With the latest changes in the marketplace, e-commerce companies are growing at a fast pace since its evolution. To maintain a position in this tough competition companies have to use the best strategies to stay ahead of others. As we know, customers are no longer interested in brick and motor stores to make their purchases. The upbeat in the online market has transformed the way companies deal.
E-commerce has made the shopping process quite easier and thus growing over the past few years. According to the latest Statista.com reports, online shopping will rise to $4.8 trillion by 2021, which is a good rate. As it grows, the e-commerce business is also experiencing some major challenges. Online retailers need to keep up with the latest trends to maintain their position.
Top 7 E-commerce Challenges in 2020
- Social media for shopping: Without any doubt, online retailers are using social media platforms to advertise their products. In this process, people are conveniently buying products directly from their favored stores and that too at cost-effective price tags. Among others, Facebook, Pinterest, YouTube, Instagram are some of the major platforms that have incorporated social selling options in it. This style will considerably diminish the effort and time people use to buy the stuff online, thus improving their overall shopping experience. For this e-commerce retailers need to get more innovative while using social media sites to advertise.
- Introducing AR to interact : While shopping online, most of the people hesitate before clicking on the ‘Buy’ button because they are not clear whether the product is exactly what they are looking for. Sometimes even the product descriptions and images are not enough to make the decision. With the growing digitalization, buyers want to check the product and get rid of all doubts before committing to the purchase process. In the upcoming future, e-commerce applications and websites need to use augmented reality to add virtual reality effect in the buying process. Introducing AR in the e-commerce product videos will give users a real in-store experience, thus eradicating their doubts about the purchase.
- Chatbots technology : Certainly, this is one of the best things that may help e-commerce businesses to boost their sales in 2020. In the upcoming year, Chatbots integrated with AI technology will become more and more common. Artificial intelligence (AI) and chatbots are used to increase the customers in general shopping experience. With this step, the e-commerce apps and websites can handle several tasks that are usually assigned to humans such as interacting with customers, resolving their queries about a product, and managing inventory. With chatbots and AI, e-commerce platforms can offer customers a more modified e-commerce experience and that too at low costs.
- Choosing the right partners: In this highly competitive marketplace, it is important to choose the right partner for your services. Some online retailers experience growth challenges because they are not using the latest technology or the partners they have hired are not implementing the right things to manage their projects. E-commerce companies wanting to attain growth must be built on a good platform with the latest features and designs. The right e-commerce app development company offers them the right inventory management software, CRM systems, shopping cart solution, design layouts, email software, analytics and much more. Additionally, hiring the right agency helps you implement the right marketing campaigns that will boost your business grow tremendously.
- Various payment options: Payment mode is one of the things that drive a customer to make an online purchase. If they cannot find their favored payment option, they are more likely to leave the cart. At present, most ecommerce businesses are using various payment wallets such as Apple Pay, PayPal, UPI and Paytm. As an outcome, digital payments are speedily overtaking hard cash and cards as the chosen way of payment.
- Adding Videos to boost sales: Well, this is one more prediction that we need to add in this list of challenges. As with time, the written product descriptions will become out of date. According to the latest studies by SocialMediaToday, people prefer watching videos than reading online stuff when they’re shopping. With this strategy in mind, e-commerce companies should focus on providing high-quality video product descriptions, then written ones. Remember to post good quality product videos and provide solutions to most common questions.
- API-Based Commerce: Well, there will be several surges in the e-commerce industry in 2020, and this will probably continue into 2020. According to the latest reports Progressive web apps (PWAs) are becoming more and more popular these days. Everyone is expecting it as one of the thrilling trends that boost e-commerce services in the future. Progressive web apps provide optimized UX for mobile and proffer a lot of features as native mobile apps including speed which close the mobile conversion gap in 2020. The entrepreneurs who want freedom from tech stack will move towards this solution shortly.
In nutshell, achieving success in the E-commerce competition is a tough battle. It is important to use advanced strategies if you don’t want to struggle, and then give some added place efforts on you into every part of the business. It is important to stay prepared for challenges and make every effort for growth at every phase of your business, and eventually, this will provide you with the best chance to bloom success. Finally, this will provide you with the best promising possibility to thrive in 2020.
Latest posts by Anshul Sharma (see all)
- Top 7 e-commerce challenges to look out for in 2020 - December 16, 2019