7 Ecommerce Trends you need to know in 2018
With the news this week that retail giant Sears has filed for bankruptcy, it is clear that the end of an era is near. The creator of the famous Sears catalog, which began in 1887, and a multibillion-dollar business has now been toppled by the growth of ecommerce. In this new era, online purchasing is the clear direction that business and consumers are moving in.
The legacy of brands like Sears have paved the way for the current ecommerce marketplace, and there is still a great opportunity for those who are aware of what works today.
As ecommerce website developers, we are always looking at the latest developments that are affecting the market. Here are seven ecommerce trends to watch in 2018 and beyond.
1) 50% of people go online, then buy in person
For many types of products, there is still a strong desire to visit brick and mortar stores. Clothing, furniture, electronics, cars are just a few of the products that people like to try before they buy. But that doesn’t mean the online experience isn’t important. New statistics show that over 50% of in-store purchases are influenced by digital commerce. Hubspot created the term ROPO (research online purchase offline) to demonstrate the value of the trend. The research that is conducted online makes a huge impact on whether someone visits a brick and mortar location.
2) Reviews matter more than ever
Today over 91% of consumers will look at online reviews for a product or service. And amazingly, 84% will actually trust the opinions of complete strangers just as much as they do friends and family. This means that your business must manage and cultivate a good reputation online.
3) Free delivery is a big deal
When it comes to convincing a person to purchase online, a very appealing factor is the offer of free shipping. A 2016 survey found that 9 out of 10 people consider free shipping to be the biggest reason to shop online. If your products are able to offer free shipping or even same-day delivery, this can help boost sales immediately.
4) Mobile purchases are becoming normal
When ecommerce began back in 1991, it was only available through a desktop computer. However, during the past 27 years, the use of mobile and cell phones has increased to capture over 60% of website users today. This means that the mobile version of an ecommerce store is incredibly important for any business. This means that if you have a site that is mobile friendly, you can capture a huge portion of the market.
5) Post Paid options are on the rise
Cart abandonment is one of the biggest reasons for loss of revenue for eCommerce firms. Statistics show that 75% of consumers leave items in their shopping cart, and eCommerce businesses lose revenue worth $4.4 billion due to cart abandonment each year. To change this behavior, some brands have been testing with post-paid programs, which enables customers to make the payment only after they receive the products. Subscription companies such as Stitchfix and Trunkclub also use the ‘only pay for what you keep’ approach to increase the likelihood of consumers purchasing.
6) Autofill is increasing sales
There is nothing more mundane than having to enter all your personal details over and over. Yet, when it comes to ecommerce, these details are needed. Thanks to social media sites such as Facebook and Twitter alowing users to autofill their personal information, there has been significant increases in sales. One study from 2016 showed that sales increased by 189% when autofill functionality was available on an ecommerce site.
7) Different currencies create extra revenue
Thanks to the rise in popularity of virtual wallets, such as Venmo and Apple Pay, consumers now have more ways to pay than ever before. Especially in younger age demographics, as much as 65% of the population uses Venmo to transfer money and pay for services and goods. In fact, Venmo processed more than $10 billion of person-to-person payments in the fourth quarter of 2017. As the methods of payment diversify, it is important to offer them where available and feasible for your business.
These seven ecommerce trends show that ecommerce is not just a fad, but the reality of modern business. As the old companies become a part of history, the future is going to belong to the innovators. For any company that wants to compete in the modern market, it is crucial to give consumers good reasons to want to buy from you.