Following two years of explosive growth, ecommerce shows no signs of slowing down. In fact, the global ecommerce market is projected to reach $4.2 trillion in revenue by 2025. But it’s not just the size of the ecommerce market that’s changing — it’s also the contours of the ecommerce landscape.
Here are five developments to keep an eye on as you prepare for the future of digital commerce:
- Omnichannel shopping — 74% of customers do online research before visiting a physical store;
- AI and AR — these tools will be increasingly essential to retailers as capabilities such as AI-enabled chatbots and personalized shopping experiences become the norm;
- New payment options — frictionless is the name of the game in ecommerce, and that includes offering customers a variety of ways to pay for their purchases — from digital wallets and mobile payments to cryptocurrency;
- Visual commerce — sophisticated visual communication through video, high-quality photos and AR is increasingly important to grab consumers’ attention amid the onslaught of content online; and
- Data-driven dynamic pricing — Optimizing pricing strategies to stay competitive as more players enter the ecommerce arena will be crucial.
Get more details about how to take advantage of these ecommerce developments in this infographic from Logiq.