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3 Predictions for What's Next in Ecommerce

Ecommerce has continued to evolve. Smartphones, tablets and personal computers have dramatically changed how consumers search and buy everyday products and services. Digital technology has grown so much that ecommerce's market valuation could surpass to $2 trillion in annual sales in 2015 (1).

During the last decade or so, ecommerce has turned into one of the most viable ways to shop for products and services to date. New and maturing technology helps transform how online retail serves the needs of its customers.  Here are three potential trends that could change the ecommerce industry:

  1. Shopping behaviors will change ... again: Now that customers have multiple channels to complete a potential transaction, businesses are challenged to meet changing demands. Consumers have the ability to research a product before buying it, and as mobile tech and internet availability grows, we could see many technologies become available that will change shopping behavior. While it's challenging to predict which direction consumer behaviors are going to head next, business owners can work to develop a comprehensive view of their customers in order to better meet those needs when they emerge.
  2. The consumer will drive new metrics:  Analytics will help companies take a deeper look at who exactly their customers are, helping to build a more well-rounded view of the online client. Forbes argues that individual client value will become an integral aspect for ecommerce companies' strategic development plans, citing the need for a connected data view across all channels (2).
  3. Companies will place an emphasis on shipping: Shipping is an integral aspect of the entire ecommerce chain. As ecommerce continues to grow, companies may consider increasing their investment in shipping infrastructure in order to improve overall turnaround times in the shipping process. According to a recent Visual Website Optimizer study, close to 30 percent of shoppers cited unexpected shipping costs as a primary reason for shopping cart abandonment (3). Since shoppers are placing a heavy emphasis on shipping, ecommerce companies are likely going to invest in that area of business to meet consumer demands.  

1. Selinko, http://selinko.com/blog/online-counterfeiting-2/ (January 8, 2015)

2.  Forbes, www.forbes.com/sites/danmatthews/2014/05/29/five-innovations-that-will-transform-ecommerce-in-the-next-10-years/2/ (May 29, 2014)

3. Visual Web Optimizer, cdn2.hubspot.net/hub/310840/file-2031207983-pdf/VWO_ecommerce_report_new.pdf?__hssc=109314842.2.1427742524147&__hstc=109314842.070c2bf4664523977222cedd91496487.1427742524146.1427742524146.1427742524146.1&hsCtaTracking=b9a35d76-d32d-423e-aaed-572a805adc98|71f41019-1a1a-46df-9ae0-c71a43cd02ca (2014)

 

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