The pandemic brought undeniable changes to the ecommerce industry, affecting how businesses sold their goods and services, and how consumers shopped around the world. In 2020, retail ecommerce sales worldwide amounted to 4.28 trillion US dollars, and in 2022 online retail revenues are projected to grow to 5.4 trillion US dollars.
Want to keep your ecommerce strategy ahead of the rest? Here are the top four trends forecasted for ecommerce businesses in 2022:
- Social Commerce
- Augmented Reality (AR)
- Supply Chain Optimization
- Optimize Store to Increase Conversion
The rise of social media has created a need for social-friendly shopping. Customers are learning about brands and products via social media, so it only makes sense that they complete their purchases through these platforms. Users can tap product tags and purchase items in less than 60 seconds - all without changing apps.
Social platforms like Meta and Tiktok have announced shoppable programs for ecommerce businesses. Some are even offering benefits to ecommerce businesses that enable the checkout to take place on the native social platforms.
For businesses that want to market to younger demographics - social commerce is a necessity. 55.5% of consumers aged 18-24 and 48.7% of consumers aged 25-34 made at least one purchase on social media in 2021.
Augmented Reality (AR) Augmented Reality uses 3D mapping technology to create real-life simulations for customers when visiting ecommerce websites. AR has been used to give customers the opportunity to try on items virtually, or place them in a space within their homes. AR became increasingly popular at the start of the pandemic, which threatened the future of retail and in-person shopping experiences.
The future of AR elevates the “try before you buy” concept to a new level. Brands no longer have to rely on brick-and-mortar storefronts and can address common ecommerce concerns by instituting AR web features. Customers have the opportunity to be more informed and therefore more certain about their online purchases, which offers the potential to greatly lower online store return rates.
“In 2020, retail ecommerce sales worldwide amounted to 4.28 trillion US dollars, and in 2022 online retail revenues are projected to grow to 5.4 trillion US dollars.”
Supply Chain Optimization
Supply chain issues were amongst the biggest struggles ecommerce businesses faced in 2020 and 2021. 35% of business owners across multiple industries stated that supply chain issues resulted in numerous refunds – and as a result they faced significant losses.
Ecommerce businesses will need to increase visibility of their supply chain status and improve communication between the warehouses, suppliers, and customers. If optimization is not a priority in 2022, businesses will continue to lose customers due to poorly timed deliveries and communication.
Optimize Store to Increase Conversion
This should come as no surprise, but in an era where customers are able to make purchases with the tap of a button, businesses must be prepared to optimize their shopping experience based on customer needs.
PIVOT recommends A/B testing fonts, colors, and landing page creatives to track what customers best respond to. Some businesses are opting to create split level landing page displays that track IP addresses and provide customers with a more personalized experience.
Businesses should also be prepared to provide 24/7 chat support so customers can ask questions directly to reps that can facilitate the purchase process in real time, just as they would with an in-store experience.
So what do you think? Is your business optimized for selling in 2022? Would your business benefit from learning more about the rapidly evolving ecommerce landscape?
Get ahead of the trends and start optimizing your brand’s ecommerce presence for the next year. Contact PIVOT to learn more about the advanced strategies you can apply to your ecommerce store.