As days move on, the competition between businesses is becoming harder due to the lack of a strong online presence. At present times, if the business isn’t online, customers might start thinking that businesses don’t exist. As people are moving towards online shopping stores, offline retailers are fading away and as a result, online businesses are the future of e-retail and can expect to gain more and more customers. As we can clearly see that offline stores are even involved in online sales to keep themselves sustained in the market.
Future of Online Retail
Brands began to realize that shifting their business to online would be much cheaper and would give them more customers. As a result, we’re seeing such astonishing growth in online sales. Customers are indeed looking for more accessible platforms on smartphones that are easy to navigate, simpler in interfaces, and support multiple platforms.
Predictions of how future online eCommerce or future of online shopping will be:
Product Specifications will Matter a lot:
Users are now demanding several pictures and videos of the product even for a simple product which adds up to one of the main future trends of e-commerce. Three years ago, the average number of images per product page was 3. Recent research has indicated that the top 10% of ranked products provided 4 to 5 images on the product page. As per statistics in the future customers will start to demand 6 to 7 images on the product page as it increases the trust towards the products they’re buying.
The future of online retail holds accountable apart from cheaper prices, customers are demanding more information about the product that they are purchasing online and they seek well-designed web pages or product pages. shopping products online, particularly big ones like TV, Smartphones, etc customers often demand higher levels of product information because consumers can’t gain trust without knowing deeper about the product.
Product Reviews Mean Everything:
In present times, online retail predictions have always been true and most of the customers have started to read the product reviews before buying a product it could either online or offline shopping. Customers have started to ask opinions about the product from their friends, family, colleagues, and influencers.
As customers use the internet, they come across so many product reviews, ratings and etc. Which may change their mind and make them buy a different product from a different brand that has better reviews and ratings which is one among the future of e-commerce. In near future, every consumer will definitely understand the importance of product reviews. By seeking into the future, we can surely say that over 90% of customers will definitely depend upon product review before purchasing the item.
Role of Virtual Assistants:
The future of online business is right here. Everyone loves a virtual assistant, right? Why would anyone hate it? It turns on lights for us, reminds us to do our work, plays awesome music to boost up our mood, and etc. It has been a trend to have a smart speaker in our homes. It has also started to order things for us. Sooner every business will allow users to order their product through virtual assistants which makes consumers buy products easily. In the near future, everyone will be able to order products with voice commands says the Online Business Projections.
A variety of Payment Options will Arise:
As technology and services grow, payment options will also start to grow along with the future of online retailing.
Currently, many retailers offer “buy now, pay later” options, as time goes on, we will be seeing retailers providing even more payment options for consumers to decide.
Future predictions of online retail experts say that businesses that accept mobile payment grow faster than competitive companies that do not accept mobile payment. Because everyone is tired of carrying too many items in their pockets, a mobile has replaced every item which we used to carry in our pockets. It replaced watches, debit cards, credit cards, money, etc. People are now feeling stress-free by carrying a single smartphone wherever the place might it be. In present days, most retailers accept payment through mobile devices. People started avoiding places where they won’t accept mobile payments. Debit cards replaced money, then credit cards replaced debit cards, now mobile replaced both debits as well as credit cards. Sooner smartwatches will replace mobile phones. Everyone will be able to pay via their smartwatches.
Bots will Clear our Queries:
Already some businesses have started to implement automated bots to clear customer queries and problems. Soon this will boom up, every business will try to adopt automated chatbots to clear customer queries and problems.
Personalizing Content will be a way to Dominate:
Lots of businesses are already working on providing personalized ads to the user. Such that they can end up buying the necessary or liked the product. By personalizing content, users are being tempted to buy the products. In the near future, every business will start personalizing their customer’s content such that every customer only sees a product that may be related to him/her.
There will be More and More Subscription Services:
A subscription service will be used along with a standard eCommerce product or as the main focus of a company. There are three key ways to do this: a service that delivers goods to consumers on a regular basis, replenishing their inventory; a ‘curation service’ that delivers personalized products on a regular basis; or a system in which customers pay a monthly fee for access to a product.
Subscriptions will save companies time and money while still supplying consumers with high-quality goods or services – it helps all parties, which is why we’re likely to see a rise this year and in the future.
Consumers will start to Demand What they Need:
If 4 out of 5 customers claim they prefer something, it’s time to shift the company in that direction of online business projections.
This is particularly true when it comes to modern conveniences including multiple distribution choices. Retailers are racing to keep up with Amazon and Walmart’s supply chain capabilities, which include two-day shipping, in-store pickup, and same-day delivery. While not every retailer can compete on the same scale as those big names, many are giving customers more choices through apps like Drizly and Postmates.
We are living in 2021, within 2 years over 120,000 stores will adopt Augmented Reality (AR) technologies, which will provide a much better purchasing experience which is the ultimate future of e-commerce. One of the main and important issues in online shopping stores is the inability to feel the product firsthand. AR technology helps customers to visualize better. For online customers, this could give a better idea about that particular product and helps the customer to choose the suitable product wisely. Many e-commerce companies have begun to use AR models for their products which helps them to be unique from other competitors. Companies use AR not only to be unique it also allows users to test and explore products in the way they want.
These online retail predictions were done by analyzing the current trend of e-commerce websites. As always, the online retail stores do not fail to surprise us every single day by updating something new. With the growing technology, there is healthy competition between every e-commerce website and they help to grow each other productively.