The most famous example of e-commerce was in 1995 when the first item ever was ordered online on Amazon which was a book. And today, it is more than three-quarters of overall retail growth, and global sales are predicted to reach a mind-boggling USD 3.9 trillion in 2020. Around 2.05 billion people made online purchases in 2019 which translates into 21.55 percent of the global population and the number is set to increase to 2.4 billion in 2020 which is a massive pool of potential customers around the world. As an e-commerce business owner, if you want to succeed in the retail industry, you have to acquaint yourself with new trends as eCommerce has been relentlessly growing around the globe over the past few years and is not going to stop anytime soon. Online businesses must constantly be aware of ways to keep their brand and products in front of the eyes of their customers because e-commerce has revolutionized retail and has evolved to meet the changing needs of people and to make online shopping easier for the modern-day customer. But more online shoppers mean more e-commerce platforms, which has created a competitive and fierce marketplace whereas, trends in the e-commerce industry emerge from various things from how customers shop, what they buy to how they respond to marketing strategies.
Retailers are staying ahead of the curve since eCommerce sales reached USD 2.3 trillion worldwide in 2017, and are expected to grow to USD 6.5 trillion in 2022 whereas, the expected global sales for 2020 are estimated at around USD 3.9 trillion. No matter how mature your e-commerce store is right now, if you don’t keep up with e-commerce trends, you’ll risk falling drastically behind as all these statistics are reflected in the trends that will define online shopping in 2020. To stand out from the competition, you need new ways to promote your products and services and that requires you to stay on top of the latest e-commerce trends and e-commerce giants like Amazon, Walmart, and Alibaba have been at the forefront of adopting and benefiting from such trends.
Product visualization boosts sales and diminishes returns as by 2022 over 120,000 stores will be using Augmented Reality (AR) technologies, offering a much richer buying experience. Apple has introduced an AR kit for its new operating system iOS 11 and in response to that, Google launched AR Core for Android smartphones while these kits will enhance the customer experience. AR uses the cameras of your smartphone to provide a view of the real world and add digital information like text or images on the top of the view and hence, 90 percent of companies with annual revenues of USD 100 million to USD 1 billion is leveraging AR/VR technology. Warby Parker has launched an app that uses AR so customers can try on different glasses before ordering because one of the main concerns that people have when shopping online is the inability to see the product firsthand.
Reports suggest that 100 million shoppers will use AR online and in-store by 2020. The adoption of AR/VR enabled smart devices will increase sharply leading to a change in global e-commerce trends simply because both AR and VR change the way the customers look into your store and provides them with great user experience. By empowering AR, you can offer customers a continuous experience in shopping, furniture dislocation, selecting a design for the kitchen, and so, you should consider investing in these digital systems to stay ahead of the game in 2020.