2020 is certainly not what anybody thought it would be. All of a sudden, focus on planning for those trips and lifestyle upgradations has shifted to find solutions for meeting daily needs in a safe and socially distanced way.
In such a scenario, the responsibility of eCommerce businesses has increased substantially. These businesses now have become an essential part of supply chains.
There are two types of marketplaces: Service Marketplaces and Product Marketplaces. The purpose of both platforms is to connect consumers with third-party producers.
A service marketplace is an online platform that initiates, facilitates, coordinates, and concludes buying and selling of services between service seekers and service providers. Here the producer is providing services like Uber, Airbnb, Freelancer, TaskRabbit, Care.com, etc.
A product marketplace is an online platform where final goods or services are sold to businesses and to the public sector. In a product marketplace, the producer is providing a product as a third-party seller or distributor. Examples of product marketplaces include Amazon, eBay, Etsy, Alibaba, etc
With the high increase in demand, eCommerce online is witnessing a shift of sorts in the trends. These newly developed online eCommerce trends are:
1.Increased use of chatbots
Customers need an easier, faster and user-friendly way to get their demands met. They need a specialized listener that not only listens in a personalized manner but delivers the solution as desired too. Chatbots are supporting the user-centric model of communications.
Most of the questions fed into it are the result of data science and analysis, which help read the expectations and deliver the solutions accordingly. Thus, online sellers include chatbot support imperatively in their interfaces.
2.AI-enabled website experience
AI is offering in-depth, complete, and most importantly, unbiased view of the user expectations from the website. Thus, there is an element of intuitiveness in the way eCommerce websites are serving the customers.
They are coming up with solutions that not only can help buyers shop fast but shop correctly as well as shop more too. There is an element of urgency in buying attitude of consumers due to COVID 19. It’s a threatening effect on all aspects of businesses, including the supply chain. AI, therefore, is proving to be a trusted and effective tool for cashing on the selling opportunity.
3. Multiple paying options, more numerous than before
All eCommerce websites are including UPI enabled payments and encouraging the use of wallets. They are bringing in all these payment methods to keep up with the modified profiles and varied styles of the buyers. Serving as many people as possible becomes easier with more options for payments available.
4. Substantial increase in penetration rate
There will be a noticeable increase in the penetration rate of the eCommerce based marketplaces and e-shops. The demand shift from brick-and-mortar shops to e-shops and e-marketplaces is going to translate in the form of a high penetration rate. It is estimated to be around 25% in 2025, which is at 15% in the current year.
5. Realization of big data for personalized experiences
The use of big data for creating a personalized experience is going to be one of the trends to look at. The IoT solutions developed from big data analysis are going to change the way the buyers will receive a stimulus for placing the next orders.
Despite the data and privacy concerns prevailing around, the eCommerce companies are going to suggest ways that will deliver an ultra-personalized experience with a facility of opting out any time. For example, the home assistant solutions may be providing alerts for buying or placing service requests based on the sensors they designed.
6. Increase in use of voice recognition command tools and virtual home assistants for reaching customers
Coming close to providing an in-mortar-and-brick-shop experience, the eCommerce companies will be working integrating voice command solutions to their interfaces. Instead of typing and making typo errors in the process, the customers will be sending voice commands to the websites and getting responses in return, just the way they reach out to the shop assistant in a mall and get options showed.
Also, the use of virtual home assistants like OK Google and others will be employed quite often for receiving orders online from the customers.
7. Quicker grievance addressing methods
Apart from the chatbots, the use of automated price calculators, email generators, and advanced response systems will put in place to build longer and sustainable relationships based on deeper trust and loyalty.
Returns on the purchases made, easy cancellation policy and inclusion of ‘give me call back’ voice communications solutions are going to be the prominent drivers of customer experience in the year 2020 and way beyond.
8. Growth of Mobile Commerce
While worldwide governments are shutting stores to combat coronavirus, more people depend on online shopping to purchase their daily needs. According to the experts, the results show that it will not be a short-term boost to the eCommerce marketplace, it will be the same even after the COVID-19. Because now people are comfortable with the offers and benefits. The growth of eCommerce becomes part of the increased usage of mobile devices. People began to browse and research before they purchase. As trust in online shopping increases, it will be more comfortable for people to shop through mobile devices.
9. Role of Social Media in Ecommerce
The ‘Buy Now’ button on Facebook and the ‘Checkout’ option on Instagram is playing a significant role in increasing social shoppers. Social media has changed the way we buy things. This opportunity makes brands to think about how to improve and how to become a better platform on social media. Consumers are spending most of their time on different social media platforms, and this could bring targeted audiences to eCommerce businesses. Platforms like Amazon, Shopify can easily link their stores with social media sites, and it will attract people to buy directly through social media.
10. Use of drones for delivery purposes
As we know, many great companies like Amazon, Dominos, etc are experimenting with the drone for their deliveries. The use of drones for delivery purposes is not anymore surprising for the coming months. More and more companies are preparing to adopt drone delivery technology for smaller and even local deliveries. It means the customers will be able to receive their orders faster than ever before.
The Best eCommerce Marketplaces for Online Sellers
Ecommerce is going to be at its all-time high in terms of popularity due to the shrinking demand of the physical showrooms.
To make the best of the trends shifting in favor of eCommerce, work on the USPs right away; because in addition to all above, competition, too, will be at its toughest.
Choosing an eCommerce marketplace that’s right for you
There are many online marketplaces available today, to find one from them will completely depend on your goals and requirements. Every platform is unique to each other with special features.
If you need more than one marketplace to meet your needs then iScripts Multicart can help you build your eCommerce business.
If you are new to the eCommerce industry try to know about the examples of Multi-vendor shopping carts.
If you have any idea of creating a new online eCommerce marketplace of your own please contact us at (312) 423-6728 for any help. Our development team will help you to build your dream.