seen a rise in the use of Augmented Reality and AR. AR has the potential to radically increase sales conversion rates, as retailers will be able to offer a preview of their products and services to their customers, in real life scenarios. If you want to purchase a bed or a desk, you can use your smartphone to see what it would look like in your room in real life. Throughout 2019, eCommerce will witness an increase in integration of the AR services into their platforms.
Product Search by Voice
Voice search is emerging as a dominant force for online sales. According to Comscore, 50% of all searches will be voice searches by 2020. Adoption of smart home appliances such as Amazon Echo and Google’s Home units has been a major driver of voice search and will continue to lead the market. This means a further blending of offline and online sales interactions. It also indicates a new way that customers will have to be called to action to push sales.
Paying for the future with crypto
Global business needs a solution which can scale worldwide and virtual assets are rising to fill this gap. It can already be seen with the proliferation of cryptocurrencies focused on vaulting barriers in cross border transactions like Ripple and JPM Coin. Ultimately the platform that allows the most utility to the greatest amount of people will claim market share.
Platforms like UTRUST, and others will play an important role when it comes to crypto currency. As changes in the digital sales landscape take place, these new platforms are establishing a payment ecosystem which will help form the global foundation of e-commerce. More so, we hope to ensure that all other e-commerce platforms will be able to scale past 2019 and into the future.