The latest forecast states that the e-commerce industry will witness a 16 percent increase in sales in 2020. Here are a few trends that are likely to drive e-commerce in the year 2020
Fremont, CA: E-commerce is slowly and steadily overtaking the traditional market channels. This transformation is complex, as well as surprising. Though the overall percentage of retail sales through the e-commerce platforms is comparably small, i.e., around 10 percent of total sales in the U.S. and 18 percent in the U.K., the rise has been consistent, and the sustained growth over these years is commendable. Latest forecasts point out that the e-commerce industry will witness a 16 percent increase in sales in 2020. Here are a few trends that are likely to drive e-commerce in the year 2020.
Customer Trust and Data Privacy
Customer's demands are quite peculiar. Consumers demand personalized service and appreciate when given customized experience, but on the other hand, they also prioritize privacy. Hence, besides providing customized or personalized service, retailers need to be very careful with the customer's data and must also prioritize privacy for their customer's concerns. With regulations like CCPA, GDPR, and other privacy regulations, data privacy becomes one of the most crucial considerations for the future of e-commerce.
E-commerce is hitting-hard a critical component for success - Personalization. E-commerce firms smartly leverage customer data to tailor their product offerings and contents based on their interests, behaviors, and past purchases of the customers. The E-commerce industry is presently going through a digital transformation to use big data to crystallize its relationship with buyers.
Role of Visual Commerce
As newer capabilities related to the e-commerce industry emerge, the role of visual commerce becomes much more significant. This compels retailers to attach well-produced content, representing products with interesting and creative user-generated content, social links, 3D renderings and, other AI tools. The adoption of 5G networks will fuel this phenomenon in the future, thus enabling the movement of more massive amounts of data and visual information on an e-commerce website.
Unified Commerce and Seamless Payment Gateways
Customers expect seamless payments through all avenues with a retailer. E-commerce players need to ensure they have efficient gateways that are seamless, safe, and unified payment system. Ignoring this aspect would lead customers to bounce back out of the website.
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