Over the years, eCommerce has gained prominence, as the world witnessed a pendulum shift towards digitization. However, COVID-19 has been a game-changer for the eCommerce market. The pandemic continues to drive people to stay away from physical stores and shop from their devices. The eCommerce industry has started to grow in leaps and bounds.

 The eCommerce market in the UK grew by 46% in 2020, marking the sharpest growth since 2008. The convenience of online shopping has changed the dynamics of every business. Now, more than ever, consumers are comfortable using technology for their daily purchases. It is a serious threat to businesses that rely on footfall alone. Especially the SMEs in the retail sector need to revisit their strategies and include eCommerce as one of the priorities, if not already done.

Here is a list of key trends in eCommerce that SMEs must watch out for:

Differentiated Customer Experience

In today’s digital-first world, brands must work harder to provide rich, persuasive shopping experiences that retain their customers’ attention in the busy eCommerce market. With the technologies to enable distinguished experiences to get more accessible, SMEs must innovate. It is all about how are you giving your customers the best possible experience?

Touchless Payments

The world is witnessing a shift in customer preferences, a movement towards more tech-savvy buyers or buyers comfortable with technology. Digital wallets are trusted to provide an exceptional payment experience. Predictions are that digital wallets may become the most popular mode of payment in the UK with ~33% of the market share. As online checkouts get more personalized, SMEs must keep an eye on changing dynamics of payment options. Some of these may include contactless payments, voice-assisted checkouts, biometric authentications, and unified commerce.

Gamified eCommerce

The entire purpose of gamification is to make the shopping experience more interactive and immersive. Gamification makes the shopping experience more fun and motivates the consumer to interact and shop. The strategy helps to earn customer loyalty through various programs, an added advantage for any business.

Social Commerce

Being present on all leading social media platforms is already a firmly established part of every business’ marketing initiative. However, adding a commerce component to facilitate shopping on-platform has changed the dynamics of how sales used to happen earlier. In-app purchases on social media platforms are a growing trend with the increasing purchasing power of millennials. Social commerce will grow and is a trend to keep an eye on. SMEs must get their businesses on social media and explore channels for monetization.

 An eye on Data

Data drives the sales. The future of eCommerce will be highly data-dependent. Every marketing decision will depend on customer analytics, with businesses able to dig out and strategize around to see what is working and what is not. Data analysis will become a prime prerequisite for making any future eCommerce decisions.

 AI and Chatbots

Today, the need for businesses to be ‘always available’ is growing as customers demand 24/7 availability. With rising digital interactions providing a brand experience beyond the screen, humanizing the brand has become extremely important. Artificial Intelligence and chatbots can assist a business in delivering an exceptional experience to customers.Chatbots can be one of the best lead generation avenues for SMEs. Chatbots provide the customer with a first-level, immediate, bias-free, and personalized solution.

 To summarize, eCommerce has proved its worth during the pandemic and has the power to provide convenience and improved experience just at the click of a button. eCommerce strategy will be a key for growth for SMEs as it enables both merchants and their customers with immersive, compelling, and immersive experiences.