The e-commerce industry has witnessed significant growth over the last few years, particularly since 2019, thanks to the Covid-19 pandemic. With more people turning to online shopping, businesses had to tackle more changes in just two years than in the last few decades combined.
While shipping costs rapidly increase, the returns on online advertising are dropping significantly.
At the same time, with more money being spent online these days, customers have also raised their expectations. They have become highly selective about choosing brands and products while buying anything online.
Due to the rapid growth of online shopping, 2021 proved to be a tremendous year for the e-commerce world in terms of revenue. Statistics suggest the e-commerce industry generated global revenue of more than 3.53 trillion USD in 2021.
That said, if the market continues to grow at the same pace, it's expected to reach 6.5 trillion by the end of 2023.
While the e-commerce industry continues to grow, more and more trends are coming to the surface. Let’s explore the top e-commerce trends to follow in 2022:
Trend #1: No Third-Party Cookies
Google has already announced businesses will not be able to use third-party cookies in 2023, leaving companies with just a year to tackle this profound change.
This end of third-party cookies will stop companies from gathering contextual information about potential buyers or running ads for branding purposes. As a result, it will significantly restrict customers' reach to the brands' ad campaigns and lead generation effectiveness.
Trend #2: Omnichannel Marketing and Retailing
Omnichannel marketing and retailing is another e-commerce trend many business owners would love to follow in 2022. It's a concept that came to the world's knowledge recently. However, some retailers still don't know what omnichannel is.
Omnichannel retailing means selling products through different channels, including office stores, social platforms, online stores, or mobile applications. All operations are carried through a centralized hub, where sales and inventory data are stored in the system.
Undoubtedly, omnichannel comes with fantastic opportunities for businesses, which includes:
- Enticing more customers by selling products through different platforms
- A smooth online shopping experience that increases repeat purchases
- Businesses can cut down on their inventory, which, in turn, increases revenue
However, with the benefits come challenges that businesses need to be aware of. These include:
- Compiling and associating inventory in a smooth way
- Giving training to staff about omnichannel retailing
- Ensuring the employees are aware of the latest online shopping technology and trends
Trend #3: Focusing on Video Content
Since most consumers prefer video-based content these days, it's another fantastic e-commerce trend you should follow in 2022. That's one of the reasons a brand like YouTube have reached its peak in terms of popularity.
For optimum results, brands will need to update their e-commerce websites with video-based content, such as:
- Background videos
- Product page videos
- Review videos
- Landing page videos
This trend will urge brands to incorporate videos in their text-based web pages. This will be a bit challenging for companies without solid budgets. However, they can opt for automated tools to create videos without spending a hefty amount of money or use free videos from stock video sites.
Trend #4: Selling Personalized Products
Selling personalized products is another e-commerce trend with fantastic benefits for buyers and retailers. A study suggests that 80% of customers prefer buying personalized products these days, and they are willing to pay a lot of money for such products.
This trend will help businesses generate more sales and retain customers in the long run. However, before you start working on this idea, keep a few things in mind:
- Focus on data collecting and analysis process
- Invest in the latest technology to distribute personalized pop-ups and other marketing offers
Trend #5 More Involvement of Artificial Intelligence
One of the biggest challenges e-commerce stores face is identifying customers based on their browsing history. This is where Artificial Intelligence comes into play. It helps brands tackle such issues with the help of intelligent algorithms.
The accuracy of data significantly relies on the size and quality of the data, making it difficult for small enterprises with a low volume of data. However, these brands can take help from third-party vendors to handle these challenges.
Trend #6: Voice Shopping
With a drastic increase in product search through smart speakers, voice shopping is undeniably one of the most dominant trends of the e-commerce space at the moment.
That said, one of the giants in the e-commerce industry, Amazon, has also claimed that 41% of its consumers actively use this feature to buy products from Amazon.
Voice shopping allows customers to interact with businesses and get instant recommendations. If you're looking to provide your customers with an enhanced shopping experience, Voice Shopping is a must-have feature.
However, before you start working on this idea, keep these tips in mind:
- Optimize content and focus on the search volume
- Optimize your mobile and browser website for voice search
- Ensure the command functions work fine, so buyers don't face any difficulty using the feature.
Trend #7: B2B E-commerce
We have recently witnessed the drastic advancement of B2B e-commerce, and there's every chance that B2B transactions volume will increase in 2022.
A study even suggests that B2B e-commerce will increase up to 70%, amounting to $20.9 trillion by the end of 2027.
Many businesses are reluctant to follow e-commerce trends because they feel they are copying someone else's design - which is not true. Following an e-commerce trend means you're keeping your business up-to-date with the latest technology and concepts. This way, you can attract more customers by providing them with a smooth and hassle-free shopping experience.
If you're looking to generate more sales and retain more customers, follow the aforementioned e-commerce trends.