4 Ecommerce Trends that will Revolutionize the Retail World
Last week we took you through a thrilling e-commerce journey, discussing 4 e-commerce marketplace trends that are reigning over the digital world. Today, we’ll discuss 4 more trends that are gaining momentum and marking their place in the retail world. So, if you’re thinking of climbing on the e-commerce bandwagon, these trends will help you find the fastest way to e-commerce stardom.
The customer is always right.
Ever heard this saying? Of course, you have.
By making this your mantra, you can roll in green dollar bills. Why? Because, in the e-commerce world, consumers have all the power.
Customer service is now more essential than ever. Providing a seamless customer experience through a user-friendly interface, efficient checkout process, faster delivery, customized options, etc. is your route to e-commerce stardom.
Forrester Research, in a study entitled “U.S. Online Retail Forecast, 2011 to 2016”, reports that consumers will be spending a whopping $327 billion by 2016 (up from the $200 billion spent in 2011).
This also means that more and more retailers will get on the e-commerce bandwagon. And, in order to have an edge over all other retailers aboard, you need to be in sync with the latest trends that vow to provide great customer experience.
So, with 2016 looming, which e-commerce marketplace concepts will enjoy a surge in popularity?
1. Discovery Shopping
Shopping is not a utilitarian function, but instead, a process of discovery.
– Hiroshi Mikitani, CEO of Rakuten Inc.
Online shoppers are leaning more towards discovery shopping experience – to discover, get excited, and be entertained. Discovery shopping offers consumers a one-of-a-kind online shopping experience – to browse through the marketplace and get customized results by selecting different styles and color choices, and perusing similar results.
It is akin to social e-commerce – using social networks to conduct e-commerce transactions. It allows users to share content and refer products to their friends, resulting in the amplification of direct sales via various social channels.
Social Shopping website, Polyvore, offers consumers a shopping mall experience without the walking, shoving, and getting tired bit. At one click, consumers can leaf through different styles, brands and products pertaining to the fashion industry, and create unique outfit inspiration boards.
2. B2B e-commerce Marketplace
While B2B companies were a little slow in embracing the digital world initially, more and more businesses have now started choosing online e-commerce platforms in favour of their brick and mortar stores.
According to Frost & Sullivan, this migration of B2B companies will account for $12 trillion in sales worldwide by 2020, which will allow it to surpass B2C e-commerce market quite easily. Several factors set B2B e-commerce apart from B2C ecommerce– including varying prices, complex marketing, and higher volumes.
Everybody who’s anybody in the digital world is well aware of the B2B e-commerce giant, Alibaba. According to Frost and Sullivan Alibaba has gross merchandise value of $27.28 billion, allowing it to stamp its authority on this growing market.
3. Hyper-local Marketplace
With everything going the digital way, it was about time local services took the online route, as well. From receiving groceries and medicines to enjoying food and hiring locals for services, the hyper-local market provides all this and a lot more at one click.E-commerce markets in this space offer faster delivery times, better packaging, and hassle-free local services on the go.
This vote of appreciation by users has propelled hyper-local marketplaces to invest in their growth and geographic expansion, helping it reach skyrocketing heights in the e-commerce space.
Leading this pack are hyper-local start-ups like Grofers and Instacart. They deliver on-demand groceries and other similar products to online shoppers, gaining appreciation and building trust of online consumers by making grocery-shopping hassle free.
With positive customer experience, efficient services, fast delivery, and all of this in just one click – what’s not to like?
4. On-demand service Marketplace
The digital world has made consumers accustomed to getting everything swiftly and efficiently. There’s no need to wait in lines anymore or stress out at the thought of going to the store again. With tablets, mobile phones, laptops and whatnot, asking someone to come and do your chores for you are just a tap away. This has encouraged technological companies to come out with products that make it even easier, quicker and more efficient for consumers to purchase and receive services.
This concept works on the simple principle of demand and supply – meeting consumers’ demands on time and on point. Food, home services, retail, beauty products are among the markets that have taken on-demand e-commerce world by storm.
On-demand marketplace makes it easy for buyers to purchase skilled services without going through the usual hassle of finding someone who is prompt, efficient, and has the right skills. All it requires consumers to do is go to the specific website, choose a service, and purchase it. Yes, the e-commerce world has made life a lot easier.
Enter, Amazon. This e-commerce platform is a perfect example of an on-demand marketplace. It is the go-to place for consumers looking to purchase any service. And as a service provider, it gives you a platform to sell your services to a gigantic consumer base. Another great example of an on-demand marketplace is StyleSeat, an e-commerce haven for beauty experts. This virtual salon provides retailers and service providers with the ability to book, connect and sell to clients. Salon professionals can sell high-end beauty products through this platform and benefit from their safe online purchasing environment.
“The internet makes human desires more easily attainable. In other words, it offers convenience. Convenience on the internet is basically achieved by two things: speed, and cognitive ease. If you study what the really big things on the internet are, you realize they are masters at making things fast and not making people think.”
— Ev Williams, Twitter co-founder
Ev Williams does an excellent job of summing up two things that set gurus apart from mediocre players in the world of e-commerce. So choose an e-commerce platform that can support any type of customization, scalability frequent updates, and the works. It’s all about connecting with your customers and meeting their needs in the best way possible.