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Since the advent of growing technology, Mobile phones, and business prospects have been parallelly evolving for both customers and entrepreneurs. According to Statista, mobile e-commerce sales will reach $2.2 trillion in 2023, accounting for 60% of the total revenue generated by eCommerce worldwide, and is predicted to increase to 62% by 2027.
So, what is the hint?
Not only does this make a perfect time to build an eCommerce website for your business, but it also dives into the future chances of bringing more success to your growth and sales.
Today, becoming an established online business is not just a luxury but a need. But, mCommerce and eCommerce trends have been changing per customers’ needs. So, to become a business that prioritizes customer needs and stands apart from the others in the industry, you must hire an expert for eCommerce development to provide customized services as required and benefit from the upcoming trends in your business niche.
In this useful guide, we will crack the trends of eCommerce and mCommerce for 2024 and beyond to help you build your online brand that connects the best with its customers.
Let’s start with the basics.
eCommerce enables customers to order via online businesses, websites, or social media platforms. Every time you buy anything online, you contribute to the eCommerce economy.The phrase is fairly wide and flexible, encompassing physical goods sales through websites such as Amazon or eBay, online banking, software solutions, and online course platforms.
Entrepreneurs have constantly evolved with different types of eCommerce business models to get extra mileage for their companies involved in selling products and services online. As a result, today with every gadget and device becoming smarter and connectible, there is a thin line that separates eCommerce and mobile commerce.
The use of a smartphone or other portable handheld wireless devices such as tablets and wearables to perform business transactions online is known as mobile commerce. These transactions include purchasing goods and services, paying bills, and internet banking.
The major difference is the way the two offer a shopping experience. mCommerce offers more mobility to its customers, where they are free to make purchases even when they are busy with other things like traveling or lying in bed. ECommerce needs computers or laptops, so it may be difficult for users to carry and use them all the time.
eCommerce is a growing industry where global eCommerce sales are expected to reach $8 billion by 2026, accounting for 23.6% of all retail activity. Furthermore, 63% of all shopping trips begin online. This opens the door for online retailers to join markets and make income. It also allows investors to implement effective marketing methods and provide an exceptional customer experience; you may convert new customers into repeat digital purchases.
On the other hand, mCommerce may become a significant retail channel and influence how people purchase. Looking at the larger picture, we see that mobile Internet usage is becoming more common. Due to this there is a visible shift from eCommerce to mCommerce among the businesses that are desirous of improving their sales.
Based on The Radicati Group’s most recent Mobile Statistics Report (2020-2024), the total number of mobile users – including tablets and smartphones – is predicted to surpass 7.4 billion by the end of 2024. Moreover, Google recognized this worldwide trend, announcing in March 2020 that all sites would be formally converted to mobile-first indexing.
According to a recent analysis by Shopify, mobile commerce turnover is predicted to reach $620.97 billion by 2024. This indicates that almost half of all e-commerce purchases (42.9%) use mobile devices.
As an ecommerce business knowing how to build an ecommerce website can be helpful in more ways than one. It will also help you have a conversation with your service providers to include the latest trends in the industry and know about the budget required. The following are some of the top eCommerce and mobile commerce trends to watch in 2024 and beyond:
Mobile phones are now people’s best friend, and it’s no secret that people increasingly use their mobile devices to do everything as they offer convenience and faster online purchases. 57% of US shoppers utilized a mobile retail app to discover more about a product. Rather than utilizing a web browser, more than half of US customers used a mobile app to complete their purchases.
Voice commerce is a major trend in e-commerce as smart speakers become increasingly common in homes. Consumers increasingly use voice assistants to make purchases, buy groceries, and search for things online.
Voice commerce provides a quick and hands-free buying experience, which appeals to busy customers. So, optimize your eCommerce webpage for voice search and integrate some innovative voice assistants. You can provide a more personalized experience to your customers and thus increase the probability of greater sales.
Social networking platforms are essential marketing avenues for e-commerce enterprises, but social commerce will gain momentum in 2024. Social commerce sells things instantly on social media platforms, allowing users to make payments without leaving the site. This trend is anticipated to be more popular among younger customers, who are more prone to make transactions through social media.
As more firms enter the e-commerce industry, competition will heat up. Using AI in eCommerce is in trend especially among the businesses that are looking to provide very personalized experiences to their customers and stand out in this competitive market.
According to Epsilon research, personalized emails had a 29% greater open rate than non-personalized ones. So, businesses may provide personalized experiences that keep consumers coming back by using customer data and applying machine learning algorithms.
The term “headless commerce” refers to an e-commerce paradigm in which the front end (the “head”) is separated from the back-end activities. This separation enables separate front-end upgrades or changes without impacting the back-end. At a high level, this implies that your front-end and back-end may be separated, allowing you to configure your shop in various ways without impacting the back-end.
Using AR/VR technologies will allow customers to see the product in their surroundings before purchasing them, minimizing doubts and improving satisfaction.
Consider incorporating AR elements into your mobile commerce app to capitalize on AR. Such contemporary functionalities allow clients to virtually try on items, view furniture in their homes, or understand how a product will fit into their everyday life. So, businesses that employ augmented reality in their e-commerce strategy will enjoy a competitive edge by 2024.
There are a huge number of AI trends revolutionizing every industry across the world. Amongst them Generative AI is a more recent trend that has begun to penetrate the e-commerce business and will continue over the next five years. With the increasing popularity of AI-powered chatbots and virtual assistants, companies will be able to provide personalized, conversational, and efficient customer care around the clock. This will allow you to extend friendly customer support and enhance the quality of time your users spend on your website.
MACH architecture is a collection of technological concepts that underpin innovative, best-in-class technology platforms. It stands for Microservices, API-first, Cloud-native, and Headless. This architecture allows businesses to choose the finest tools on the market while maintaining a framework that makes it simple to add, modify, or delete those tools in the future.
Simply said, omnichannel retail is the practice of selling things over various channels. An eCommerce website, a smartphone app, and a physical shop are all examples of distinct media.
How long has it been since you made an impulsive internet purchase? You almost certainly knew what you intended to acquire ahead of time. As per research, 73% of customers browse across various channels. Most people anticipate consistent experiences across all channels. Shopify claims that over eight of ten shoppers use their mobile devices before making in-store purchases.
Subscription services have grown in popularity in recent years and are projected to continue over the next five years. According to a McKinsey report, the subscription e-commerce industry has risen more than 100% yearly over the last five years. Subscription services may help organizations create long-term client connections by providing consumers with a simple and predictable method to acquire things.
Mobile payments in eCommerce are changing the way customers make online payments. Even though most of your customers still pay using credit cards, it’s a good idea to incorporate a couple of widely used alternative payment methods. The businesses should opt for a Payment Gateway integration that is feasible on both Android and iOS.
For example, the availability to make a payment through mobile wallets such as Paytm, Google Pay, Apple Pay, or PhonePay adds to the convenience while making purchases. It’s a speedy and secure method to shop.
Some of the banks and other financial institutions have gone a step ahead and made buying a seamless experience for the online shoppers with the BNPL trend which is also known widely among the shoppers as Buy Now and Pay Later.
Through this option available on the online stores these days the customer can make the purchase and then pay it off over a designated period of time. The development of BNPL apps has enabled both the ecommerce businesses and their customers with the superpowers that benefit both.
Last but not least, we have one-click ordering on our list. This famous viral technique went with Amazon’s approach of mCommerce, where users can make purchases with a single click without getting involved in the checkout process. The payment and other shipping data are stored securely, making transactions seamless and easy.
As technology advances, eCommerce and mCommerce will become even more intertwined into our everyday lives, providing limitless chances for development and success. Customer demands and trends are fluid and change every year. So, as an entrepreneur you ought to know the cost to build ecommerce app so that you can tap in on maximum customers and make you business profitable with better returns.
To stay ahead of the industry and offer the best customer experience, you must follow the top commerce trends in your eCommerce business. This shall help you gain more sales and revenue and be the best buddy for your users.
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