If you own an e-commerce website, you should monitor the latest e-commerce trends regularly and analyze each of the trends, while adopting them in due course to stay forward in the competitive industry. Particularly, you should never overlook a few of the e-commerce trends for this 2020, as we have discussed in our blog post.
- The trend of Expansion of Fulfillment Options
If you own an e-commerce company with a specific brick and mortar location, you have to take a simple and easy step i.e. provide your customers with the BOPS option i.e. buying online and pick-up in-store. When the complete e-commerce premise has to deliver items to one’s home, allowing customers to choose their orders at the near physical location may sometimes become a convenient option. On the other side, if your brand does not have a physical location, you should partner with an existing physically located business to cater to your BOPS customers.
- The trend of Dynamic Pricing to Drive a Huge Profit and Optimal Sales
Modern e-commerce companies have to monitor prices charged by their competitors, analyze both historical and seasonal demands, react to obtained valuable insights in real-time. Each of these steps is essential for standing out in today’s highly-competitive e-commerce business environment. For this, you have to adopt a sound dynamic pricing strategy and technology.
For this, you have to calculate the optimal price for a specific product at a specific period. Here, optimal price refers to the price, which gives you the best possible chance related to product sales and allows you to achieve the highest possible profit from its sale. For this, you have to get access to data that involves the market demand, prices charged by competitors and perceived product value.
- The trend of Consistent Exploration of Social Commerce
Social commerce refers to the process to make purchases directly with the help of social media platforms. This trend is growing steadily and is becoming popular among online buyers. The trend will continue for this 2020. Thus, to stay updated with the social commerce trend, you have to-
– Think properly, from where you get active customers, like for instance from Facebook, Twitter, LinkedIn or anywhere else
–The time or month, when they show their huge intension to make purchases
–Various ways, in which you may use the functions and features of a specific social media platform for spurring various online conversions.
Along with this, you have to focus on making an investment in the latest technologies and tools, which may help you to engage with the audience available on social media platforms in a better way. For instance, brands involved in selling via Facebook would think to use Messenger chatbots for nurturing their audience on Facebook towards online conversion.
- The trend of AR and VR Product Visualization Tools
Both Augmented Reality and Virtual Reality product visualization tools play prime roles to boost sales while diminishing the returns. Because of this, about 90percent of businesses possessing annual revenues from only 100million dollars to 1billion dollars are using both Virtual Realities and Augmented Reality tools.