During the pandemic, online shopping was the only answer for many Americans. Lockdowns forced us all to take part in the eCommerce industry whether we liked it or not. However, as we enter the end of the pandemic everyone is curious as to how the eCommerce industry is going to be affected. Will it be better? Will it be worse? How exactly will the eCommerce industry change? We most definitely know that the eCommerce industry will change and we have a good idea based on these trends and forecasts.
The Adobe Digital Economy Index has been watching online sales since the beginning of the pandemic; stating, “The pandemic has boosted online spending by $183 billion over the past year, permanently accelerating eCommerce, with Americans on track to spend $1 trillion online in 2022,”
It is clear that the pandemic has not only changed all our lives but also the way we spend our money. With groceries delivered at your doorstep and Amazon doing one-day deliveries, it’s apparent that consumers love convenience and eCommerce isn’t going anywhere. In fact, the online shopping industry is just getting started.
More Payment Selections
Numerous online retailers are starting to partner with different financial technology companies, such as Afterpay, Klarna, and Affirm. These companies allow consumers to choose a payment plan that works for them, essentially shoppers can purchase now and pay it back in increments. With this additional flexibility, there has been an increase in product sales. Consumers are loving these short-term financing options and you will surely see more payment options arise in 2022.
Artificial Intelligence Technology Boosting Sales
All of us have been there where we mindlessly scroll on Instagram and then all of the sudden an ad pops up. Maybe the ad is for a home decor item or a clothing article and you stop for a second on the ad because you really love it. Then you think to yourself, “I swear sometimes it can read my mind and knows exactly what I like.” That’s the beauty of AI technology is it can predict your shopping habits and preferences almost better than you can. AI technology is only getting better and better so expect to see further upselling.
Multimodal Support Teams
One of the biggest obstacles online retailers face is ensuring their customer’s questions, complaints, and returns/refunds are handled in a timely manner, all the while ensuring customer service satisfaction. Many online retailers have adopted extended hours of customer service support through various platforms. For instance, many customers can now reach out to an agent via a chatbox and be directed instantly to the answers they’re looking for. You can expect in 2022 multiple different channels to get instantaneous customer service support.
Surplus of Drop Shipping Businesses
Drop shipping has recently emerged as a popular business model in the eCommerce Industry. This method streamlines retail operations by allowing business owners to resell popular online products from a third-party supplier and deliver them directly to their customers’ doors. In turn, drop shipping has enabled business owners to slash their overhead costs. Retailers operating with this model eliminate the need for a brick and mortar retail space, save money on labor, and are not obligated to maintain a physical inventory. If executed well, drop shipping can be highly profitable, and the market will likely see this trend continue for years to come.
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