{"id":219599,"date":"2020-01-06T07:20:05","date_gmt":"2020-01-06T07:20:05","guid":{"rendered":"https:\/\/webkul.com\/blog\/?p=219599"},"modified":"2023-12-21T13:09:39","modified_gmt":"2023-12-21T13:09:39","slug":"future-of-ecommerce-trends","status":"publish","type":"post","link":"https:\/\/webkul.com\/blog\/future-of-ecommerce-trends\/","title":{"rendered":"The Future of eCommerce Trends"},"content":{"rendered":"\n

At the start of a new year and a new year\u2019s resolution is a real-time reflection. It\u2019s grateful for you are already doing some, but not all of these activities.<\/p>\n\n\n\n

This New year means those revolutionary ideas will come, lots of experiments will launch and new and big businesses will be running in these industries. <\/p>\n\n\n\n

Now, here we cover the topics of \u201cFuture of E-commerce\u201d. We will discuss what is e-commerce market, what is the actual e-commerce market size, the market of e-commerce, e-commerce with AI, and what is M-commerce. <\/p>\n\n\n\n

What is the eCommerce Market?<\/h2>\n\n\n\n

E-commerce is a medium between two major parts of the online business market, first is the customer and second is sales.<\/p>\n\n\n\n

The reports of Statista say and statistics give information on retail e-commerce product sales worldwide industries from 2014 to 2023. <\/p>\n\n\n\n

In 2019, retail online commerce purchases worldwide amounted to 3.52 trillion US dollars and online retail revenues are projected to grow to 6.53 trillion US dollars in 2022. <\/p>\n\n\n

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\"images<\/figure>\n<\/div>\n\n\n

The Top online stores’ revenue amounted to almost 100 billion US dollars in 2017. Ecommerce Platforms are one of the most popular online activities worldwide. <\/p>\n\n\n\n

The biggest online traffic in running through the eCommerce marketing sector in the google search engine. Ecommerce is the largest growing markets are in India, the USA, China and Japan.<\/p>\n\n\n\n

eCommerce Business Model<\/h2>\n\n\n\n

Mostly four types of Ecommerce Business Models have been used in the e-commerce industry. If you\u2019re thinking to start an eCommerce business<\/a>, and you have no knowledge about the general categories in e-commerce.<\/p>\n\n\n\n

Each has its best scope and challenges, and many companies operate in several of these categories simultaneously.<\/p>\n\n\n\n

Knowing what box your big idea fits in will help you think creatively about how what your opportunities and threats might be.<\/p>\n\n\n\n

    \n
  1. B2C \u2013 Business to consumer.<\/li>\n\n\n\n
  2. B2B \u2013 Business to business.<\/li>\n\n\n\n
  3. C2B \u2013 Consumer to business.<\/li>\n\n\n\n
  4. C2C \u2013 Consumer to consumer.<\/li>\n<\/ol>\n\n\n\n

    Ecommerce Trends<\/h2>\n\n\n\n

    Are you looking what the future of e-commerce in this decade? Do you want to wander into what trends will shape and size the success of your online market store? <\/p>\n\n\n\n

    Here we are numbering a few current eCommerce trends that you need to look out for.<\/p>\n\n\n\n

      \n
    1. Online Sales Growth is Unstoppable<\/li>\n\n\n\n
    2. Creating Online Marketplace<\/a><\/li>\n\n\n\n
    3. Mobile Shopping is Growing<\/li>\n\n\n\n
    4. Rise of Voice Commerce<\/li>\n\n\n\n
    5. Increase in Mobile Payments<\/li>\n\n\n\n
    6. Environmental Topics Influence Buyers<\/li>\n\n\n\n
    7. Research The Basics Of Ecommerce Business<\/li>\n\n\n\n
    8. Hyperlocal Marketplace<\/li>\n\n\n\n
    9. Live Streaming Shopping<\/li>\n\n\n\n
    10. Group Purchase<\/li>\n\n\n\n
    11. ContactLess Delivery<\/li>\n\n\n\n
    12. AR-Based Shopping-PWA Scan & Go<\/li>\n\n\n\n
    13. Social Commerce<\/li>\n<\/ol>\n\n\n\n

      The Basics Research of Ecommerce Business<\/h2>\n\n\n\n

      \u201cAt first we are research is the first critical step. Don\u2019t operate off of a hunch. Growing any online business is an investment. Treat it as such.\u201d<\/p>\n\n\n\n

      In this global market, there have a lot\u2019s business structures and ideas for everyone similarly. Service-based businesses, software, digital product sales, and physical products are common examples.<\/p>\n\n\n\n

      Before you can turn on what to sell online, you need to fix and understand the different business models available.<\/p>\n\n\n\n

      There is not a skyrocketing technique, but it does describe your business structure.<\/p>\n\n\n\n

      In fact, the eCommerce Business currently will be bigger, and also the world has merged business ideas of the e-commerce stores revolution. <\/p>\n\n\n\n

      With over 1.92 billion people buying things online, the e-commerce sector has a lot of potential buyers. This makes it a worthwhile endeavour for those wishing to find a good source of revenue.<\/p>\n\n\n\n

      So if you are wondering about the future of the e-commerce business, keep reading on.<\/p>\n\n\n\n

      Future of eCommerce<\/h2>\n\n\n\n

      Ecommerce businesses have a lot of potential and a 265% growth rate, from $1.5 trillion in 2015 to $5.9 trillion in 2023. This shows a future of a steady upward trend with no signs of decline. <\/p>\n\n\n\n

      But, what’s even more interesting is that global e-commerce sales have been steadily eating up the worldwide retail market.<\/p>\n\n\n\n

      E-commerce in India<\/h2>\n\n\n\n

      At present, India has an internet user base of about 475 million people as of July 2019, which is about 45% of the population. <\/p>\n\n\n\n

      In 2016, the largest e-commerce companies in India were Flipkart, Amazon, Myntra, Paytm, and Snapdeal. In 2019, Amazon beat Flipkart and was recorded as the biggest e-commerce player in India in terms of revenue.<\/p>\n\n\n\n

      E-commerce in International<\/h2>\n\n\n\n

      International e-commerce is the business of selling a product through a website to buyers in foreign countries. <\/p>\n\n\n\n

      \"image-73\"<\/figure>\n\n\n\n

      For traditional retailers, e-commerce can also serve as a testing ground to determine whether new, foreign markets will be successful before opening a physical location there.<\/p>\n\n\n\n

      Rise of M-Commerce<\/h2>\n\n\n\n

      Mobile commerce, also known as wireless eCommerce, is any financial activity involving ownership using goods and services, which is completed by a mobile device are wireless commerce. <\/p>\n\n\n\n

      \"mobile<\/figure>\n\n\n\n

      In simple terms, mobile commerce is a medium between eCommerce and Mobile applications<\/a>. <\/p>\n\n\n\n

      Ecommerce with AI<\/h2>\n\n\n\n

      How AI (artificial intelligence) is the most valuable in Ecommerce. Well, if you want to create a personalized experience driving conversions remains the number one goal for all eCommerce businesses. <\/p>\n\n\n\n

      AI and ML (machine learning) have both created many new use cases for e-commerce. Significantly enriching the online shopping experience for customers using smartphone hardware and software.<\/p>\n\n\n\n

      \"Ecommerce<\/figure>\n\n\n\n

      Machine learning is allowed to optimize and customization all technical data and data about the customer. You can also maximise inventory management as well as automate customer service.<\/p>\n\n\n\n

      Today\u2019s online store has to be available 24 hours a day and on multiple channels perform. Automating customer support can save eCommerce businesses time, finance, and human resource. <\/p>\n\n\n\n

      Besides, staff answering repetitive questions allows them to focus on more challenging requests. AI-driven personal assistants or chatbots can easily carry the burden of answering all queries.<\/p>\n\n\n\n

      Hyperlocal Maretplace<\/h2>\n\n\n\n

      Digital evolution is at its utmost and one can expect to reach new heights in future. One such very exclusive evolution is the Hyperlocal Marketplaces<\/a>. It has completely changed the outlook of the global market. <\/p>\n\n\n\n

      \"eCommerce<\/figure>\n\n\n\n

      Firstly, let’s see what actually a Hyperlocal Marketplace is. It connects the consumers with local retailers that belong to the same geographic area. <\/p>\n\n\n\n

      \"eCommerce<\/figure>\n\n\n\n

      We can also under the term in layman’s terminology, i.e. Hyperlocal On-Demand Delivery Service. <\/p>\n\n\n\n

      Why is Hyperlocal such a Buzzword: A well furnished Contactless Delivery Scenario<\/h3>\n\n\n\n

      Recently, we all have witnessed a pandemic situation, COVID-19. Due to the emergency lockdowns in different parts of the world, there were individuals who were stuck in their places without house help. <\/p>\n\n\n\n

      In such situations, Hyperlocal Services gained pace and served millions of customers around the globe. Through hyperlocal services, their needs could be catered for immediate needs.<\/p>\n\n\n\n

      For instance, people who could not cook food could order food online through food delivery apps, such as Zomato, and Uber Eats. <\/p>\n\n\n\n

      People who ran out of groceries could order it through Instacart from the nearby stores and it was conveniently dropped at their doorsteps. <\/p>\n\n\n\n

      \"eCommerce<\/figure>\n\n\n\n

      Now that we know what the pandemic has been all about, we are pretty much aware of the fact that we were strictly advised to keep a “No-Contact” with other fellow beings. <\/p>\n\n\n\n

      Hyperlocal offers no contact, fast delivery, and online payment services. Not only this, as people need not travel to physical stores for making a purchase and their items were delivered to their porches, the Hyperlocal Marketplaces strictly abide by the Contactless Delivery<\/a> scenario. <\/p>\n\n\n\n

      Hence, where our customers prefer convenient and hassle-free shopping, hyperlocal marketplaces are what they opt for nowadays. <\/p>\n\n\n\n

      \"eCommerce<\/figure>\n\n\n\n

      Not only this, they can even avail of some discounts and offers, rewards, and offer on placing an order for the first time or repeated order.<\/p>\n\n\n\n

      Studies reveal the value of the Hyperlocal Marketplace services market size was $1,324.2 billion in 2019, and as estimations reveal to reach $3,634.3 billion by the year 2027, and from 2021 to 2027 it could register a CAGR of 17.9%. <\/p>\n\n\n\n

      AR-Based Shopping- PWA Scan & Go<\/h2>\n\n\n\n

      Another add-on to the tech stack is the PWA Scan & Go<\/a>. One of the finest innovations facilitating the goods of Magento PWA Studio is the PWA Scan & Go feature. <\/p>\n\n\n

      \"eCommerce<\/a><\/p>\n\n\n

      It facilitates the customers to buy and pay for the items simply through a scan process. The product’s barcode is to be scanned using the Progressive Web App that is built on the top of the Magento Store. <\/p>\n\n\n\n

      As soon as the customers make the payment for the purchase, they shall get a QR code along with the order confirmation. It is further validated at the time of the customer\u2019s exit.<\/p>\n\n\n\n

      Some of the features PWA Scan & Go associates with as are follows-<\/p>\n\n\n\n