Top 6 Business Intelligence and Analytics Trends for 2022
Despite the global pandemic taking a massive hit on many brick-and-mortar retail businesses worldwide, the future of eCommerce looks brighter than ever. Capitalizing on the upcoming eCommerce trends, retailers have feverishly transitioned to online selling platforms, while fresh entrepreneurs are kickstarting new D2C ventures online. By 2022, online retail revenue will grow from $3.53 trillion to over $6.54 trillion. Modern commerce and OMS platforms from leading cloud providers, such as Salesforce, are increasingly being adopted by businesses worldwide to manage their orders to better satisfy customers while maintaining profit margins.
Ecommerce Trends – A Look into What Lies Ahead
Understanding the potential of global eCommerce tools is clearly the current zeitgeist, but it’s even more crucial to be aware of coming eCommerce trends to stay at the top of your game. Here are some trends that guarantee your business will skyrocket in the future:
Omnichannel and social commerce
This is probably one of the hottest topics about e-commerce trends. According to an HBR survey, 73% of respondents say they use multiple shopping channels. As voice assistants gain momentum this year, the number of sophisticated omnichannel customers is expected to grow. All websites, online stores, and other social media platforms need to be optimized for multiple customer experience channels.
Rise of Multiple Payment Options
Customers prefer stores that offer multiple payment options at checkout. Lack of seamless payment options has an adverse impact on sales. Along with traditional debit and credit card options, digital wallets, including Apple Pay, Google Pay, and PayPal are becoming widely accepted by most online stores and are no longer simply a “nice-to-have”. Jumping on the bandwagon of these eCommerce trends, cryptocurrency (e.g., Bitcoin) could also become a trusted source of digital currency during this next half-decade.
Mobile has changed the way we live and work. With an exponential increase in remote customers, total mobile eCommerce sales are expected to reach 72.9%. Moreover, 30% of online shoppers abandon their cart if the website is not properly rendering on their mobile phones. To ensure continuous and consistent growth of your eBusiness, make sure your website is seamlessly compatible with mobile, and your customers enjoy a rich UX for their shopping.
Sales increase due to dynamic pricing
Incorrect product prices are one of the factors behind the sales decline. To increase sales and maximize profits, you need to dynamically price your products. Dynamic pricing software provides real-time insights into market prices, product demand, and perceived product value.
An integrated online store that supports multiple languages
AI-powered virtual assistants are one of the new e-commerce trends to watch. Virtual assistants such as Alexa, Cortana, and Google Home are already well established in the market. For greater convenience, Google and Amazon have built regional languages into their virtual assistant devices to give them an edge against their competitors. By 2022, more than $40 billion will be spent on voice shopping, according to an OC & C report. Retailers who want to succeed in this new area need to start developing strategies for integrating voice assistants into their online stores.
Improve customer experience with Augmented Reality (AR) and Artificial Intelligence (AI)
Online retailers are expected to spend $7.3 billion on AI by 2022 to enable a convenient, personalized, and streamlined shopping experience. For example, fashion and apparel retailers allow AR to show potential customers what a product will look like before making a final purchase. AI, on the other hand, helps recommend products to customers based on purchase history, browsing behavior, and wish lists. As engagement and intelligence become key e-commerce success factors, smart combinations of AR and AI will help retailers increase revenue.
Let’s Join Hands to Update Your E-commerce Business
So how do you get all this to work? Modern commerce and OMS platforms from leading cloud providers are increasingly being adopted by businesses worldwide to better manage their orders and satisfy customers while maintaining profit margins. Innovative enterprise cloud eCommerce solutions are transforming retail, and empowering brands to do more, grow efficiently faster. Forrester notes, “As legacy technology becomes outdated and less effective, improved evaluation criteria will dictate which providers will lead the pack. Vendors that can provide a better shopping experience with efficient business user interfaces and operational excellence position themselves to successfully help their clients grow revenue, deepen customer loyalty, and expand into new markets.”