The e-business trends is getting more competitive around the globe today. The E-business sector is growing remarkably and it is driven by changes in technologies and global circumstances. Since the endless burgeoning of e commercialism is at its full tilt, all businesses have embarked to adopt online strategies to augment their returns. In 2021, retail e-commerce sales amounted to approximately 4.9 trillion U.S dollars worldwide. The figure is forecast to grow by 50 percent over the next year.
E-commerce is an activity of buying and selling goods and services via the internet, payment of money and data to finish a sale. The consumer purchasing pattern has turned in many ways since the Covid-19 pandemic. Due to these changes, many fresh business ventures have been described as successful and the established companies like Amazon are cracking their records. The action plans of e-commerce platforms are particularly customer-centric and the shoppers can find vast options to ease their e-shopping. The marketing tactics employed by businesses have made a profound impact on the customers. It’s not only just ordering and delivering goods. It becomes an integral part of the people’s lives and their quality of life and also the nation’s commerce from the year 2020.
Technological Advancements is alluded to as the cornerstone of the e-business trends. It progressed in the shopping making it easier for customers to make their purchases. Many of the businesses have gained profit from the online sale, while some of them are still struggling to compete with it. However, the year 2022 will be the year familiar for ground breaking in the ecommerce sector. Metaverse, Artificial Intelligence, Augmented Reality, Web 3.0, voice search commands, Live Streaming, Omnichannel sales, chatbots, are some of the dominant trends anticipated to lead the sector in this year.
Role played by Mobile Apps in e- Business industry
Today mobile commerce is referred to as a platform that takes e-business to the public, something that is useful for all. In the customer viewpoint, people prefer online shopping over offline shopping because an individual is certain before purchasing by going through the reviews, as compared to offline shopping where one can go down with the attractive marketing publicity.
On the other hand, Mobile Devices opened up greater opportunities for the e commerce company’s. In order to keep going on with e-business trends, mobile phones have become an inevitable medium. As per the recent studies, 79% of smartphone users have made a purchase online using mobile in the last 6 months and 80% shoppers used mobile phone inside of a physical store either look up the product reviews, compare prices, or find alternative store locations. Moreover, well- recognized social media accounts also creating new customer base.
Recent studies forecasting that mobile commerce sales will rise up to $432.2 billion by 2022.In fact, majority of the customers say carrying out purchases through mobile is convenient and saves time over offline shopping.
Current E-business Trends
With the fast reaching of the internet worldwide, the rate of masses with a digital culture is gushing progressively. In addition to this, many of the online activities like e- shopping and e-commerce have developed in colossal manner. E-business trends in the ecommerce industry emerge from various things. How customers shop, What they buy and how they respond to marketing tactics employed by businesses etc. Within the last decade, a lot of new e-business trends have emerged with an extreme influence. Because of the convenience and all-time availability, a plethora of businesses have moved to the online platforms also, innovations, R&D investments from this sector have expanded aggressively.
Role of Chatbots
Interactive Agent or Chatbots are the recent e-business trend in the e-commerce sector. Chatbots are gaining popularity because they offer better services than FAQ pages and Help Forums.
Chatbots are software applications that help the user to communicate in a website in the form of an on-line chat in a human imitated way. Artificial Intelligence was the foundation of Chatbots and its origin lies with Alans Turing’s during the 1950’s. Chatbots can advance the operational adaptability and usher in cost savings to business along with offering convenience and add services to both internal employees and external customers.
On the business aspect, chatbots are frequently used in helpline centres to handle incoming communications and guide customers to the suitable resources.It is often used for inside functions such as onboarding new employees, and assisting employees with the regular activities like vacation scheduling, training and ordering the business supplies. On the customer side, chatbots are carrying out an array of activities like ordering tickets, booking and checking into hotels and comparing products and services. It is also used in sectors like retail, banking and food & beverages. Furthermore,various public sector activities are accredited by chatbots, such as submitting requests for city services, handling utility-related inquiries, and resolving billing issues.
Netomi, atSpoke, WP Chatbot, Microsoft Bot Framework, Alexa for Business, Zendesk Answer Bot, CSML, Dasha AI etc., are the recent chatbots to make a note of in 2021.
In the future, the advancement of AI blended with 5G technology, businesses, employees and customers can enjoy elevated features of chatbots such as speedy recommendations, ease of access to high definition video conferencing from within a conversation, and AI, NLP, and ML advancements.
AR( Augmented Reality) & VR ( Virtual Reality)
Augmented Reality and Virtual Reality are the next major business trends. Augmented reality adds some digital elements into an already existing real world by using the camera on a smartphone. Snapchat Lenses, IKEA Mobile App, Nintendo’s Pokémon Go App, Weather Channel Studio Effect etc are some examples of AR. In contrast, Virtual reality implies a computer- generated simulated environment that replaces the real world environment that gives an immersive experience. Gucci Town, Etsy Virtual House, Nikeland, Wendy’s Metaverse Restaurant, Samsun 837X, McDonald’s VR Zodiac Exhibition are all examples of VR marketing examples.
Both AR and VR are going to get a great deal of public attention in a few years and will change the shopping style of customers. By using AR & VR in e-commerce, the customers can choose products and see the products they want and virtually collaborate with the products before shopping. AR really changes the shopping experience in specific industries, such as fashion and lifestyle because the customer can get a better feel for the item without seeing it in-person. Almost every industry would be affected if it comes to the forefront, especially the fashion and beauty industry and would be ensued by other motor vehicle manufacturers, the home furnishing industry, etc.
Companies like Facebook, Google, Apple are highly invested in Augmented reality Technologies, whereas companies like Microsoft and Alibaba are developing their own tech’s.
Voice Search/ Voice Assistance
The rise of voice search or voice assistants has created an opportunity for e businesses in respect of content and keywords. Recently, voice assistants are not confined to technocrats only, but also to all age groups who cherish this technology and sweat it out for tasks like shopping. Popular examples of voice assistants are Google Home, cortana, Amazon echo and Siri.
When a voice command is given to AI assistants, such as Amazon Echo, voice is converted into text, which then is analysed and processed on basis of the nature of interaction, the response from the assistant is generated in the form of reply or placing a shopping order. Voice assistants, which power Voice commerce, uses NLP (Natural Language Processing), a form of Artificial Intelligence. NLP enables machines to understand and learn from the languages we humans speak and write. According to an OC & C report, Voice shopping will touch $40 Billion by 2022, a 20 fold increase from 2018.
People are already using voice assistants to book tickets, play music, and various other tasks. Studies indicate that smart speakers’ involvement in the e-commerce industry would rise around by 18% by the year 2022. By 2025, almost every house would have a voice-controlled shopping cart, which would order products just with the user’s voice commands..
Artificial Intelligence Driven Strategies
At Present, AI has a profound impact on the e-commerce industry worldwide. From Digital transformation and software driven services to Virtual reality and artificial intelligence, technology keeps pushing the limits of what ecommerce can do. Companies like Amazon, Zeta Global, IBM, Flipkart and so on have already used AI technology. Among these, Amazon and Flipkart are the platforms which have been using AI and ML across its many divisions to drive internal processes efficiently and saving both resources and time at the various levels of order management along with boosting customer experience.
Over the past couple of years, AI technology has come of age and become a powerful tool to boost sales and optimise operations. Even many small ecommerce businesses are using technology with some kind of AI capability. Researchers affirm that by the end of 2022, online marketplaces would be spending around 9 billion USD on R&D of artificial intelligence.
AI can play a big role in helping online sellers more accurately target marketing and advertising to their ideal customers, increase customer retention, implement seamless back-office automations and find efficiencies in their sales processes.
Significance of Social media Platforms
Today, Social media is the robust e-business trend for e-commerce websites. Most of the ecommerce websites are integrating their platforms with social media for the purpose of user base and for its promotions. Social media interaction would help the companies to build a strong web presence, generate leads and increase traffic. A systematic social media strategy is of great importance for improving the development and growth of an e-commerce business.
From facebook to Linkedin , there are virtually endless ways to interact , share information and marketing of products. Social media allows industries to connect with new customers and keep in touch with the existing customers. Social media platforms have made it easier for companies to reach out to their audience. At the same time, Online shoppers demand transparency about the products they are buying, so businesses that do not have access to reviews or social media from the e-commerce platform may be at a disadvantage.
Developments in Payment Methods
The number of people doing online shopping has increased due to the recent pandemic situation which paved the way for an upward pace of e-business trends. This rapid growth has led online merchants to add a variety of electronic payment options to their portfolios and websites – options which are becoming more secure and frictionless.
Online payments options have grown far beyond credit and debit cards. Consumers today have flexible payment options and seamless transactions, Contactless payments and digital wallets like Apple pay and mobile pay are more popular now. Meanwhile, a group of customers has started demanding interest-free “buy now pay later” methods. Social e-commerce and cryptocurrencies are gaining popularity meaning that consumers are using a wider variety of ways to pay.
A study from Jupiter Research found that the value of global e-commerce payment transactions will exceed $7.5 trillion by 2026, from $4.9 trillion in 2021- a growth rate of 55% over five years. As global e-commerce payment transactions continue to grow, new trends are certain to emerge.
Mobile Commerce
Mobile Commerce has become a wave in the history of e-commerce. Mobile commerce or m-commerce, is the buying and selling of goods and services on mobile devices like smartphones and tablets. These transactions can be done through a variety of mobile platforms, including web browsers, shopping apps, and social media channels.
Undoubtedly, the infiltration of smartphones into the customers’ lives is the impetus for the growth of mobile commerce. Reports reveal that, In 2022, smartphone retail eCommerce sales are expected to reach $432 billion, up from $148 billion in 2018. In 2021, the rate of global smartphone users reached at its peak 7.1 billion, with 5.3 billion mobile internet subscribers. While much of the mobile growth in the past several years has been accelerated by the pandemic, these numbers are predicted to see continued increase in the years ahead.
The potential m-commerce is enormous due to the effective strategy based on recent industry trends. Augmented Reality, one- click ordering, optimising websites for mobile, progressive web apps, smart personalization, voice shopping etc are some of them. Mobile commerce is the most convenient and efficient shopping method for customers who prefer to shop online, from wherever they are, simply by tapping the screen of their mobile device.
Advancement Of B2B
The explosive growth of e-business trends for the last few years have intensified the need for B2B businesses .B2B ecommerce, or business-to-business electronic commerce, is the sale of goods or services through online transactions between businesses. Because orders are processed digitally, buying efficiency and effectiveness is improved for wholesalers, manufacturers, distributors and other types of B2B sellers.
As B2B sales show an increasing shift from traditional outbound channels to inbound online platforms, businesses must respond in order to meet their customers expectations and remain competitive in the marketplace.B2B eCommerce solutions offer numerous benefits for businesses, enabling them to increase sales, optimise efficiency and reach new customers and markets.
In 2020, the global B2B ecommerce market size was valued at USD 6.64 trillion and is expected to expand at a compound annual growth rate (CAGR) of 18.7% from 2021 to 2028. According to data from Statista, global retail ecommerce sales for B2B are expected to reach $1.1 trillion in 2021.
Summary
In a nutshell, the advancements in technology and the new consumer demands in the ecommerce industry in the upcoming years would definitely benefit both the users and eCommerce marketplaces. The pace of which businesses are adapting to trending technologies in the current market suggests that the competition is never going to see an end in this market. Many new e-business trends in the E-commerce sector are yet to come. These technologies used in E-commerce, like handheld or mobile platforms will be part of E-commerce businesses, and subscription of services will have greater importance in the digital market. There will be a leap forward in the way of marketing and showcase of products.
