Ecommerce is constantly growing. In fact, it’s growing at a higher rate than Amazon can deliver. One year we’re buying products and services on a whim, and the next we are telling our voice assistants to order us new paper towels. The future is already here, but the scariest part is that we can expect even more growth and changes in the future.
To give your business the edge, here are some of the major e-commerce trends you should keep an eye on for 2021.
Premium Private Labels
In the last couple of years, many Direct to Consumer (D2C) businesses have emerged in the marketplace. This has given brands more control over their products, better profit margins and more. It also benefits customers by giving them lower prices on quality products.
However, there is evidence that this trend is changing.
There’s a number of premium, private label brands that are providing better prices on quality products and an overall better shopping experience. They’ve realised the power of ecommerce, and knowing that consumers can access their online shop at their fingertips, it creates the incentive for them to provide reduced prices.
While there is a clear upward trend in the ecommerce space, there is also somewhat of a growth in offline ecommerce too.
Financial experts Concept BK believe that despite the total shift to online ecommerce inevitable, consumers still enjoy offline ecommerce. “You can’t take away the feeling of being able to touch a product with your own hands or see the product with your own eyes. It makes it feel more real, and that’s been the way for brick and mortar retailers for decades. People still enjoy it, and it’s unlikely they will completely abandon it.”
Offline ecommerce usually takes the form of interactive storefronts and pop up stores. The reason why ecommerce sites are going offline is because it’s a simple way of getting in front of people’s eyeballs, and pop up stores can generate a good sense of excitement and buzz if it’s only going to be around for a few months.
Shop Through TV
How many times have you watched a TV show and loved what the characters were wearing? It’s a previously untapped market, but in 2021, you can look at an outfit on the show and purchase the exact same set of clothes.
The first major TV station to engage in this type of ecommerce was NBC, where they provided an on-screen QR code for users to open up the camera on their phones, scan the code and then be instantly taken to an online store to purchase exactly what they saw on TV.
Given the current COVID predicament we find ourselves in, shopping like this has never been easier.
Artificial Intelligence Sourcing
This may not seem like a groundbreaking innovation, and that’s because it isn’t. Lots of big retailers are already using AI sourcing to make better purchasing recommendations to their users.
It’s also good for customers, because they can visualise exactly what they’re purchasing.
Australian cake designer Pearl Toh notes the importance of AI, because it also allows for easy upsells to customers. “The best time to sell someone is right after they’ve purchased a product. It’s what I’ve used on my website because people are in a better state to purchase, and I’ve made a lot of money through recommendations on the website. It’s a fantastic way to increase revenue.”
With AI in 2021, it will be able to analyse the latest trends in the market as well as a greater knowledge of customer behaviour, so businesses target people better. It will save businesses hours of sifting through loads of data to find out these insights, so expect AI to dominate the ecommerce space in that regard this year.
P2P and Rentals
Returns are part and parcel of retail, but when it comes to selling online, it’s a whole different level of frustration. Customers will sometimes return the wrong items on purpose in order to get something better back.
One avenue that will definitely make a splash this year is rentals. It prevents wasted clothes and also will allow the customers to still purchase an item that they’re happy with. It’s low risk for companies to engage in the rental space, and we predict that this trend will continue to emerge throughout 2021.
If you want to take advantage of these upcoming trends, Avid Brio will help you every step of the way.
No matter the size of your company, we come up with solutions that raise your revenue and have customers flocking to your store. Get in touch with the Avid Brio team today for a no-cost and no-obligation proposal.