The eCommerce market has expanded significantly in recent years. It generated $4.28 trillion globally in 2020, projected to reach $5.4 trillion by the end of 2022. According to predictions, the user penetration rate in eCommerce will reach 50.8% this year and rise to 54.6% by the end of 2022. Furthermore, the number of opportunities emerging from online shopping and social commerce is expected to increase significantly.
The global eCommerce industry is changing constantly. Online businesses must keep up with the latest eCommerce trends to meet the ever-changing customer expectations. You will start losing sales if you fall behind.
eCommerce has a promising future in the coming years. 2022 will be an innovative year. Still, it will pressure businesses to develop new strategies and provide a better customer experience. We expect exciting new technologies, eCommerce trends, intelligent automation tools, and solutions to emerge this year.
Here’s a brief look at the prominent eCommerce trends you need to know about that would rule the market in 2022. Take help from an eCommerce development company to implement them when deemed necessary.
Top 9 eCommerce Trends for 2022: A Detailed Overview
Customer Relationship Management
Customer relationship management (CRM) tools and strategies assist eCommerce businesses in managing customer interactions. CRM is critical for the eCommerce industry because 92% of customers will abandon a company after two or three negative interactions. CRM enables business owners to understand their customers’ needs and behavior better. Better customer support contributes to the strengthening of relationships and the development of a loyal customer base.
The CRM market is expected to be worth around $128 billion by 2028, with a compound annual growth rate (CAGR) of 12%. Furthermore, more than 91% of businesses with ten or more employees use CRM to manage customer exchanges.
Video is all the rage in eCommerce right now, with online retailers incorporating everything from product explainer videos to short video testimonials into their marketing campaigns. It makes perfect sense when you think about it because a video eliminates the uncertainty of ordering a product you’ve never seen before.
You can see the item in real-time, get a sense of its size and structure (which a photograph may not convey), and learn how it works. Furthermore, a current lot of consumers with short attention spans prefer watching videos to reading product descriptions.
Influencer Marketing/Social Commerce
Last year, social commerce accounted for $30 billion in sales in the United States alone. Social commerce is all about selling products directly through social media channels. On social media platforms like TikTok, Facebook, Instagram, Snapchat, and Youtube Shorts, short videos, paid advertisements, and influencer marketing help drive purchase decisions.
eCommerce platforms have made significant investments to assist their customers in taking advantage of social commerce.
Live Streaming Commerce
Streaming in Real Time Commerce is a new trend in which brands (or influencers they’ve hired) do live streams (i.e., produce live content where their audience can interact with them), highlighting commercial products. And they’re not just promoting those items and providing a link in the description. Some video streaming platforms even allow you to buy those items while watching the live stream.
Live stream commerce is currently viral in China, and it is also gaining traction in the United States. Shows can be live-streamed on television, social media channels, websites, or mobile apps.
Mobile commerce has been a growing trend in recent years and is expanding at an unprecedented rate. Studies estimate that mCommerce sales are growing 200% faster than traditional eCommerce! mCommerce is simply any transaction that takes place on a phone or tablet. Because people are constantly on their phones, this is undoubtedly beneficial to marketers. They use them while in line at the store, at home on the couch, on the train, and at doctor’s appointments.
Mobile commerce has also altered how businesses view sales. Customers can use their phones to pay in stores and order products from various apps and online marketplaces. It will help to boost SEO services.
Adoption of Artificial Intelligence
Artificial intelligence (AI) is a technology designed to mimic human intelligence. It has the ability to learn and adapt to consumer behavior to produce more accurate and valuable results. Businesses can provide customers with a more comprehensive purchasing experience by implementing AI technologies. AI technology is used in many aspects of eCommerce.
Personalization (70%), site search (54%), forecasting (52%), and marketing (43%), according to Statista, are the top areas where businesses use AI. During design and development, you can take support from the development team to integrate the required plugin. We have noted that most WooCommerce development companies help customers integrate these technologies fast and efficiently.
A digital catalog is an online promotional document that contains product and service information. It usually includes high-quality photos, videos, pop-up graphical images, and descriptions. Creating a one-of-a-kind e-catalog can help increase conversions. A study shows that 93% of online shoppers consider visual aspects when purchasing decisions. Furthermore, 52% of visitors will not return to a website if they are dissatisfied with the aesthetics.
Brands can elegantly showcase their products and services by using online catalogs. Digital catalogs also allow marketers to use product photos in real-life settings, which helps online shoppers visualize how the product will appear in various settings. It is another growing trend.
Virtual and Augmented Reality
AR combines the actual, physical world with computer-generated visuals, sound, or other stimuli. Meanwhile, virtual reality (VR) is a simulated experience that uses a special VR headset to immerse the user in a seemingly real computer-generated environment. Many eCommerce companies are implementing AR and VR technologies to provide a more immersive shopping experience.
These technologies are well-received by consumers. According to a survey, 71% of people would shop more if a company used augmented reality. Furthermore, companies that use VR successfully increased conversion rates by 17%.
Additional Payment Options
It all started with credit and debit cards. Then came tools like PayPal. However, online shoppers may now prefer to pay in various ways. The more options you give your customers, the more likely they will buy from your online store.
One powerful emerging trend is digital wallets such as Venmo, which allow customers to pay using an app or a QR code specific to businesses. Another popular payment method is Buy Now, Pay Later (BNPL), and similar services such as Pay in Four. Customers can pay for larger purchases in installments without having to qualify for or waste time with credit checks and traditional financing.
So, which trends do you think to resonate more with your business?
Just as big hair and shoulder pads were popular in the 1980s, not all eCommerce trends in 2022 are appropriate for all eCommerce businesses. Some trends, such as AI and AR, may be prohibitively expensive to implement unless you operate at an enterprise level.
Consider your customers when deciding which trends to invest your time and money in. Examine what your competitors are doing and keep up with the latest research. It is more important than ever in 2022 because, as we’ve seen in the last year, anything can happen. Statistics from today may be obsolete by tomorrow.
2022 will also present you with some challenges. At the same time, the new eCommerce trends of 2022 clearly show that there will be many opportunities this year to differentiate yourself from the competition. Rest assured that you will have a successful business year at the end of the year if you keep up with at least a few of these trends.