The past couple of years have witnessed a remarkable surge in enterprise eCommerce, with the emergence of new eCommerce businesses and the transition from brick-and-mortar stores to online stores. Characterised by unprecedented opportunities for businesses to attract customers, surpass competitors, and expand their reach, the business world has witnessed noticeable changes.
Powered by Adobe, Magento’s enterprise eCommerce platform (now Adobe Commerce) has helped businesses design their store to entice, engage, and push potential customers to make a conversion and achieve outstanding results.
Did you know that there are more than 270,000 merchants who use Magento for their enterprise eCommerce business?
In this blog, we have encompassed the different popular eCommerce trends and how Magento Enterprise (Adobe Commerce) Edition can help you prepare for the future.
Popular eCommerce Trends Shaping the Future of eCommerce.
According to Forbes, “eCommerce sales are expected to grow to 10.4% in 2023”.
Albeit, banking entirely on predictions can be challenging, collecting data and analysing trends and patterns can help make accurate predictions. Collecting reliable data and analysing trends and patterns can help predict the future of eCommerce accurately.
Let us analyse the recent eCommerce trends that have emerged in recent times and are expected to grow in the future:
- Change in Customer’s Behavioural Patterns: Customers’ shopping pattern in recent times is characterised by convenience and proximity. Purchasing from smartphones is more convenient as it is time-saving for customers. Besides, customers have switched to purchasing several products like groceries, health and hygiene, and other home essentials from physical stores to online stores. Noticeable reasons such as direct delivery to customers’ homes, comparatively cheaper prices, 24/7 availability, and convenient shopping means are the several reasons that have driven online purchases to their peak. Magento Enterprise Edition offers advanced features and functionalities that allow brands to focus on creating innovative digital experiences. Some of the advanced features include promotional pricing for specific stores, categories, customer segments, and more. This edition provides customers with a simplified shopping experience by reinventing traditional shopping. Additionally, customers can now shop from anywhere, upgrade their checkout experience, automate promotions and shipping costs, and more.
- Personalisation for eCommerce Businesses: The importance of personalisation has grown significantly for enterprise eCommerce businesses wherein merchants are interacting with customers to engage buyers and increase repeat purchases. Brands can now personalise in different ways using the Magento Enterprise Edition, starting from product recommendations to cart-abandonment marketing emails, etc. However, before venturing into personalisation strategy, brands need to understand where the personalisation can occur in a shopping experience. Also, they should understand the type of information they would require for providing their customers with a personalised shopping experience. Since every customer in today’s world expects a rich shopping experience with personalised content, helping them fulfil their goals on every stage of the buyer’s journey, eCommerce businesses need to deliver a unified and engaging shopping experience to meet customer expectations.
- Local Languages to Reach Target Audience: Adding the option to allow customers to navigate your website in their native language increases customer relations. Magento Enterprise Edition’s multi-language feature helps increase customer experience from their first visit to checkouts.
- Supply Chain Resilience: Supply chain management is characterised by globalisation, low-cost supply, and minimal inventory. Post Pandemic, it became necessary for organisations to develop supply chain resilience or make necessary preparations for potential future incidents to avoid a complete cessation of their business operations.
- Shopping from a Live Event: Shopping from live events allows customers to converse with hosts and purchase their preferred products. A widely popular concept in China (accounting for about $170 billion industry), the concept of live shopping has spread across the globe. Since customers connect with brands on social media, brands can benefit from spontaneous purchases and leverage the appeal of celebrities and influencers to maximise profits.
- Augmented Reality: Through augmented reality, brands can simulate an in-person shopping experience online and create a 360-degree realistic customer experience. Customers using augmented reality can view a product superimposed wherever they direct their mobile device, leading to better conversions. Employing 3D modelling or representations of their products, brands can aid their customers in understanding the structure of their offerings. Integrating 3D modelling with augmented reality capabilities allows customers to engage with products in real-time, further enhancing their understanding and experience. Using the Magento Enterprise Edition, enterprise eCommerce businesses can drive sales by converting conventional shopping experiences into virtual ones. At the same time, you can inform your customers about how your products can benefit them. Additionally, the Magento Enterprise Edition allows businesses to make profits from DIY trends.
- Personalised Payment Options and Online Checkout: There are different payment preferences across the globe and brands usually overlook how their customers prefer to pay. For example, in North America, credit cards and digital payment systems like PayPal and Apple Pay are popular while cash on delivery is a popular payment option in Eastern Europe, India, Africa, and throughout the Middle East. Usually, brands integrate payment options without analysing data and trends carefully. Real-time payment options allow customers to make quick digital wallet payments, utilising popular options like Apple Pay, Google Pay, and PayPal. Even though the lack of preferred payment options has minimal impact on certain customers, it can influence the purchasing decisions of others. To aid global expansion efforts, brands should ideally consider offering different payment options personalised as per specialised target regions.
- Comprehensive Data Collection and Analysis: For eCommerce businesses to succeed, data collection and analysis help increase eCommerce sales. Several leading Consumer Packaged Goods (CPG) brands are incorporating Direct-to-Consumer (DTC) eCommerce model to understand their customers. Direct-to-consumer (DTC) eCommerce models provide valuable insights into making informed decisions regarding marketing, branding, targeting, customer retention, personalisation, and other aspects. The Magento Enterprise Edition is a robust platform, especially for eCommerce businesses as it offers extensive data collection and analysis. This allows brands to effectively communicate their message to individuals, especially for engaging and helping in identifying long-term customers. By leveraging the power of Magento’s advanced data analytics, businesses can gain a deeper understanding of their customers and optimise their strategies accordingly.
- Artificial Intelligence and Machine Learning: Artificial Intelligence (AI), Machine Learning (ML), and data go hand-in-hand. Several enterprise eCommerce businesses rely on machine learning and artificial intelligence to collect data and analyse it, helping them create a personalised shopping experience for their customers, optimise their marketing campaigns, and optimise price. Combining machine learning, artificial intelligence, and data analysis is beneficial in automating business operations and can steer eCommerce personalisation, enhancing store experiences for customers. Analysing customers’ pain points help businesses implement artificial intelligence and machine learning to resolve them. Automation is beneficial in driving productivity and growth while voice search enhances customer experience, and PWA (Progressive Web App) can deliver an improved online shopping experience.
With businesses growing globally, every company need to capitalise on all trends. To achieve your business goals, it is necessary to decide the right eCommerce enterprise solution that meets business requirements; which in turn can increase sales, enhance the shopping experience and enhance customer retention over time. If you’re looking for futuristic eCommerce solutions for your business, contact an expert at 18th DigiTech. We are an award-winning digital development agency, specialising in end-to-end eCommerce solutions for small, medium, and enterprise businesses.