E-commerce Trends to follow in 2021
The world of e-commerce, also known as virtual business or open cart, has witnessed drastic changes in the year 2020. The pandemic has not only encouraged the industry to take-up e-commerce as an additional driving force, but has also modified the way businesses are run.
The new trend has also changed the perception of the buyers and the standalone sellers.
This article briefs about the latest E-commerce Trends that a business owner should watch out in 2021. India, being the second largest internet consumer base, has grown to be the key drivers in the e-commerce industry today.
The year 2020 has given new working style culture—Work From Home.
The employer and the employees perform all their official work while staying at home. This new trend has seen a tremendous boost during the pandemic.
The e-commerce growth trajectory was witnessed by the end of the third month of lock-down in India.
The business owners and the customers decided to shift their focus towards online selling and buying. The ease-of-doing online business and the comfort of getting services at affordable price at doorstep gave further momentum to e-commerce growth in India.
Nielson India‘s E-commerce consumer Panel has reported a double digit increase in average spend of online shoppers for electronics and accessories (39%), mobile and accessories (12%), and fashion including apparel, footwear and accessories (10%) after the pandemic.
According to IBEF, the e-commerce industry of India witnessed an upward growth trajectory and will surpass USA commerce by 2034. Grocery and Fashion apparel will be the key drivers and the Indian e-commerce industry will reach US$99 dollars by 2024.
The Future of e-commerce report of Shopify has highlighted great insights about the merchant and consumer behavior. There key takeaways were as follows:
Young customers will change the Business Outlook
Pandemic has triggered a behavioral shift which will continue to drive forward and brands need to invest in multiple channels and create a robust social media presence to stay in trend.
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Consumers are hesitant to return to brick-and-mortar shopping. Over half of the customers reported to shop online and said that they feel uncomfortable to shop in person.
New stores created on Shopify were 71% more in Q2 of 2020 as compared to Q1.
Young consumers took the lead with 67% of them moving online for their shopping purchases. They are also likely to shop via social media and make purchase decisions based on the impact brands have on society and the environment.
Resilience retailers will look for technology and experiences to meet customer needs.
Some of the key strategies and technologies included in were:
- In-store shopping appointments, and
- Alternate pickup and delivery options
Shoppers in India and New Zealand are more likely than shoppers in other markets to have received online orders via local delivery.
Consumers want to shop Independently
With the emerging new trends, consumers want to shop independently and the the business will adapt to make that easier.
Consumers have expressed their desire to shop from independent brands, but they shop from marketplaces for convenience. Independent brands, who improve and work on their discoverability and fulfillment capabilities, are most likely to succeed.
Consumer intentions lean towards supporting small businesses with Spain leading the chart followed by France and then Italy.
Features that attract Retailers
Features like fast and free shipping, conversational commerce and shoppable social media helps independent retailers achieve convenience and reliability.
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Consumers will Vote with their Wallets
This calls for Brands to demonstrate authenticity, transparency, and accountability as consumers increasingly support local businesses and sustainable products.
Consumer’s main reason to shop from local online and offline store is to support local economy, local job creation, investing in their community, and reducing environmental impact.
Impact of Modern Financial Solutions
Modern financial solutions will disrupt businesses and consumer banking, finance and lending.
There are at least 10 technologies that may disrupt financial services in next 5 years.
With the increasing speed and access to wallets, fostering faster way to make digital payments like installments will grow in popularity.
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