1. Global eCommerce is growing as markets outside of the United States adopt internet purchasing more quickly. (eCommerce business)
For at least the past five years, eCommerce‘s percentage of worldwide retail sales has been increasing, and they expect this trend will continue. (eCommerce business)
According to McKinsey statistics, COVID-19 has impacted net consumer optimism in various nations. The pandemic, on the other hand, has prompted a larger usage of eCommerce, particularly for necessary commodities.
This gives up a huge possibility for boosting cross-border sales to areas where eCommerce penetration has hitherto lagged.
However, brands must conduct their own research to determine whether or not foreign expansion is appropriate for their online business. Consider the following:
- Is my product or category in that market in demand?
- Will my marketing work in other cultures, or will the brand have to invest in several campaigns?
- Is it necessary for us to localize our eCommerce site for a global audience?
- What are the most prevalent payment methods in the target country?
- What approach will we take to cross-border shipping?
Consider all of the costs of worldwide marketing, selling, and shipping to see if it’s worthwhile for your company to take advantage of global eCommerce potential. It’s also worth noting that delivering an easy-to-use mobile purchasing experience will be vital when selling to mobile-first regions like APAC, Africa, and the Middle East.
insight into a brand
LARQ, a BigCommerce customer, prioritized international expansion from the start.
“We conducted a Kickstarter early on and projected that the worldwide market, particularly in Europe and Asia, would be crucial for us,” said Justin Wang, co-founder, and CEO of LARQ.
Their eCommerce site supports multiple regions, and the addition of multi-currency support in 2019 resulted in an 80 percent boost in conversions in three months.
“We’re also looking into opening a new warehouse, growing our business abroad, and focusing on our eCommerce business approach,” Wang said.
2. Automation allows for increased productivity and growth.
The purpose of automation is to complete a task with the least amount of human input possible. That may include using a CRM or marketing platform to schedule emails, using Zapier to automate processes, or utilizing advanced technologies to assist with hiring.
However, when it comes to future eCommerce developments, robotics and machine intelligence are two of the most often discussed topics right now.
Funding is a solid sign of future trends, and this one is a winner. An open-source conversational AI platform for chatbots and voice apps won its fourth round of funding in the previous few months, and an autonomous forklift developer raised $15 million.
To discover, identify, and carry things in warehouses, robotic gadgets, drones, and other autonomous vehicles are already being utilized to supplement the supply chain. Furthermore, the United States is closer than it has ever been to seeing completely autonomous freight vehicles on the road.
Machine learning/artificial intelligence combined with big data can do more than just automate; it can also automatically optimize a variety of operations that now take a lot of time and effort.
Increased eCommerce personalization, which can help customers have a better retail experience, is one area it’s poised to boost.
“They used machine learning to assess your shopping history by websites that recommend things you might like based on previous purchases,” said Jeff Goffinet of Dunn Solutions Group.
“Retailers utilize machine learning to acquire, evaluate, and apply data to personalize a shopping experience, launch a marketing campaign, price optimization, merchandise supply planning, and consumer insights.”
Through touchpoints personalized to them, this data collection and analysis can also help uncover possibly fraudulent or otherwise high-risk orders from your online store.
According to Goffinet, machine learning will demand less and less data scientist engagement in everyday eCommerce applications over time. Start by considering your top pain problems if you want to include some of the benefits of machine learning. For instance, if you’re having trouble with customer service, consider using a chatbot.
The graph above displays the percentage of consumers who have used chatbots by industry, with retail having the highest adoption rate.
Don’t be scared to start small and scale up as your company grows. Always keep in mind that the goal of automation is to make humans’ jobs easier, not harder. Aside from that, it’s just a shiny thing.
3. They will enable automated commerce via voice commerce and headless technologies.
According to a January 2019 survey, nearly half of Millennials have used voice technology such as Google Home or Amazon’s Alexa to undertake some type of buying activity. They expect it to increase — to a degree — as people become more comfortable with voice-assisted technologies like smart speakers.
It’s still a stretch to believe we could be ordering new clothing or home decor without ever seeing it, but it’s easy to conceive a use case for reordering, such as “Alexa, add dog food to my shopping cart.”
In this situation, Amazon remembers your preferred brand and quantity, making reordering simple.
The ultimate future for this, however, relies on the voice commerce trend, as well as the rise in subscriptions, to reach automated commerce (eCommerce) and IoT devices with headless commerce.
“Headless commerce is at the point where it’s defining itself in the market,” said Amir Hessabi, a BigCommerce enterprise solutions engineer. “We’re considering headless as a commerce engine that can be paired with anything, such as IoT devices,” says the company.
When you use eCommerce, an IoT-connected gadget detects when you’re running low on a subscription item and automatically orders it for you.
Talk about inventory control — for your refrigerator.
Brands with items that fit in well with that model — consumer packaged goods, for example — should devote the greatest attention to this one.