3 future e-commerce trends of 2020
The field of e-commerce has seen significant growth over the past few years, and is expected to grow in the next few years, with total e-commerce revenues expected to reach $4.8 trillion by 2021, according to The Kibo Code Website https://kibocode.co.
Based on the above, it is expected to increase competition in the field of e-commerce in the coming period, which led us to do research in the promising trends that will contribute to the formation of this area in the coming period, and we will review in this article three of the most prominent trends.
Here are the most promising trends that will shape the future of e-commerce in 2020:
1. Selling via Dropshipping retail chain
Dropshipping is a very suitable business model for anyone who wants to enter the field of e-commerce but does not have enough capital to buy, store and sell goods directly to customers online, in which case it can act as an intermediary between customers and merchants who have stock of goods by receiving orders. Buy from customers online and migrate to other online stores that have stock of products to ship directly to customers, in exchange for a commission for each sale.
A report by https://thekibocodereviewed.com/ analyzed the performance of 458 online stores and found that 16.4% of these stores rely on the method of sale through the retail chain Dropshipping, which does not have inventory of goods, but play the role of intermediary between customers and stores that have stock of products, as it turned out This method achieved a remarkable growth of 32.7% compared to last year and also achieved a conversion rate of 1.74% instead of 1.29% last year.
2. Multi-Channel Selling
It is known that shoppers in general do not purchase through one channel only, but there are several possible channels to complete the purchase, in a report to Bigcommerce – a survey of 3,000 online shoppers globally – found that 45% of them purchased from a store Independent online and 78% of them bought from Amazon and 34% bought from E-Bay, and social networking platforms have been involved in the completion of purchases, where 11% of these shoppers said they bought from Facebook merchants and 6 % Of them buy via Instagram and 4% from Snapchat.
Therefore, it is important for those who work in the field of e-commerce to ensure that it has a distinct presence in the sites visited by potential customers interested in its products in order to make it easier for them to access and buy the products they want.
3. Improved the method of processing the payment process Smarter Payment Processing
Payment is the most important phase of the online shopping journey. It is common in the field of e-commerce that many shoppers do not complete the payment after adding the product to the shopping cart on e-stores, which is called “Abandoned Cart”. The most important reason for not completing payments on e-stores is to further complicate the steps of the payment process.
The Kibo Code report at https://thekibocodes.net/ said that the results of the survey of 1799 US shoppers showed that 28% of them said that the reason for not completing the payment to buy a product from any online store is to further complicate the process of completing the payment process, which means that facilitating payment steps on stores Electronic will have a significant role in increasing conversion rate and thus increasing profits over the coming period.