Written by: Terry Tateossian, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Online sales are at an all-time high. As demand grows, there is an increasing desire to improve the online buying experience. Brands and retailers will have to embrace technological advancements in order to remain competitive in 2022.
You can be sure of one thing about online shopping: It's constantly changing, and 2022 is no exception. A significant shift in the market occurred between 2020 and 2021, and we learned that adaptability is critical.
eGlobal internet shopping has reached approximately $4 trillion in 2020, according to statistics on the industry's growth. According to projections from that same study, more than 300 million people in the United States alone will be internet buyers by 2023.
The facts speak for themselves: eCommerce has reached a tipping point and is now accessible to individuals of all ages. For anything from books and apparel to food, we can purchase it online and have it delivered to our doorsteps within 24 hours.
eCommerce is changing the way consumers purchase and engage with companies and their goods in various sectors, including retail, cosmetics, and restaurants. Businesses are changing their tactics to accommodate new channels and digital technologies as customers embrace new buying outlets like social media.
A lot of brands need to keep up with the latest eCommerce trends since online commerce is here to stay. So that you can be ready for the year ahead, we've compiled a list of key trends for 2022.
1: Welcome to the Year of Cryptocurrencies
Challenges, including volatility and usage complexity, have held back the acceptance of cryptocurrencies as a viable alternative to banks and conventional money. However, it seems like the tides are beginning to change.
In recent years, there has been a tremendous increase in traffic to the most popular cryptocurrency websites and trading platforms. In the wake of the growth of decentralized finance, various sorts of markets have already been affected. Cryptocurrencies have been integrated into the services of some of the world's largest financial institutions, including PayPal and Visa.
Furthermore, several countries are developing their own cryptocurrencies to be used as formal means of payment for government services. The Salvadoran government is an example of a government that has already accepted cryptocurrency as a means of payment.
A cryptocurrency's blockchain technology is significantly more useful in eCommerce than it is as a medium of exchange for money. Customers may have more trust in a product's passage through the supply chain thanks to transactions done on the blockchain, which are stored forever and immutably.
Businesses in the eCommerce industry must get acquainted with blockchain and cryptocurrency technology to remain ahead of the curve.
2: Making the Metaverse Transition
NFTs and the Metaverse, in addition to Cryptocurrency, were popular buzzwords in 2021. Retailers began rethinking their tactics once Meta, previously Facebook, announced its rebranding in late 2021.
When Nike purchased RTFKT in December, the company was a pioneer in delivering collectibles that combine gaming and culture. Using the latest in gaming, NFTs, blockchain authentications and augmented reality (AR), RTFKT builds new virtual worlds and the goods that go with them.
We may expect Nike to begin selling RTFKT-designed things in the Metaverse within 2022. If you're a brand looking to take advantage of Metaverse's expansion in 2022, you'll want to pay attention.
3: A Virtual and Augmented Reality Future for Internet Retail
When dealing with the COVID-19 outbreak, merchants learnt that adaptability is essential. It became clear that being at home was more vital than ever when individuals started homeworking, home working out, and homeschooling.
Due to the renewed interest in the house, particularly staying at home safe, furniture sales have seen a significant increase in recent years.
With the use of augmented reality (AR), Wayfair was able to show its consumers how a product might appear in their own homes. They accomplished this two years before the COVID pandemic. This provided them with an edge over their rivals in the marketplace. In-store viewing of product measurements and visual representations was no longer necessary for customers.
In-app augmented reality (AR) was also recently introduced by Sephora. Thanks to their innovative technology, customers no longer have to remove their masks and apply a sample that others have previously used to try out their items. Even if the merchant does give in-store samples, Sephora's AR technology was safer for makeup aficionados to use.
A new level of vivid detail that was never seen before on the internet is made possible by using Augmented Reality (AR) and Virtual Reality (VR).
Online stores and eCommerce enterprises must use these technologies to exhibit items immersively in order to improve consumer experiences in the age of online buying.
4: AI as a Tool for Creating More Personalized Services'
Most eCommerce marketers associate artificial intelligence (AI) with analytics and campaign optimization. AI has been used to significant effect in the eCommerce industry, however.
Each time a customer shops online, it's critical that they get a unique and customized experience. Businesses such as Nosto have taken advantage of this by creating solutions that allow for such individualized encounters.
An eCommerce retailer's success with similar innovations is shown in the Nosto Case Study for Bandier. Bandier faced a problem known as the "burden of choice," in which clients were presented with so many alternatives that they couldn't keep up.
Data from multiple A/B testing on top sites were used to create personalized product suggestions for each consumer. Overall revenue increased by 2%, AOV increased by 10%, and revenue per visit increased by 8.5% due to the changes made to Bandier's homepage.
Users expect new and tailored experiences based on their search and browsing habits. Their primary concern is getting the information they want as fast and simply as possible. When it comes to eCommerce, AI merchandising achieves just that.
5: Implementation of Social Media Shopping
About 54% of social media users do product research on the site, according to 2021 statistics. Businesses are embracing social commerce, which allows consumers to buy straight from social media platforms due to this trend.
Checkout on Instagram is now on top of the game in this area, but rivals aren't far behind, eager to seize this lucrative marketing and sales opportunity.
Consumers no longer need to be sent to an eCommerce website to make a purchase since the procedure has been streamlined to enable users to buy products immediately on a social networking platform.
6: Integration of Customizing Products
Digital manufacturing technology and interactive content, such as AR and VR, are being used by some of the world's most popular eCommerce companies to create goods that customers can fully customize themselves. Inviting customers to participate in the design and development process increases their sense of involvement and happiness.
As top shoe manufacturers Vans and Nike give online buyers the ability to customize their own footwear style, they are at the forefront of the customizable product market. This consumer-friendly trend requires businesses to include personalization into both their brand strategy[1] and eCommerce strategy.
7: Voice and Conversational Shopping
To better serve their clients, companies will keep using voice shopping as sales of voice eCommerce are expected to reach $19.4 billion in 2023.
Customers like the ability to converse with you at the moment. Facebook Messenger and voice-activated technologies like Alexa and Siri can help consumers interact with your company, receive product suggestions, and even make purchases, so consider trying with them.
8:Use The Power of Video Marketing
In the same way as other kinds of content marketing, videos are a great way to promote your goods and attract new clients.
Videos such as unboxings, tutorials, explainers, and user-generated material may assist shoppers to decide whether or not to purchase a product.
Considering all the benefits video marketing can bring to your business, it is understandable why it should be a part of every aspect of your business, from social media to your website's homepage and product pages.
Any eCommerce business would be lost without a presence on the web. Therefore, a business's effectiveness is dependent on its digital marketing and website's performance, and monitoring this performance is critical.
9: Chatbots for a Better Customer Experience
Many companies use AI and automation to provide a better customer experience as machine learning technology improves.
Chatbots, software that can converse with customers through a live chat interface, are one example of this. It is possible to use chatbots as a resource to guide customers to the needed pages and keep them coming back to your site.
10: Subscriptions for Customer Loyalty
We may assume that eCommerce will only get more competitive in the years to come. Most companies are concerned about keeping their current customers happy.
As subscription and loyalty programs continue to flourish, we can anticipate them becoming more convenient, exclusive, and cost-effective for consumers. As a result, clients develop a bond with your company and become enthusiastic promoters of its products and services.
Wrapping Up
Though some of the things on our list aren't new, their continued relevance to the success of eCommerce is why they've been included in anticipating trends for the foreseeable future.
eCommerce companies are already reaping the benefits of these technologies, and as they continue to improve in functionality and complexity, the outcome will be even better customer service.
Engagement and brand loyalty are fueled by a relentless focus on delighting consumers at all points of contact, minimizing inconveniences, and offering a high level of individualized efficiency.
As a closing mark, here are a few additional ideas to help you grow your online store in 2022:
To discover industry trends, do market research. Businesses that recognize and profit from their relevance to their own operations may take advantage of the following ones. Continuous market and audience research will aid in the development of more effective tactics.
To be successful in any industry, you must constantly monitor your competition. Are they adopting any particular artistic fads? Do you know what kinds of new things they're coming up with? What are the distinguishing characteristics of this product? You can better position your company for success if you have answers to these questions.
Keep tabs on business news and influential figures. To stay on top of the latest market circumstances, make sure you are updated on industry news outlets and thought leaders. Maintain your competitive edge alongside new trends and predict potential problems.
These are just a few of the eCommerce trends expected to significantly impact the world of online commerce. But these recommendations are a safe bet regardless of this year's hottest trends.
Terry Tateossian, Executive Contributor Brainz Magazine
Terry Tateossian, Founding Partner of Socialfix Media is a fourth-generation entrepreneur who is recognized as an Inc. 5000 America’s Fastest-Growing Private Companies, Forbes’ Top Women in Business, Fastest Growing Women Presidents by WPO, and 40 Under 40 Business Leaders by NJBIZ. Terry has been featured for outstanding leadership and career accomplishments in numerous industry publications as an engineer, a thought-leader in technology, and an innovator in the field of marketing. But her favorite and toughest earned title is being “Mom” to her 2 children.
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