More money than ever is being spent online. Consumers have turned to eCommerce for everything from dishwasher detergent to new smart phones, and consumer demand has shifted. In this post, we’ll review 10 essential eCommerce trends for 2022 that you can leverage to improve your customers’ experience, and your bottom line.
The eCommerce landscape has become increasingly saturated, which is why a strong, distinct brand identity is vital. This refers to the distinct voice and visual appearance that represents your brand. All elements, from your logo, slogan, and website, to packaging and messaging need to be aligned with your brand identity.
To appeal to your target demographic, your brand needs to speak to buyers on a personal level. After all, when shoppers buy products online, they aren’t just buying the item – they’re buying the brand too. According to Accenture, 52% of shoppers now choose brands that align with their values. Transparency is key – show consumers what your company stands for to increase the chance of conversion.
It’s easy to assume that by now all eCommerce websites are optimized for mobile, but this isn’t the case. However, more than half of all online shopping occurs on mobile devices, which is why a responsive and intuitive mobile website is essential to reducing bounce rates, retaining customers and increasing organic traffic. In fact, 61% of consumers are unlikely to return to a mobile website if they had trouble accessing it on the first try.
Therefore, it’s now absolutely vital for companies to invest in visually appealing mobile web design with short, intuitive checkout processes – a long, complex checkout is one of the top reasons for cart abandonment.
Making your eCommerce business more sustainable not only reduces your environmental impact, but makes your brand more appealing. As climate change has moved to the forefront of people’s minds, a third of global consumers now pay more for brands that produce environmentally-friendly products.
However, as sustainability becomes a primary selling point, more and more companies are promoting themselves as sustainable without backing up their claims. Using sustainability as a marketing ploy when your product doesn’t actually provide environmental benefit is known as greenwashing, and the best way to avoid this is by being as transparent as possible A simple statement about what you’re doing to benefit the Earth isn’t enough–customers want to understand your complete supply chain and how it’s affecting the environment.
Incorporate sustainable marketing to show how your company is offsetting its carbon emissions or reducing waste. Include a sustainability page on your website, write blog posts, and create social media content that shows your brand’s commitment.
Amazon’s two-day delivery has completely shifted consumer delivery expectations. Speed and timeliness have become primary demands and customers expect their products to ship as soon as possible. Consumers are more likely to stick with eCommerce brands that provide faster, easier, and transparent shipping. However, these same purchasers say that online retailers only meet their delivery speed expectations 50% of the time. In addition, a 2020 survey found that 69.7% of customers are likely to not shop with a retailer again if their delivery was delayed without their knowledge.
eCommerce companies can increase customer retention and reduce cart abandonment by meeting this expectation. By providing diverse and flexible delivery methods and combining them with different carriers, your brand can automatically convey its investment in customer satisfaction.
According to Yahoo finance, digital wallets will account for more than half of all eCommerce payments worldwide by 2024. Apps like Apple Pay, PayPal, and Google Pay have streamlined the online shopping experience, making it easier than ever for consumers to complete their transactions.
Offering mobile payments increases sales and allows your brand to reach more customers. Consumers are already using their phones regularly, so offering mobile payments is just good business. It saves them time and increases your conversion rates by preventing customers from having to manually enter their payment information. It’s a win-win.
According to SproutSocial, 64% of consumers want brands to connect and engage with them. eCommerce companies need to create relationships with buyers minus a physical storefront, meaning they need to do this in different ways if they want to create repeat customers.
One way eCommerce brands can engage consumers is by establishing a strong social media presence. Social media platforms bridge the gap between brands and consumers and allow them to directly connect. Instagram is one of the best platforms for eCommerce because of its visual nature – you can share pictures and videos in different formats, whether it be via stories, reels, or regular posts on your feed
Brands should also maintain conversation with customers post-purchase. Create content informational guides, newsletters, and how-to videos related to your product, and allow customers to leave reviews. Quickly reply to any negative feedback so consumers feel heard. The more you humanize your brand and create a personal connection, the more likely buyers are to return.
Instagram, Facebook, and TikTok are no longer just for posting pictures and sharing videos with friends – social commerce has exploded in popularity. If your eCommerce brand isn’t selling products through social media yet, it should be. Approximately 30% of internet users in the United States already make purchases through social media platforms, and sales are expected to almost triple by 2025 worldwide, reaching $79.64 billion in revenue.
Social commerce is more than just advertising on social media – this type of shopping experience, from product discovery to check out, occurs directly on a social media platform. By streamlining the customer journey and creating an interactive element to the shopping experience, buyers are more likely to become repeat customers.
eCommerce brands are seeking new and innovative strategies to stay ahead of the curve. Emerging technologies like augmented reality (AR) and virtual reality (VR) have the potential to take online shopping to the next level by allowing buyers to virtually test products before they purchase. For example, a customer shopping for a couch can upload an image of their living room to see how the item will look in their home, and a buyer shopping for makeup can virtually test different color eye shadows onto an image of themselves.
This enhances the online shopping experience for shoppers and saves brands time and money by reducing cart abandonment and the rates of returns and exchanges. And while these technologies are still relatively new, a June 2020 survey of U.S. retailers showed that 20% expected to invest in AR or VR for their company’s online store, up from just 8% six months prior.
After the enormous surge in online spending brought on by Covid-19, it became clear that eCommerce brands need to invest in more marketing assets and better customer engagement. One way to accomplish this is by using AI technology – a strategy that is slowly increasing in popularity. In fact, a recent report by Markets and Markets predicted that the use of AI in social media marketing will exceed $2 billion by 2023.
AI technologies can be used in a variety of ways, including:
Of course, there are some limitations to using AI, as technology can’t replace human beings completely. But for companies whose business models rely solely on online purchasing, incorporating AI is a logical strategy that aligns with virtual shopping.
Subscription business revenue grew 437% over the past decade as consumer preferences shifted from ownership to usership, and projections suggest that by 2025, the global ecommerce subscription market will be worth $246.6 billion. Subscription business models are so valuable because they meet consumer demand and turn them into loyal, recurring customers, providing businesses with higher rates of customer retention and satisfaction.
According to Tien Tzuo’s book, Subscribed: Why the Subscription Model Will Be Your Company’s Future – and What to Do About It: “Subscriptions are the only business model that is entirely based on the happiness of your customers. Think about it—when your customers are happy, then they’re using more of your service, and telling their friends, and you’re growing.”
Payoneer: your go-to partner for digital payments
As an online seller looking to expand your business online and increase sales, Payoneer is your go-to partner for managing all your business payments.
From multi-currency receiving accounts that enable you get paid from international marketplaces, to Capital Advance to help you invest in your business and bring it to the next level, to paying your suppliers or VAT requirements directly, Payoneer has a whole suite of tools to help.
Open an account today and see how easy, fast and low-cost managing your business payments can be.