What new trends can we expect this year?
New year, new opportunities!
As in every year, it is important to look at and internalise the trends of the year in one's field or industry. If you want to be and remain competitive, you have to keep up with the times - if not think and act with foresight.
When it comes to investments in innovations, Germans are cautious in a global comparison: many companies only want to spend 15 per cent or less of their corporate budget on innovations. At the same time, German customers are already below average in the use of new technologies such as mobile wallets and voice commerce or commands. For e-commerce companies, the latest technologies are the fastest way to offer customers added value and provide them with new experiences.
Sabrina Janßen, Head of Sales DACH at Divante
The eCommerce trends for 2020 were recorded by Divante and Kantar in the report of the same name. We present the five most important eCommerce trends for 2020.
eCommerce Trends 2020 presented
by Divante and Kantar, p.18
Artificial intelligence
With 31%, artificial intelligence (AI) is the top trend! But how exactly can you integrate AI in eCommerce?
Visual search
First of all, visual search is mentioned as one of the most important options.
You can't imagine anything about it? It is quite simple to use!
Without knowing the names or brands of, for example, clothes, objects, etc., which may have been seen by chance on the street or in social networks, can be easily found via AI-based visual search. Impressed? So are we!
Recommendation engines
Have you already been recommended an interesting sounding book title on Amazon?
If not, then you have definitely missed something! Amazon 's Recommendation Engine is one of the best known of its kind. With the support of AI, it is possible to analyse our behaviour and our wishes or preferences in real time.
Interesting and scary at the same time? But it is effective! The customer immediately receives recommendations that should interest him. The customer experience is particularly in focus here. And who doesn't want happy customers?!
Mobile payment
Whether with a smartphone or a smart watch - mobile contactless payment is already ubiquitous!
And the trend is not over yet. Android Pay, Apple Pay, PayPal and Samsung Pay are some of the options for mobile payment. More and more users are joining to follow this trend. Nevertheless, this possibility is less noticed in Europe and the USA than in Asian countries.
The security of payments plays a decisive role here. According to mobile payments providers, mobile wallets are secure even if the mobile device is stolen. This is justified in particular by the pin numbers, fingerprints and facial recognition of a respective person.
However, mobile wallets are being incorporated into loyalty programmes to offer customers certain discounts or offers to thank them for their loyalty to a particular brand, such as Walmart or Starbucks.
However, Asia has already reached the next level! With Alipay, the eCommerce giant Alibaba not only offers mobile payment, but also payment through facial recognition in stationary retail and in vending machines.
Cryptocurrencies
Cryptocurrencies are rated as game changers by Divante and Kantar!
The market is growing and growing very fast. Among the top ten, the cryptocurrency Bitcoin is at the forefront!
You ask yourself, how can this be a trend in eCommerce? It's quite simple!
By paying with cryptocurrencies, also called coins, the transaction takes place much faster without any intermediate stations, such as a bank, for example - especially if it is to be done in the international area. As a side effect, new target groups can be opened up who also want to pay with coins. Sounds cool? It is!
Nevertheless, there is also a flip side of the coin that you should deal with in detail.
Social Commerce
And how often are you active on social networks? A lot? So are we!
According to Divante and Kantar, the average user spends 142 minutes a day on social networks.
Not only do they communicate with family, friends and possibly business partners, but they also interact much more socially with strangers, celebrities and even brands or companies!
Therefore, this platform is an excellent way to sell products. Social commerce can create new customer experiences. You have direct contact with your customers and receive many insights! The more personalised the contact, the better the experience.
Questions can be answered directly and personally. Personalised products can be offered, etc.
However, it is important that the individual social media channels also offer direct shopping within the channel.
Facebook has already integrated AI into its marketplace since 2016. The AI helps with the translation of conversations as well as the addition of products. Last but not least, sellers are connected with potential buyers through AI!
Virtual Reality
AR, MR or VR?
You've already heard all the possible abbreviations, but they don't mean anything to you? No problem!
The abbreviation VR stands for Virtual Reality.
Well, but what can virtual reality do? Through VR glasses you can see a virtually designed environment. In e-commerce, this creates new opportunities to acquire potential customers and to retain existing customers in the long term!
Do you love Ikea as much as we do? Imagine you can design your dream house with VR glasses
and place furniture as if you already owned it. Cool, isn't it?
And now imagine that your customers can do the same. VR - a true game changer.
The shopping experience is also changing significantly!
Simulations of brick-and-mortar shops have been created by InVRsion that can be seen in the VR environment. The customer can shop comfortably from home or on the go through the glasses!
Conclusion
Artificial intelligence, mobile payments, cryptocurrencies, social commerce and virtual reality - the eCommerce trends for 2020!
This year, there are some particularly interesting trends that could significantly change eCommerce - as long as companies are prepared to implement them. The trends described can create new and more modern customer experiences that can provide significant competitive advantages in today's digital world.
Finally, we are looking forward to the next trends and are excited to see what else awaits us this year!
AR and MR will be introduced in our next articles! You don't want to miss anything? No problem! Sign up for our newsletter!
