The eCommerce industry is growing faster than anyone might have anticipated a few years back. The COVID-19 pandemic has further accelerated its upward momentum with an upsurge of 60% in items per order. eCommerce is expected to clock a revenue of US$ 476 billion by 2024, a marked improvement from US$ 343 billion in 2019.
If you work with eCommerce companies and want to scale up your business, browse through this article to discover the top eCommerce trends and statistics that will redefine the industry in 2021. This goldmine of information can help you redesign your marketing plan and take advantage of the trends before they hit the limelight.
For quite some years now, eCommerce growth statistics have been gravity-defying for good reasons. eCommerce stores offer better convenience and higher discounts than brick-and-mortar stores. However, any discussion on what the future holds for this industry leaves the experts divided.
For instance, one source points out that the industry is expected to touch revenues of US$ 6.54 trillion by 2022. Another report points out that the eCommerce industry is set to reach a whopping sales figure of US$ 4.8 trillion by 2021.
Despite conflicting reports, one thing is certain - the global eCommerce industry will set itself on an unstoppable growth path in 2021.
Almost all online shopping trends and statistics indicate that consumers are fast moving towards mobile shopping. Research suggests that the revenues from mobile eCommerce will touch US$ 3.5 trillion in 2021 and contribute 72.9% to the overall eCommerce sales.
If you have shied away from eCommerce companies with a mobile-first approach, you must scour up the list of Amazon sellers to find businesses that can make it big due to their mobile-first policy. As you spot the future leaders early, designing your marketing plan will only get easier.
As more and more youngsters join the fray, the eCommerce industry will incorporate their preferences to reshape their products and services.
A Shopify survey found that every two of three youngsters (between 18 and 34), or 67% to be precise, have permanently shifted to online shopping and spending a major chunk of their income on online purchases.
When it comes to the inclination for online shopping among older adults (age 35 and above), eCommerce trends figure the growth rate between 41% and 57%.
Hence, target eCommerce companies that expand the room to include the younger generation. They will decide the future sales potential and drive revenue.
Gone are the days when consumers visited an eCommerce website to learn about their business. Now they receive their daily dose of product-related information through social media.
US eCommerce statistics state that at least 25% of shoppers online check social media while purchasing gifts. Moreover, online stores with active social media pages generate 32% higher sales than those not on social media.
For instance, if you are on Facebook, you ought to know that an average user clicks approximately 12 ads every month . Also, 48.5% of B2B decision-makers visit Facebook to find critical information about consumer preferences.
As a result, it's worthwhile to take advantage of social media channels while working with eCommerce companies in 2021.
Green consumerism is reshaping the eCommerce landscape. Now, consumers realize that the environment plays a crucial role in their sustenance. They are showing an inclination to move towards environment-friendly products. And in their endeavor to save the environment, customers believe it's worth it to spend more.
A survey discovered that 58% of consumers between the ages of 16 and 21 do not mind paying extra for green products. At 61%, the figure is slightly higher for the millennials (between 22 and 35).
eCommerce brands will use AR and AI to find customers, make their products attractive, and drive organic traffic. ABI Research observes that more than 120,000 eCommerce stores will use Augmented Reality by 2022.
Augmented Reality enables the consumer to experience a product and its impact firsthand. As they try out the products in real-time, they can find one that suits their needs.
Artificial Intelligence, on the other hand, enables the consumer to get a more personalized online shopping experience. It also simplifies tracking and helps brands locate relevant customers.
Customers want their brand to recognize them. eCommerce statistics in 2021 suggest that 50% of online shoppers felt more attracted to stores that offer personalized shopping experiences.
Today, personalized product recommendations and a simplified buying process can be the difference between a struggling and growing eCommerce business. Marketers believe that an eCommerce store can retain customers more when they offer a personalized shopping experience. In contrast, a store loses customers if they offer little or no personalization.
Resultantly, you need to look for businesses that invest in personalization strategies and offer more to their customers.
eCommerce trends in 2021 point out the biggest drawback of online shopping: a lack of contact between the seller and the buyer. Visual commerce is changing that and will continue to change it this year.
Brands are being more innovative in designing their products. The image recognition market is expected to grow to a staggering US$ 81.88 billion by 2026 . As visual commerce expands its base, brands will use visuals like user-generated content, live videos, viral videos, interactive content, and Augmented Reality.
Getting actionable data has become crucial while working with eCommerce companies. 2021 will redefine eCommerce by making AI, AR, visual commerce, green consumerism, and personalization mainstream.
Apart from studying the latest trends, it's useful to make the best of a targeted eCommerce website list to look for the best companies to work with in 2021.