If the current occurrences, including COVID-19, skyrocketing inflation, and the disruptive economic environment, have taught eComm retailers anything, it’s how to remain resilient. As the e-commerce industry evolves, the path forward looks challenging and interesting. Several trends are reshaping the eCommerce and online shopping landscape. This article details the current trends shaping online retail and overall e-commerce in the corporate landscape.
5G and Cryptocurrency
Supported by the 5G rollout and spurred on by the decrease in cash transactions during COVID-19, cryptocurrency is beginning to play a significant role in online retail. More online retailers are allowing cryptocurrency payment as governments relax their stance on crypto exchanges.
All a customer has to do is know how to convert a currency to a crypto, such as Bitcoin to USD supported by converters like BTC to USD converter and others. Crypto is a core aspect of the future of retail.
Gen Z Influence Online Retail
Gen Z, currently about 30% of the global population, is predicted to make up around 27% of the world’s workforce by 2025. Having grown up their full lives with the Internet, Gen Z significantly influences the future of online retail. They make things go viral, seek reviews, and vote down brands they dislike with clicks and shares.
Retailers have already integrated online retail elements like digital or online payments and digital marketing; they’ll need to integrate unique in-store experiences for Gen Z. This can include creating personalized and engaging marketing and in-store experiences and customized products that align with Gen Z’s values and shopping experiences.
Video Marketing and Social Media
As online retailers need to create content, they also need to appeal to Gen Z and millennials’ specific preferences and habits. This includes how they seek out information and input from trusted sources online since they highly regard personalized content.
Millennials and Gen Z consumers are twice (2X) as likely as other shoppers to watch an online video influencing their shopping activity. Specifically, TikTok and YouTube are more likely to meet Gen Z’s shopping needs. Instagram may use more images than Reels. Whether they’re seeking out a need for guidance or making an impulse buy, Gen Z will always want to watch something about it.
Brand partnership over brand loyalty
Brand loyalty will likely take a back seat as online shoppers choose retailers and products that align with their needs and personal values. Overall, there’s a significant increase in consumer expectations around personalization. Shoppers, especially Gen Z, increasingly expect brands to understand their expectations and individual unique needs. So, brands and retailers wanting to get and retain customers must seek partnerships, not just sellers.
The future of the retail landscape will be controlled by advancements in technology, such as artificial intelligence (AI), machine learning (ML), virtual reality (VR), and augmented reality (AR). For example, through AI, retailers can understand consumer preferences, streamline supply chains, forecast demand, and improve marketing effectiveness. ML can help retailers to personalize customer experiences to meet their evolving expectations. Retailers must integrate these technologies into their systems to stay competitive and improve efficiency.
It’s not easy to predict the future for sure, but these trends are likely to share what happens in the future of online retail and eCommerce. With this uncertainty in an ever-changing online retail landscape, retailers can use these trends to stay agile and adapt easily. Integrating technologies, forming the right partnerships, appealing to Gen Zs, and relaying information through video will help brands go far.