According to a report published by eMarketer in 2016, the trade and commerce sector will experience double-digit growth until 2020. During this period sales are expected to increase by over $4 trillion.
It’s clear that only a handful of industries can boast about such a beaming future. To make sense of our rapidly changing industry, we’ve compiled for you some of the most disruptive and potentially beneficial trends in e-commerce that marketers and consumers can expect to see in the very near future.
Greater Integration of Machine Learning and AI
Given the increase in marketing and business automation, it is inevitable that the commercial sector will continue to be influenced by a deeper level of artificial intelligence and machine learning in the years ahead.
In fact, machine learning is already integrated into today’s leading e-commerce retailers. In the upcoming years, however, additional e-commerce retailers will increasingly utilize the many benefits that machine learning offers in order to maintain their competitive edge.
Additionally, product recommendations, upsells, product bundles, as well as inventory forecasts, are also poised to become even more accurate and helpful. As a move away from keyword and human-based recommendations occur, merchants with a wider range of signals for product purchases history will become evident. In essence, retailers will have the power to know what the customer wants, before the customer does.
It’s becoming increasingly difficult to talk about retail search without mentioning the advent of voice search. In the near future voice will be one of the leading drivers of online sales innovation, specifically with consumers on the go.
With an increase in the adoption of smart home appliances such as amazons echo and Googles Home, retail purchases are witnessing the incorporation of voice search,
Voice search, particularly in the smart speaker market, is not just a matter for convenience and neatness anymore, but it is the next stage for customer loyalty. For instance, the sales completed via Amazon Echo units also provided retailers with many new selling opportunities, with upsell rates of more than 60% for some product lines.
Faster shipping and better delivery logistics
One of the very few remaining differentiators when it comes to e-commerce sectors is the time and quality of delivery logistics that a retailer carries out. As we all know, Amazon is the indisputable king of e-commerce delivery and seems to remain firm on its throne for the coming future. Even more intriguing is the data on Amazon’s fastest deliveries- just eight minutes for a forehead thermometer and a mere nine minutes for 5 pints of ice cream.
We’re not too far away from a time when we can expect Amazon and other e-commerce retailers to step up their logistics game and offer their customers lower delivery times and better services.
Unprecedented growth in mobile checkout systems and IoT
These days, without mentioning the use of mobile checkouts and payment systems, anticipated e-commerce trends would not be complete. Mobile payment has been one of the most brilliant changes to the way people shop since e-commerce has skyrocketed. The mobile payment market has increased steadily since 2015, and now there are ten different systems available today. These also include Apple pay and Google pay as well as proprietary offerings from different banks including Chase and Softbank.
With ongoing innovations and new technologies being introduced daily, the e-commerce sector has and will continue to witness one of the fastest evolutionary shifts that the industry has ever seen.