Ecommerce is the process of buying and selling goods and services online. It is also known as electronic commerce or internet commerce. Mostly, ecommerce is the practice of selling products online. But it also explains transactions that happen on the internet. Nowadays, ecommerce is getting a lot of hype and attention. That is the reason we can see new consumer trends for ecommerce businesses.
But, the history of ecommerce begins in the year 1994. A man sold a CD on August 11, 1994, to his friend through the website NetMarket. It is an American retail platform. It is the first example of buying and selling of products through the internet.
Since then, ecommerce is a great business for making money. And it’s continuously evolving to give a better user experience. It allows for selling products at a scale that isn't possible with retail shops. This is the reason; every business has benefited from ecommerce.
Types of Ecommerce
Four types of ecommerce show transactions between a customer and business.
- Business to Consumer (B2C)
in this, a company sells a product or service to a consumer. For example, you buy clothes from an online retailer.
- Business to Business (B2B)
In this, a business sells a product to another business. A business sells SaaS services for other companies to use.
- Consumer to Consumer (C2C)
in this, a customer sells a product or service to another consumer. For example, you sell your old books on eBay to another customer.
- Consumer to Business (C2B)
In this, a customer sells their products or services to a business or organization. Such as a freelancer offering service to an organization in exchange for salary. Or photographers who sell their photos to other organizations.
Example of Ecommerce
Ecommerce takes place in different forms. And it involves different transaction relationships between business and consumer. Moreover, it involves different objects for transactions.
- Physical products
- Digital products
Importance of Ecommerce
In the world of technology, eCommerce is important for the development of a business. These are a few reasons that explain why eCommerce is essential for the company:
- Ecommerce is more accessible and convenient than a brick-and-mortar retailer.
- It is available 24/7 for the customers.
- It can expand business globally.
- Ecommerce provides better marketing opportunities.
- Ecommerce is the best way to get feedback from the audience for the progress of the business.
- It gives a customized shopping experience to the consumers.
2021 Consumer Trends for Marketing and Ecommerce
Ecommerce business is continuously evolving. Similarly, this year, there were a lot of changes in ecommerce. Marketers are improving marketing and ecommerce to meet customers’ needs and preferences. In contrast, everything in ecommerce is evolving. We have narrowed some consumer trends that will impact an ecommerce business.
- Online sales growth is unstoppable
Ecommerce sales are constantly growing as online shopping is a popular online activity. According to the multiple ecommerce web development services, ecommerce sales are about to increase 26.7 percent over the year to $4.891 trillion in 2021.
It's a consumer trends that every business should follow. As of now, there is an increase in trust that online buyers have while engaging with a brand. As compared to the past, people are hesitant to buy things online. But now, that's not the case.
- Personalization is the future
Personalization is another consumer trends that drives sales highly. According to a study, 50% of users want personalization while online shopping. Personalization is important for a business as it improves user experience. It shows consumers that you value them. And they deserve to be recognized and appreciated.
The online shopper would bounce back to another site if they didn’t get good product feedback. Recommendations are drive-by consumer buy history.
- Visual commerce is dominating
According to a study, 90% of information is transmitted through visuals in the brain. Visual content marketing plays an essential role in portraying a business image towards the audience.
Visual content is the technique that makes money for the company. According to an ecommerce web development service, an image can drive audience attention. By doing that, it leverages customers to connect with a brand and take action. That increases engagement and sales rate for business growth. It has proven that 80% of conversion rates increase by publishing images on its landing page. That is the reason; visual content marketing is a great consumer trends in 2021 for ecommerce.
- Social media marketing
In the 20th century, social media is leading the internet world. Everyone has understood the importance and power of social media. That’s the reason companies focus and invest their money in social media marketing.
Social Media Marketing is a way to promote your business or product through social media platforms. Yet, Digital Marketing and e-marketing are still important. Social media marketing is growing more rapidly. Many social media platforms provide features to track a business's engagement and progress.
Social network sites permit individuals and companies to form communities and build relationships online. So that audience can interact with them directly. The internet has the ability to reach billions of audiences worldwide. It has given the online world a strong impact. Rapid growth in ecommerce has increased the number of customers known as an influence network. The social networking site has allowed sharing and reposting of other content. And you can even pin comments of others about a product or a service of a business. That reaches more people and gains more traffic for the company.
A chatbot is a software application. It is used to perform an online chat conversation via text or text-to-speech. It provides direct contact with a live human agent. Chatbot systems usually need constant tuning and testing.
Chatbots make it easy for the audience to find things. It a great way to turn visitors into loyal customers. Chatbots respond with fast speed, eliminating lost or misplaced leads.
Bots can schedule meetings and appointments for clients for a better user experience. It also collects data from the client's visit to separate qualified leads. It directly reduces dead-end leads and wastes valuable company time.
- Electronic payments
An eCommerce payment system is also known as an electronic payment system. It is a digital transaction or paying for goods using an electronic medium. Moreover, it eliminates the need for cash and checks. There is continuous usage of internet-based activities. That is the reason the electronic payment system is a globally popular payment technique.
Electronic payments provide higher security. More importantly, they offer better conveniences to clients to achieve a better user experience.
It allows clients to buy goods using card services and to pay later. Moreover, it doesn't annoy consumers by sending several reminders and messages for payments. It automatically collects the money as per rules.
- Consumers Are Embracing Environmental Topics
Green consumerism is another consumer trend that is gaining traction. Brands need to recognize this movement for business success. 50% of digital consumers say that environmental concepts help in decision-making for buying a product.
Remember, when developing an online sales strategy; ensure it's environmentally friendly.
There is an evolving trend in eCommerce technology and changes in consumer shopping habits. You need to stay up-to-date on these eCommerce consumer trends in 2021. I hope you like the article and found it useful.