Across the whole spectrum of retail sales, the percentage that is eCommerce has increased steadily every year over the past decade, consistently reaching a peak at the end of the year in November and December. Keeping track of emerging eCommerce trends for the coming year is vital to maintaining your position in the market. With that in mind, here are a few eCommerce trends that we recommend watching or developing in 2019.
The continued growth and sustainability of your business demand that you keep in touch with and ahead of predicted trends for the future, potentially planning up to two or three years in advance. However, emerging technologies, trends and patterns need careful monitoring when they break away from the path that you have predicted.
One of the biggest eCommerce trends in 2019 will be a continuation of what has already started. Allowing the consumer to choose the best shopping option for them, letting them change their preferences according to their circumstances. Social media shopping is on the rise, application shopping, mobile, desktop, even in-store.
Covering as many of the retail options as possible to attract the widest audience is going to be taking great strides in 2019.
Personalised shopping experiences are the upcoming eCommerce trend that harks back to the times when almost all shopping experiences were characterised by the personal touch offered in small physical stores. Tailoring offers and rewards towards the needs of the individual make for a far clearer marketing message then generic sales pitch.
Loyalty schemes have been one of the biggest incentives for allowing your details to be held for offers and marketing purposes. These loyalty schemes are encouraging users to share their particulars and their shopping habits in return for vouchers, points, and early access to offers.
Traditional payment options like credit and debit cards are not losing favour, but online shoppers are searching for alternatives. Shoppers are becoming more conscious of the potential dangers of personal details becoming available through transaction records, the double-blind safety of payment from a distance, or the guarantee of a safe refund from unscrupulous online retailers.
Paypal is one of the biggest suppliers of proxy payments. However, a massive change in eCommerce trends has stemmed from the cryptocurrency boom that took 2018 by storm. Digital currency has begun the transition from speculative investment to mode of exchange. eCommerce agents and online shoppers alike have begun to clamour for an alternative payment option that allows for the use of cryptocurrencies in everyday transactions.
This development has already started, payment service providers have already begun to create payment channels that can slide into a payment options page as simply as PayPal and Neteller.
In the spirit of predicting eCommerce trends for the coming year, predictive pricing models are becoming increasingly sophisticated. Modelling market trends and creating pricing strategies for implementation in advance of market necessity.
Predictive pricing in retail allows online businesses to make pricing changes that benefit their bottom line. Predicting market movements by following shopping habits of target demographics, market analysis over seasonal periods, spotting patterns in spending trends all combine to give the eCommerce business a pricing strategy best equipt to accurately position a company in the correct position for optimum returns.
Delivery speed is vital when attempting to acquire market share from ‘brick and mortar’ (BnM) stores. An eCommerce trend that has already been started by the giant of online retail, Amazon, is delivery immediacy, first with guaranteed next day delivery and then further with same-day delivery options becoming available in some areas.
While the distribution network that Amazon boasts is not available to most online retailers, operators in small geographical areas or with a distribution network incorporating both storage depots and physical stores, same-day delivery is attainable and a welcome addition to the service side of online retail.
This eCommerce trend could change the face of retail for everyone, from customers all the way back to the manufacturers and brands.
Direct to customer brand sales will see new relationships forming with brands, manufacturers, and retailers. Rather than suppliers selling stock to an authorised retailer, renting “space” and hiring sales staff to sell directly to the customer. Much like the concessions within a larger department store.
This trend could see a significant shift in traditional retail as manufacturers and brands will dictate prices rather than the perpetual price war between retailers.
The above are just some of the significant trends that we can see making an impact on the eCommerce market in the next year. Incorporating some of them into your business strategy for the coming year may be the key to growing your market share in your retail field.