Last Updated on February 24, 2021 by Dan Christoffersen
What are the latest trends in eCommerce software? This blog post will introduce you to 5 of them and explains how they might help your business.
The 5 trends we will cover in this post is:
- eCommerce and social media
- The use of AI in eCommerce
- B2B eCommerce software
- eCommerce and the use of AR and VR
- The environmental aspect of eCommerce
What is eCommerce software?
Much of the business world has begun to transition over to technological innovations. Technological innovations that can positively impact how business is operated, how employees are managed, and how eCommerce is conducted. In a report presented by Absolunet, researchers found that the eCommerce market in North America increased by 16% in 2018. This increase is primarily due to the rise of mobile. This trend yielded billions of dollars of successful transactions.
Before jumping into the top 5 latest trends in the eCommerce industry, you should know the functions of e-commerce software. This system pertains to the development and technology behind what consumers encounter as the front-end of the store. It handles the backend comprised of commerce platforms, such as payment transactions, document management, tax calculation, among others. Thus, eCommerce software can offer services beyond streamlining the consumer’s online shopping experience.
As a business owner, it is essential that you are aware of the future of eCommerce. Why? Because it will inform marketing, financial, and organizational decisions. If you are to have a stable footing in the future of business, eCommerce software might be something that you cannot avoid. Having said that, here are the top 5 latest trends that you need to know:
1. eCommerce and the rise of social media
eCommerce trends 2021 dictate that social media will play an essential role in the future of business. Particularly in conducting successful online transactions.
Traditionally, eCommerce practices include the utilization of social media for marketing, advertising. A great example is affiliate marketing software like OSI affiliate, making it easy for your customers to promote on Facebook, Twitter, and Linkedin.
This trend, however, refers to the rise of social media as a platform used to sell and buy products.
These e-commerce technology trends signal how business strategies will have to evolve to accommodate this change by integrating social media into the backend processes of business operations. In response, business owners will have to recognize and acknowledge the role of social media in the consumer’s experience and decision-making process, as recommended in the FinancesOnline eCommerce marketing guide.
2. eCommerce and the Adoption of Artificial Intelligence
Another trend observed in eCommerce platforms is the increased use of artificial intelligence. Artificial intelligence is used to power chatbots and automated messages and e-mails. The adoption of this technology may be attributed to the efforts of users to turn shop browsers into buyers. By actively reaching out to potential consumers and leading them to eCommerce sites to complete a transaction, AI can improve this conversion.
This trend is also attributable to the increasing focus on the consumer experience. AI-powered chatbots can provide 24/7 customer service, which can make the difference between failed marketing strategies and successful transactions.
3. eCommerce software and the B2B Movement
The previous trends focused on eCommerce movements between a business and a consumer. This third trend, however, pertains to the business-to-business movement, referred to as B2B eCommerce.
Whether it be online stores and their suppliers or businesses and their outsourced advertisers, the use of B2B eCommerce is increasing. This Digital Commerce 360 report, for example, indicates that 79% of B2B sellers are relying on eCommerce software. Specifically, they use B2B eCommerce software to create a personalized experience for the businesses that seek to purchase their services. This trend is only projected to increase by the tail-end of 2020 and the rest of 2021 and beyond.
4. eCommerce and the Use of AR and VR
One of the most notable e-Commerce trends that you might want to know is the rise of AR and VR. Respectively Augmented Reality and Virtual Reality. While these technologies have been in development for the past decade, the eCommerce field has begun to realize the impact of its implementation on websites.
For instance, AR makes it possible to use QR codes that represent streamlined payment transactions and other areas where it may be applicable. On the other hand, VR is integrated into eCommerce platforms to help the consumer visualize the product beyond 2D illustrations. Both of these technologies are only expected to increase in popularity by 2021.
5. eCommerce and Environmental Consumers
The final trend in eCommerce platforms is the shift in the ethics of the consumers. Due to the world’s current focus on the climate and environment, more and more consumers have begun to take steps to eliminate plastic waste and non-biodegradable materials in their life.
This trend impacts eCommerce industries as it will have to adjust to these new consumer needs. In terms of eCommerce platforms that seek to sell products, consumers should be given the choice to leave out any products that are not environmentally-friendly. ECommerce software will have to inspire business owners to accommodate the expectations of the new wave of ethical consumers.
The Future of eCommerce software in the New World
Operating a business in the 21st century requires business owners who can adapt according to the trends observed in the market. This requirement is especially applicable to eCommerce systems as it is in charge of implementing marketing strategies and communicating the business’ brand and personality.
Given the B2C and B2B trends that are related to eCommerce, suffice it to say that depending on your ability to adapt, the future can either be challenging or exciting.