The year 2020 is special in many ways, and some people probably can’t wait for the new year. One of the big winners in 2020: online retail. Because this has picked up speed significantly thanks to, or perhaps just because of, the Corona pandemic. But will this trend continue in the new year? And what new developments can we expect in eCommerce? We present the most exciting trends for 2021.
We take a look back: Did our top trends for 2020 prove to be true?
Trend #1: eCommerce continues to grow rapidly
eCommerce has never been more popular from the customer’s point of view and more profitable from the retailer’s point of view. Experts predict that online sales will grow to $4.5 trillion in 2021. The exponential growth in online retailing seems unstoppable. Products that were previously purchased in brick-and-mortar stores are increasingly finding their way online. This is partly due to the comfort and ease of online shopping. Many bought online for the first time in 2020, while others are becoming more and more accustomed to the new form of shopping. In addition, eCommerce enjoys increased consumer confidence. Many web stores have greatly upgraded in terms of usability. In addition, many online retailers now offer free delivery as well as returns and various payment options, so that the processes of online shopping have generally improved, offering customers an optimal shopping experience.
Trend #2: Social Commerce
Social commerce is the new way to acquire customers. That is why social networks such as Facebook, Instagram or TikTok are becoming increasingly important for eCommerce and offer numerous opportunities for sales as well as the marketing of products. For example, online retailers have the opportunity to link their online presence with customer recommendations and a direct purchase option. Instagram, for example, offers the possibility to tag products in photos and stories and to refer to further product information with one click. Another advantage: You can reach your target group more easily and get in touch with your customers directly. In addition, there is the possibility to define your target group in advance by placing paid advertisements and thus considerably increase your reach.
Trend #3: Acquiring new customers thanks to artificial intelligence
Artificial intelligence has long been used in various places in online retail. For example, AIs already provide intelligent product recommendations, help with product visualizations and customer service, and will be used even more in the coming year to acquire new customers. Intelligent algorithms, used in the right place, improve workflows as well as processes and in turn increase sales and profits. Artificial intelligences are already analyzing product trends, prices and customer behavior and will increasingly support the areas of forecasting and pricing in the future. The benefits of AI in the sales process are very promising and are increasingly helping online retailers to gain a competitive edge over their competitors.
Trend #4: In-depth pricing as a decisive competitive advantage
Pricing adapted to the dynamic market enables online retailers to remain competitive while attracting new customers. After all, sales and thus profits can only be increased if prices are set correctly. Therefore, avoid manual pricing and use software that supports you in pricing instead. Tools such as blackbee offer you valuable insights into the pricing of your competitors and provide you with an overview of the entire market. In addition, these tools help you determine the optimal product price for you. Do you need more information about price optimization and price management in eCommerce? Send us a message – we are looking forward hearing from you!