Even though merchants have faced unprecedented challenges amid COVID-19, businesses need to amplify their digital presence with time.
As per a Statista Report, the world’s largest online conglomerate, Amazon’s sales are expected to reach $468.78 billion in 2021.
So, it’s quite clear that digital marketing growth is going to see an upward trend in the future. With this, it necessitates the digital marketplace demands to promote products with some influential e-marketplace trends.
There are a plethora of digital tactics available over the internet for online marketplaces. Here in this article, we will chew over 10 profitable digital marketplace trends to get a powerful strategy to leverage on.
Let’s dig deeper and discover.
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Trend 1#: Dominance of Artificial Intelligence (AI) & Chatbots
Gone are those days when AI was associated only with the robotics industry. Today, Artificial Intelligence is transforming every walk of life and it seems to be expanding every year for more complicated tasks.
2017 Deloitte state of cognitive survey stated:-
“Our survey results indicate that early adopters are bullish on cognitive and AI technologies, with expectations that they will transform both companies and entire industries.”
AI is used for various social media platforms to increase the reach of end-users. Basically, it utilizes user’s data to make the best possible search recommendations for the shoppers using AI algorithms in a fraction of seconds.
There are numerous areas where you can find the impact of artificial intelligence in the real world including the Entertainment Industry for Netflix Algorithm, Gaming Industry, IT Sector, Media, and much more. Giant companies like Amazon use AI data analysis strategies for personalized recommendations to uplift sales performance.
So, Merchants must plan to incorporate AI without a second thought, considering the following advantages in eCommerce:–
- Decision Making Process: Help to notice how your customers react to a given offer running on your website.
- Up Selling, Cross Selling: Help to boost your shopping cart value with upselling, cross-selling tactics.
- Data Analysis Process: AI helps you in data analysis to make the right business decisions.
- Real-time Marketing: Help customers to make purchase decisions on run-time based on information shown via AI.
In short, Artificial Intelligence is not only helpful in the development & growth of your e-shop but also plays a major role in customer satisfaction.
When it comes to customer service & satisfaction, chatbots are extremely helpful. Especially when you have a huge database of clients, there might be chances of receiving repetitive queries. Chatbots are top most digital marketplace trend and is amazingly helpful in sending instant responses to clients in runtime.
Trend 2#: Augmented Reality (AR)
“Extend Reality & Reimagine the Future with AR Strategy”
Augmented Reality (AR) is one of the fastest-growing & fascinating technologies today. It provides the ability to transform a static object. In addition to it, it gives power to the brands that provide a unique experience to the customer by providing them the difference between the purchase and dropout.
Talking about eCommerce marketplaces, AR allows the buyers to preview products and examine the service in their own environment and then, take any decision to make a purchase. This way, customers are expected to choose the right product as per their requirements.
Clearly, this trend can be a game changer for eCommerce merchants helping them create a buzz around the brand.
Looking into the most popular applications of AR:-
- Snapchat: Snapchat is one of the trendy examples of AR as it quite popular among the younger generations.
- Location-based AR apps- Google Map: Plays digital directions on the top of real-world and let the user know where to walk.
- Google Lens to enhance the search experience: Google lens identifies the object and provides all the useful details that you are looking for.
Watch what Mark Zukerberg predicts about AR !!!
Trend 3#: Voice Search Revolution
Avail Convenience to Customers While Searching…!!!
The voice search strategy revolutionized the digital world. All the tech giants including Amazon, Apple, Google, Samsung, and Microsoft already implemented this trend. As per this report, there will be 8 billion voice assistants by 2023.
This new trend is emerging at a higher pace as people find it convenient to search by saying the term rather than typing in words. In eCommerce marketplaces, merchants can utilize voice search to get optimum profit out of it.
Key Benefit of Getting Voice Search on Board:-
Voice Search drive changes in SEO: As the voice queries are slightly longer than the typing texts, you can incorporate long key phrases in your content. Thus, your keyword phrases can be a complete question “Will it rain today” rather than just “weather update”.
Moreover, it also gives a boost to local SEO as the mobile voice searches have a local intent i.e. looking for a nearby business. Include this digital marketplace trend now!
Trend 4#: Automated Email Marketing
Considering the latest technologies including Facebook Ads, sending emails are quite old. Still, email is considered to be the top lead generation channel as per this report.
You can compose an email with the right message and target people based on their behavior, preferences & previous purchases. Moreover, you can personalize your customer’s experience thus, build personal and profitable relationships with your customers.
For digital marketplace, this provides you the simplest way to reach your potential customers across all marketing channels.
Trend 5#: Video Marketing Trend
“If a picture is worth a thousand words, a video is a library.”
–Srinivas Narayanan (Facebook’s engineering director)
According to a report, people mostly prefer to watch video content from a brand instead of reading blogs, emails, images. The reason is quite obvious. Every brand storytelling focuses on engaging customers by making them understand what they actually want to see & hear from your brand.
Video Marketing Benefits for eCommerce Marketplaces:-
- A video tells a story of your brand. Thus, help customers get the right product.
- Product Tutorials can boost relate-ability between your brand and your customer. Thus, builds trust between you and your customer.
- Additionally, step-by-step precise product description makes customers understand how to make the best use of your brand.
So, video marketing definitely helps you fulfilling your reach as well as engagement goals.
Watch How to Start A Digital Marketplace:-
Trend 6#: Live Commerce
Live Commerce is an amalgamation of eCommerce and streaming videos that bring consumers one step closer to the in-person experience.
Undeniably, live Commerce is changing dynamic across every industry and eCommerce is nowhere left behind & is came up with live stream shopping.
It is evolving the retail industry at a higher pace and bringing this new trend can be an opportunity to promote and sell goods and services. In eCommerce, Live streaming aids to watch, create, and share live videos related to the product and services in real-time and let the visitors join, view, and inquiry before making a purchase.
Additional Benefits of Live Commerce:-
- Direct interaction with customers increases potential customer values for retailers.
- Help to build personal relationship and improve brand loyalty.
- The virtual experience help customers to have in-store experience amid COVID-19 pandemic.
- Ads-free streaming reduce interruption for shoppers.
- Moreover, provide seamless shopping that ease the purchasing process.
Social Commerce: The New Trend in E-commerce
Trend 7#: Omnichannel Marketing
The omnichannel approach integrates channels such as brick-and-mortar shops, social sites, websites, email, and mobile with each other to create seamless communication. Thus, customers can easily switch between channels and find it convenient to deal with the variety of means available to them.
This marketing technique helps you to integrate your online store with different online sales channels like a mobile, Facebook, Pinterest, Instagram, etc. Moreover, POS has got your hands to integrate your online store with the physical one.
Other Prominent Benefits:-
- Monitor your customers across all the channels they use. Thus, understand them better & know their preferences.
- Incorporating AI, AR, and VR to boost customer engagement.
- Flawless operational efficiency and easy to implement strategies as you require to collect customer data only once, instead of collecting from every channel.
Google Ads: Smart Bidding
Among the best of Google’s smart machine learning features, Smart Bidding promises to give you the best results by optimizing your bids to maximize conversions. Smart Bidding in Google Ad is mainly a set of automated bid strategies that use machine learning to maximize conversions.
Know More About Smart Bidding by Google Ads Help
Trend 8#: Influencer Marketing & Instagram Shoppable Posts
The charm of social media stories & Instagram reels can’t get unnoticed. People follow their favorite Instagram stars, YouTubers, Twitter personalities to take advice and recommendations while making purchases. Thus, influence marketing strategy is certainly a factor to grow a business.
Besides this, Instagram shoppable posts are proved to be the most effortless way to turn your Instagram follower into customers. Tried & Tested digital marketplace trend!
Businesses can tag products directly to the feed posts, Instagram Reels, Stories, IGTV Videos. The user can tap into the tag and view the product description, redirect to the website and make the purchase using Instagram Checkout.
Mark:- Instagram Checkout helps users buy products from brands directly on Instagram without departing the app.
Set-Up Guide To Open Your Shop On Instagram
Trend 9#: Geofencing (Location Based Marketing)
Geofencing marketing is a type of location-based marketing that helps the user to connect with smartphone users in a preferred geographic area, such as a store, through mobile apps, or mobile webpages using various technologies such as Wi-Fi, GPS, Bluetooth.
Role Of Geofencing in eCommerce
Trend 10#: Mobile Commerce
Last but not the least, Mobile Commerce has undoubtedly countless benefits for merchants as well as buyer’s shopping journey. Specifically, the smartphone users have revolutionized the mobile shopping trend as it expected to account for 73% of total shopping in 2021 as per Statista Report.
So, better build a responsive and user-friendly marketplace and ease your customer’s experience.
Other than this, upgrading your e-marketplace with Progressive Mobile Application (PWA) is one of the most effective way to entice mobile users. It offers a fast and seamless shopping experience to the customers.
If you run an online booking marketplace with Shopify, Explore !!
Also, Wondering To Build a Multi-vendor Marketplace with Ease? Go For It
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In case of any questions, do let us know in the comment section below.
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