Ecommerce is the act of buying and selling products electronically. It was a revolutionary idea that changed the way people shopped and it began in the 19th century. It happened at the same time where the semiconductor industry was seeing rapid growth. This is because e-commerce relies on efficient electronic data transfer between the customer and the retailer. The retailers also want security associated with the business. The technology exists today that makes it possible to efficiently deliver the right products to the customers.
The research indicates that the world has about 1.9 billion people buying various products electronically. Statistics suggest that e-commerce businesses will see a 265% increase in growth, increasing their value from 1.5 billion dollars in 2015 to 2.3 trillion dollars in 2023. The E-commerce trends in 2021 use up and coming technologies that are bound to increase the sales and revenue of this industry.
The communication between the retailer and the customer has also increased because of e-commerce technology. The retailers get more information per customer per purchase of the product. This is because in recent years technology has improved enabling better and efficient data handling. Systems exist within the retailers to take non-personal customer data and use it to determine each customer’s personal preferences. This happens both online and offline, but the online e-commerce business certainly has an edge because of the personalized content that can be presented to the customer. The customers are also moving to the online industry so much that the retail market has taken a hit. It has forced many offline stores into having their own online outlets.
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The E-commerce Approaches in 2021 and Beyond
With all that said, the E-commerce industry has not stopped growing. It is quickly integrating the new innovations that are coming along. E-commerce is rapidly moving into mobile devices for the last 3 to 4 years. It is also taking advantage of artificial intelligence and augmented reality technologies. The customer requirements are being satisfied with the reduction of manpower and increased efficiencies.
M-commerce Approach
M-commerce is a term that refers to any shopping and selling done with the help of mobile devices. It has been going on to such an extent that it got its own new name. It is one of the primary E-commerce trends in 2021. In 2018, people spent over 18 billion hours in mobile shopping. Due to advancements in technology like mobile payments, cashless payment is becoming popular. Mobile payments surpassed both credit card and cash payments in the year 2020 and the trend is set to continue.
E-commerce with Artificial Intelligence(AI)
AI has generated a lot of speculation in the e-commerce industry. The E-commerce industry works the best when customer support is handled well and in an efficient manner. Using artificial intelligence in marketing has definitely been one of the top E-commerce trends of 2021. It works well when each customer gets a personalized experience when using the e-commerce service. Today’s online stores have to function 24 hours a day. Providing relevant information with the help of AI-powered chatbots and using AI to boost inventory management has been the latest trend in the e-commerce business.
Hyperlocal Marketplace
The hyperlocal marketplace is a term when the local retail stores are connected to one another with the help of e-commerce technology. It incorporates both offline and online stores and is one of the top E-commerce trends of 2021. These special forms of marketplaces gained traction in the period of the pandemic, where strict no-contact was to be followed. Hyperlocal marketplaces had this type of transaction built into them. Local retailers used e-commerce services to take the orders of the customers and an on-demand delivery service took care of the order deliveries. Since its effectiveness has been established, ever more hyperlocal marketplaces have been coming up.
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Augmented Reality(AR) Based Shopping
Augmented Reality(AR) incorporation is one of the E-commerce Trends in 2021 based shopping has already been installed in many stores. This makes use of a mobile app that can automatically detect the type of product in the store. The user needs only point the device’s camera at the product. The application helps in swift check-out of the customers in the store since it eliminates the need to wait. The products purchased are validated once the customer chooses them, and then again at checkout to avoid any mistakes. Amazon Go stores are one example of fully functional AR incorporated Shopping stores.
Group Purchase
Group purchase is another one of the E-commerce trends in 2021 that is occurring in every online store. Using this feature of the e-commerce website, customers as a group can purchase items together. This feature has allowed people to prescribe and buy products to other people, family, friends, and acquaintances. The whole group gets attractive discounts when they use this feature. This is because retail sales increase by using this feature. This is a novel feature, and a required number of sign-ups are a condition to use this feature.
Social E-commerce
Social E-commerce is also another growing trend of the e-commerce market. It uses the social media people use to merely connect with each other to also become an electronic market. The social media apps plan to incorporate in-app purchasing options to their users. It is obvious that this strategy can improve sales of good products since the users of social media share things they are interested in constantly. Here the sellers get a particular advantage. Honest sales also tend to increase in such a method as bad products will decrease the reputation of the particular retailer.
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Conclusion
E-commerce has embraced growth from the very beginning. It emerged as a new idea of taking the retail store online. Now it is outperforming its predecessors, and statistics indicate that it is going to breach the market. Nextbrain Technologies is an eCommerce website and mobile app development company located in Bangalore, India. It also designs E-commerce websites both for desktop and mobile. It has delivered such products to its many clients around the world.
Saran
March 04, 2021 Author