eCommerce has been rising over the past decade. It has become so prevalent that since 2010, global eCommerce sales have increased from $572 million to $4.2 trillion—an 800% increase. Regardless of the industry your business may be operating in, it's clear that putting your business online will provide countless opportunities for your brand.
It doesn't matter if your business is new or already established; being aware of current eCommerce trends will allow you to navigate this ever-growing industry and help you attain success down the line. If you're currently planning or already running an eStore, this guide will discuss must-know eCommerce trends for 2022 and beyond!
10 Must-Know eCommerce Trends for 2022
- Artificial Intelligence (AI) will undergo mainstream adoption.
Thanks to automation, artificial intelligence (AI) is gaining traction across different industries. AI has a wide range of applications for eCommerce (e.g., database management, customer support, etc.), and all of these functions can be performed without human intervention—completely automated.
As more entrepreneurs see what it can bring to the table, AI adoption for eCommerce is seeing a rapid expansion. With over $7.3 billion projected to be spent by retailers on AI integration in 2022, this figure is expected to increase over the years.
- Personalization will be more critical to the customer experience.
Studies show that about 80% of consumers want a more personalized form of customer experience from retailers. By catering to their customers' preferences, businesses can have better engagements with their clients across all stages of the buyer's journey.
- Social commerce will continue to trend.
Social commerce is the process of selling items directly on social media platforms. Major platforms such as Facebook, Instagram, and TikTok cater to social commerce efforts, hosting the entire shopping experience, from discovery and research to conversion.
Doubling down on social commerce can be highly beneficial, especially for brands who are operating in social media savvy countries. In nations such as the Philippines, over 82.4% of the country’s population reportedly uses social media and this provides numerous opportunities for entrepreneurs. Currently, the nation’s social commerce industry has an estimated worth of $681 million and is on track to reach $2.47 billion by 2028.
Moreover, a report by eMarketer in 2021 states that in 2020, the number of US social commerce buyers grew to more than 80 million. These numbers are anticipated to increase to 96.1 million in 2022. More vendors embrace social commerce in many ways, and the benefits are not limited to shopper convenience.
- Digital payments will reign
As both consumers and businesses strive for contactless and frictionless buying processes, digital payments are rising because of their convenience and security. According to the Philippine News Agency, it’s estimated that over 53% of Filipino adults are now users of e-money accounts, and this figure is expected to rise over the years. If you’re looking to venture into eCommerce, this statistics greatly emphasizes the need to provide digital payment options.
As of today, 2.14 billion (30%) of the world's total population are reportedly digital buyers. Digital payments have become the main form of payment in several regions such as North America, Europe, and the Asia Pacific and FIS Global projects ewallet use to account for 51.7% of the total digital payments by 2024
- There will be a push for sustainability.
Once a niche sector in business, sustainability is now becoming more widespread. In addition to being environmentally conscious, customers are increasingly becoming more purpose-driven, buying from brands they know to have an advocacy.
With this development, you can expect more businesses to start pushing for more sustainable efforts, such as making material changes to products or donating to charitable causes.
- Businesses will start supporting omnichannel retailing.
Omnichannel eCommerce allows customers to use different channels (ex: browsing from their mobile device to purchasing from a physical store) in their shopping journey. Today, shoppers value convenience above anything else, and providing multiple ways to buy from a brand provides just that.
Given that omnichannel eCommerce can greatly improve the customer experience, research shows that companies with omnichannel engagement strategies retain 89% of their customers on average. Whether they start from their phone and end their purchase on their computers or in brick-and-mortar establishments, an omnichannel experience allows businesses to expand their sales reach by providing diverse shopping options for their customers.
- Integration of mobile commerce
Mobile commerce (also known as m-commerce) involves purchasing goods through mobile devices, such as tablets and smartphones. M-commerce allows consumers to have a wider range of products, do research before purchasing, and shop at any time and place.
Another contributing factor to why consumers prefer m-commerce is the 24/7 availability of customer service. One perk of mobile devices is their speed in communicating with the right channels. Mobile chatbots and virtual assistants can also become effective customer support tools for brands that do not have a 24/7 in-house support team.
- There will be a surge in voice search volume.
With the influx of technological advancements, more people are now inclined to use them to help with their everyday tasks. Voice search is a feature that many people use daily. From playing a song to sending a text message, voice search has asserted its relevance across mobile users.
Alternatively, anyone can also use voice search to inquire about products and add items to their Amazon carts, such as food or clothes. The rise of voice search use allows businesses to elevate their rankings in terms of keywords and content.
- Chatbots will improve the shopping experience.
Like customer support representatives, chatbots serve as assistants for online stores. Since most shoppers value convenience and accuracy, having a chatbot that can instantly address their concerns can help increase the chances of a transaction.
Around 69% of consumers prefer chatbots for quicker communication instead of calling or emailing. This number is also rising due to the popularity of instant messaging apps, coupled with the need for automating customer care services. According to Juniper Research, it is predicted that chatbots will be responsible for cost savings of over $8 billion per year.
- A rise in subscriptions and loyalty programs.
Subscriptions and loyalty programs provide convenience, exclusivity, and savings for consumers. For companies, subscription systems or loyalty programs create a way to plan for inventory and sales. This trend forges a relationship between consumers and merchants, encouraging your patrons to advocate for what you can offer to your consumers.
The Trend is Upward
For most businesses, going with the trend of eCommerce is a sure way to stay relevant. The thing about eCommerce that makes it so appealing to both consumers and merchants is its ability to do more than just market; it can offer convenience when shopping.
If your business requires top-of-the-line eCommerce services, Rush PH offers a full suite of solutions that can establish your online store. Interested? Book a demo for our e-store suite, or shoot us a message to learn more about our services!