Top 5 digital marketplace trends driving business growth in the ecommerce sector
The pandemic has fueled the growth of the eCommerce landscape, with digital transformation being more of a revolution than an option. With the burgeoning growth of new tools and technologies and the dynamic customer behavior fueling innovation, brands have been leveraging digital experience platforms and deploying a composable DXP approach to improve their time to market and drive cost efficiencies.
By 2025, online sales will account for more than 21% of total retail spend, states research.
There are numerous trends that eCommerce firms should focus on to deliver contextual digital experience and build lasting customer relationships. In this blog, we will discuss the top 5 consumer product trends for the ecommerce industry in 2022 and beyond.
1. Augmented Reality (AR)
Retail, particularly eCommerce, presents a big opportunity for augmented reality. Consumers are accustomed to purchasing things online without first seeing them in person. Augmented reality, by building an engaging digital experience helps customers visualize the products real-time, which enhances their buying experience and reduces returns.
2. Assisted Shopping
According to a Gartner poll, 51% of companies are already using or planning to deploy assisted shopping to boost sales.
Algorithm-guided selling is increasingly becoming a must-have feature for the modern eCommerce websites. Guided shopping experiences result in faster purchases, higher average order values, and less customer misunderstanding, all of which saves a lot of time for customers and elevates customer experience.
In fact, according to a recent survey, 50% of respondents wanted more sustainability in the fashion business, and 75% wanted to see less packaging.
Sustainability has been a key driver contributing towards business growth for a few years now and it will continue to be in the future. Customers are becoming more environmentally sensitive, which is influencing their purchase preferences. Many brands in the ecommerce sector are becoming more environmentally conscious by going paperless or using biodegradable packaging, and employing recyclable supplies to contribute and create a sustainable future for all.
4. Visual Search
Visual search can dramatically transform how we engage with online shops and discover new brands and their products. It elevates marketing by mixing user-generated material, interactive films, 2D/3D configurators, and even augmented reality into your product's visual display. Ecommerce marketers understand the value of high-quality product photographs from a conversion standpoint, but they must now guarantee that they are optimized for search and discovery.
With various types of content being utilized for a variety of objectives, right from advertisements on social media platforms such as Facebook or Instagram ads to email campaigns directed to customers directly, brands can easily elevate customer experience and build a lifetime of customer loyalty.
5. Social Commerce
Social commerce is quite popular, it is the process of selling goods and services online through social media. The entire purchasing experience, from finding a product to checking out, takes place on a social networking site. Social Commerce has emerged as a macro consumer trend 2022.
Most eCommerce marketers have been leveraging social media to boost purchases, drive brand recall and increase customer engagements. Platforms such as Pinterest, Facebook and Instagram have slowly but steadily progressed to promote eCommerce shops and their offerings.
Espire is helping leading retail brands in the ecommerce industry maximize their ROI from their digital initiatives by streamlining key business processes like designing a comprehensive customer experience roadmap to deliver personalized experiences across touchpoints, building self-service customer portals to enable customers to access uninterrupted services anytime, anywhere or securely integrating digital payment gateways for seamlessly carrying out transactions online.