The eCommerce industry has experienced rapid growth and transformation in recent years, driven by advancements in technology, changing consumer behaviour, and the convenience of online shopping. As we look ahead to the future of ecommerce, it’s essential to identify and understand the emerging trends and predictions that will shape the industry.
eCommerce in Australia
Writing for TechBusiness News, Matthew Giannelis stated that approximately 9.4 million people in Australia shopped online in 2022, with approximately six million doing business in November, presumably by capitalising on pre-holiday sales events. In terms of how many purchases, he covered data indicating that 60 per cent of all Aussie households that year made online purchases at least 12 times, a slight improvement from the 57 per cent recorded in 2020.
Covering the market for RedSearch, Hans Consuegra pored over AusPost data pointed at improved purchase frequencies in 2022 compared to 2019. Another study where 60.93 per cent of Aussie respondents between 16 and 64 years old declared they will shop online more if the vendors offered free shipping, another 11 per cent expressing hope that their ideal vendor can deliver products within two hours.
The US International Trade Administration previously estimated that given Australia’s status as the 11th largest ecommerce market in the world, revenues are pegged to hit as much as $47 billion by 2024.
Trends and Predictions for eCommerce
Mobile Commerce Dominance
Mobile commerce, commonly referred to as m-commerce, is poised to maintain its prominent presence in the world of online commerce. With the widespread adoption of smartphones and tablets, more consumers prefer to shop using their mobile devices. Businesses need to optimise their websites and platforms for mobile devices, ensuring a seamless and user-friendly shopping experience.
Personalisation and Customisation
Consumers increasingly expect personalised and customised experiences when shopping online. Investing in technologies such as artificial intelligence (AI) and machine learning is necessary to analyse customer data and deliver personalised product recommendations, tailored marketing messages, and enhanced shopping experiences.
Augmented Reality (AR) and Virtual Reality (VR) technologies will play a significant role in the future of eCommerce. These immersive technologies allow customers to virtually experience products before making a purchase, enhancing the online shopping experience. Businesses will leverage AR and VR to showcase products, create virtual showrooms, and offer interactive product demonstrations.
Voice Commerce and Virtual Assistants
The rise of voice-activated virtual assistants like Amazon’s Alexa and Google Assistant will impact the ecommerce industry. Voice commerce will become more prevalent, allowing customers to make purchases using voice commands. Businesses will optimise their platforms for voice search and integrate with virtual assistants to provide a seamless shopping experience.
Sustainability and Ethical Practices
Consumers are increasingly conscious of sustainability and ethical practices. Businesses that prioritise environmentally friendly packaging, ethical sourcing, and social responsibility will gain a competitive edge. Customers will gravitate toward brands that align with their values, creating opportunities for eco-friendly and socially responsible businesses.
Social Commerce and Influencer Marketing
Social media platforms will continue to play a crucial role in ecommerce. Social commerce, the integration of shopping functionalities within social media platforms, will gain prominence. Businesses will leverage influencer marketing and user-generated content to reach their target audience and drive sales through social media platforms.
Same-Day and Instant Delivery
Fast and convenient delivery options will remain a top priority for ecommerce businesses. Same-day and instant delivery services will become more prevalent, catering to customers’ desire for quick product fulfilment. Businesses will partner with logistics providers or invest in their delivery networks to offer expedited delivery options.
Subscription-based ecommerce models will continue to grow in popularity. Consumers appreciate the convenience and personalised experience of receiving curated products or services on a recurring basis. Businesses will explore subscription-based offerings to build customer loyalty and generate recurring revenue streams.
Blockchain and Secure Transactions
Blockchain technology will enhance security and transparency in ecommerce transactions. Distributed ledger technology can provide secure payment processing, protect customer data, and reduce fraud. Businesses will adopt blockchain solutions to enhance trust and secure transactions.
Socially Integrated Shopping Experiences
The eCommerce platforms will become more socially integrated, allowing customers to interact, share, and seek opinions within the shopping environment. Businesses will incorporate social features such as customer reviews, ratings, and community forums to foster engagement and build trust.
The eCommerce landscape presents numerous opportunities for growth and innovation. Embracing these trends and making use of digital solutions can help businesses to position themselves for success and deliver exceptional customer experiences in the ever-changing eCommerce landscape.
DISCLAIMER: This article is for informational purposes only and is based on industry observations and general market trends. BARTERCARD has no relationships with any company mentioned in the article.