Whether you’re just setting up shop, have a couple years under the belt or are an established player, you’ve got to keep checking out all of the latest industry trends to remain up to speed, let alone ahead of the curve.
“How can I possibly do that?” I hear you cry, “when I’m so busy already?!”
Don’t fret – Clipman’s got your back.
We’ve rounded up 9 of the most intriguing eCommerce trends as we head deeper into 2017 and the stats that really make them tick. These are the areas that we think are about to blow up, or already in the beauty of mid-explosion.
So whether you’re reading for pleasure or looking for business plan inspiration, grab your coffee, sit back and let’s get cracking…
1. eCommerce is Ballooning
In the US alone, online shoppers spent $327 billion in 2016 – that’s a 45% rise from the $226 billion they spent in 2015.
And who knows how big the leap will be in 2017?
Nobody, of course, but forecasters are having a whale of a time. Current reports estimate that by 2020 there will be an additional 26 million US shoppers online and a total US online spend of $523 billion.
2. Shopping by Smartphone
Only 11% of consumers now purchase via computer alone – the remaining 89% are using multiple devices and the biggest of these is mobile.
Revenue via smartphone is overtaking revenue via computer as we speak. Rising from a 40% stake in 2015 to 50% by the end of 2016, this year will officially be the dawn of a truly mobile-driven eCommerce landscape.
Mobile accounted for 59% of consumer sessions in 2016 but just 38% of revenue. Mobile is used more often yet for less expensive purchases, yet this figure is ticking over with 2017 forecasts of $156 billion in mobile spend set to rise to $336 billion by 2020.
3. Location, location, location
Location-based advertising is the fastest-growing element of eCommerce right now, with mobile and web platforms alike providing you with recommendations on what’s nearest, best and cheapest at every opportunity. And it’s working.
That’s why location-targeted ad revenue has almost tripled these past three years and is set to reach an astronomical $18.2 billion by 2019.
4. Functionality Matters
39% of website visitors will stop engaging with a website and find an alternative if the website takes too long to load.
Similarly, 38% of visitors will leave a website if they find the layout unattractive.
And 70% of website visitors rank the ability to zoom in on product images to be of the utmost importance.
Make sure your website’s working well – that’s what the people want!
5. You’ve Been Served
89% of shoppers stop buying from online stores due to bad customer service so make sure the customer comes first. They make it show when they do, with 75% of customer reviews providing the full 5 stars!
Make sure your returns policy is great – 30% of products bought online are returned. Why can’t we make up our minds?!
Ensure delivery times are swift – 92% of customers consider “fast delivery” to mean “within 2 days.” Once into 5 day territory, only 18% of customers consider it acceptable.
And don’t get us started on delivery costs. 28% will altogether leave their carts if they perceive delivery costs to be too high, with 75% canceling their order halfway to opt instead for a company offering free delivery.
6. The Robots Are Coming
Artificial Intelligence (AI) is already massive and is currently being integrated into the world of eCommerce in a number of ways.
AI offers personalised customer experience through analysing past purchases, the creation of reliable virtual buying assistants with voice activation, and a range of CRM connectivity.
Many sites already use AI to recommend similar products, answer questions, tackle identity theft and more! By 2020, it is thought that almost 90% of transactions will be completed without any human service.
If it doesn’t turn out like Terminator, we’ll be OK!
7. Beacon Boom
We are growing more and more accustomed to the Internet of Things (IoT) that can be seen developing in products such as Amazon’s Echo and Alexa range.
One key element is the IoT Beacon, a tiny device that monitors consumer behaviour within a store and with its products.
By the end of 2018, retailers will have installed 3.5 billion active beacons across the US. In that time, beacon retail sales are anticipated to grow a massive 10 times, from $4-44billion. This comes on the back of over $2 billion in IoT investments.
8. Big Data and Predictive Analysis
We love our data and mining through big portions of data (creatively known as Big Data) has become a massive business unto itself. And what are the rewards for that when it comes to eCommerce?
Well, for starters, it looks like a 60% average increase in business margins for businesses using Big Data (not to mention a 1% improvement in workforce productivity). On top of that, we see a 73% average sales increase for those companies starting to use Predictive Analytics.
Not bad for this growing element of the future eCommerce landscape, which will only continue to rise in strength as it benefits from the ongoing AI boom!
9. Media in all Shapes and Sizes
Of course, we at Clipman care personally about video and its effect on eCommerce. It’s our specialty and we’re stoked to see it getting bigger and bigger, because increasing video output is exactly how we help our clients grow their businesses.
Apart from video, it’s the rise of alternative media types such as augmented reality and interactive content that will really push eCommerce into 2017 and beyond. It’s all about the customer experience, and they don’t want the same old boring stuff!
Voyaging into the Unknown
With around 4 billion people yet to be connected to the internet, just imagine the potential for growth as we look ahead to the next decade. I know, it’s hard to with such big numbers on the table.
The world of eCommerce is accelerating faster and faster, throwing up more and more unknowns, but one thing you can count on is Clipman continuing to provide for you.
Not only with these integral rapid-fire market insights to keep you on the leading edge, but with market-leading video automation software for all your business needs.
As always, we love to hear your thoughts so please leave your comments below!