“Mobile Commerce is the next big thing.”
Many of you, I know, would lift your eyebrows. Maybe you figured mobile commerce wasn't a big deal. It's just a fad that's going to be missed or substituted by another soon.
But believe me, it is NOT so.
By leaps and bounds, the mobile commerce domain is increasing. The industry is booming to such a degree that it is almost difficult for anyone to outshine the industry without worrying about the future of mobile commerce.
Consumers prefer Shopping Apps
37% of consumers prefer in-app shopping
23 % of consumers prefer mobile sites
40 % of consumers are indifferent
Who is driving M-Commerce?
Millennials, Moms & Multicultural, I’d say.
The world of eCommerce is growing day by day. The advanced techniques have brought the e-commerce market to the next level. In consumer needs, attitudes, and shopping habits, there has been a constant shift. This has made the rivalry all-time strong. You must keep up with the latest trends to keep up with the meteoric speed of e-commerce. Businesses should evaluate and change all emerging technology and developments in a timely manner in order to keep ahead of the competition.
Today we will address the trends in e-commerce that are on the rise in 2020 and will enable you to advance your e-commerce brand.
Let’s dive in!
1. Shopping via Mobile Apps
It's no secret that customers use their mobile devices for online transactions. We have already addressed how the global e-commerce market share is dominated by m-commerce. But the way that people use those devices for shopping is evolving.
In 2019, 57% of US consumers used a mobile retail app to learn more about a product.
More than half of US shoppers went straight for a smartphone app to satisfy their shopping needs instead of using an Internet browser. For Shopify store merchants, this is a game-changer.
Yeah, you clearly need to have a website that is mobile-friendly. But a mobile-optimized e-commerce site is no longer sufficient to succeed in this room. 2020 will become the year of applications for mobile shopping.
Shopify owners have recognized this trend, and are adapting accordingly. Everyone has identified the importance of targeting mobile users, so they’re building apps for their ecommerce sites.
Apps are the future of the development of m-commerce. You need to have an app in 2020 to remain competitive. Creating one now places you on the edge of the group of early adopters. But if you wait too long to make this decision, the competition will easily fall behind you.
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2. Fast Loading Mobile Apps & Websites
Customer experience is everything in the digital world. Users have a dwindling attention span and are quite impatient. The changing consumer behavior will give way to the growth of fast-loading mobile apps and websites.
40% of users abandon a page that takes more than 3 seconds to load.
According to several industry surveys, it has been established that users tend to prefer buying from mobile apps that are quick to load. The slower an app loads, increases the chances of abandonment.
3. Faster checkouts for higher conversions
Easy checkout options will definitely keep on impacting the conversion rates of eCommerce websites and mobile apps. Single-click checkout and payment via digital wallets improve the customer’s buying experience, which ultimately leads to more sales.
If a mobile website or app has these options, there will be greater chances that a user will end up buying.
4. Smart site search & navigation for increased conversions
The easier it is for customers to find products, greater are the chances that they will end up buying something. Mobile websites and apps will continue to improve the customer experience by simplifying navigation, adding dynamic product pages and autocomplete features to search options.
If a user can find their desired product quickly on a mobile commerce platform, he/she will purchase thus improving conversions and bottom line.
5. Buyers directly using social apps for making purchases
Social commerce is the process of directly selling something using social platforms such as Facebook, Instagram, Twitter, etc. With the coming of Instagram Shopping Posts in 2018, the whole social commerce opportunity suddenly seems more lucrative.
According to studies, 51% of millennials are more likely to buy products via social media.
The social commerce trend will pick up speed and impact the entire mobile commerce segment in the coming years, for sure.
6. Technologies such as AI, AR and VR are the future of mCommerce
Innovative technologies such as Artificial Intelligence (AI), Augmented Reality (AR) and Virtual Reality (VR) will shape up new shopping experiences for mobile customers.
Using AI-powered smart shopping assistants, AR-based virtual shopping stores and a host of other features, mobile commerce platforms can improve the shopping experience which will lead to more sales.
7. Chats bots for instant response & better conversions
Live bots integrated into the mobile commerce stores have proven to be a game-changer when it comes to conversions and customer services.
By integrating live chatbots in their apps and mobile stores, companies would be seen shaping up decisions, helping buyers to make purchases easily, reducing the chances of abandonment.
8. Omnichannel strategies will boost sales figures
Omnichannel strategies involve providing a seamless experience to the customers across different platforms, channels and networks. For mobile commerce, this means having a cross-platform application and a mobile website. Such strategies will refine and will lead to the creation of holistic shopping experience in the future.
Omnichannel strategies keep customers hooked across multiple platforms, increasing their chances of buying something from a mCommerce store.
9. The Growth of Voice Search
Like every other industry, voice assistants like Alexa, Siri and Google Assistant will also impact mobile commerce in the coming years.
Voice search is turning out to be an increasingly popular way for individuals to perform searches and even buy something on-the-go using their mobile phones.
Voice shopping is expected to grow to a level of $40 billion by 2022, from $2 billion at present.
The changing dynamics and growth of voice search call for a change in the conventional strategies. Modern eCommerce stores and mobile apps would have to embed voice-activated commands and target voice searches to improve their sales revenues in the future.
10. Mobile Image Recognition Technology
Mobile image recognition technology will change the face of mobile commerce in the coming years. People will be able to search for products via image recognition technology on their mobiles. By just clicking a picture or pointing a mobile camera on a product, mobile users will be taken to the shopping page of the respective product.
It would be interesting to see these trends shaping our everyday shopping experiences, making them much more streamlined and better. For the store owners, too, this would mean an increase in sales, resulting in a mature ecosystem. Definitely, the mobile commerce domain is going to see a massive transition from its current model with the growth of new technologies and trends.
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