Tons of questions about the future of the goliath e-commerce have been raised when the new year is approaching. 2020 has seen the achievement of about 3.5 trillion dollars of worldwide e-commerce sales. Let’s see how the international growth trends look like in 2021!
AI
AI has taken off for the last five years and significantly improved the workflows and processes of many organizations.
In terms of e-commerce, AI can assist shop owners to control inventory, generate product descriptions, optimize price and offer self-checkout systems; these functionalities can incredibly renovate the customer’s experience and generate sales revenues. This advanced technology can strengthen cybersecurity and protect enterprise and customer data.
Potential customers from emerging market
According to the Economic Times, there will be about 3 billion consumers in emerging markets by 2022 and Internet users in emerging markets will be three times higher than the ones in developed markets. Emerging markets such as China, Russia, South Africa or Brazil are predicted to have a critical impact on the future of e-commerce.
Average annual growth in Internet users in key emerging markets for 2011-2020
This means that many opportunities for the new e-commerce store to pop up and reach new audiences in these emerging markets, in other words, a bright future for potential sales.
Bloom of Video
Researches have proved that site conversions can increase up to 85% as the result of video application. The revolution of social media apps like Facebook, Instagram, TikTok has substantially changed shopping behaviors. 60% of customers prefer watching a product video to reading long and uninterested descriptions and 64% of audiences do make a purchase after consuming a brand introduction video.
Video - untapped gold mine in e-commerce
In the context of the debate between physical and online shopping stores, a zoom-in and entertaining video will persuade the audiences effectively of the trustworthiness and product quality as well as inspire them to make a purchase. So, now you fully know why adding a video to your marketing plan can give rise to the sales of e-commerce stores.
B2B e-commerce environment
Business-to-business (B2B) commerce transactions for the United States alone are forecasted to reach about 1.8 trillion by 2023, according to Forrester. Software, services and products are the popular industries of B2B e-commerce to automate processes and save the workforce.
This trend is more appropriate for the medium and large e-commerce enterprises rather than the smaller ones; however, it is projected that B2B solutions will be more intuitive and less IT demanding. In order to be successful as B2B merchants, you should keep in mind these things: volume-based discount, easy reorder process and invoice.
Private label and White Label
White label means that a product manufactured by a company but packaged and sold by retailers; private label means a manufacturer produces products exclusively for a company under their name.
The first advantage that can definitely drive the growth of eCommerce stores is full control over price and branding. Retailers take full responsibility for the supply chain, setting costs and developing product lines of your own name. In particular, private labels have high adaptability and production quality domination. Retail companies can set certain materials and standards and manufacturers will produce specifically to these requirements. The private label and white label sectors to consider in 2021 are Food & Beverage, Clothing, Pet Products, Grooming & Personal Care.
The ever-changing architecture of e-commerce is thrilling and frightening and the future of e-commerce after one year of suffering the pandemic is still vibrant to some extent. Get ready and arm yourself with the above international growth trends in 2021!