According to a McKinsey report, about 75% of the 8.5 billion people in 2030 will possess a mobile phone and have Internet access. The youngsters from the middle class in emerging markets like China will grow substantially and be richer than their previous generation. With a wider customer base and a hike in purchasing power, these markets are likely to become substantially bigger buyers.
Companies that want to be on top in the coming decade ought to pay close attention to upcoming trends and work on riding the wave. Certain e-commerce trends in 2017 will follow a pattern of predictable growth, while a few will take surprising paths.
A few e-commerce trends likely to surface in 2017 are as follows:
E-commerce Trend #1: Rise of Personalized Content
In generic terms, personalization in retail refers to providing a customized shopping experience to buyers based on their interests, buying behavior, demographics and psychographics. This strategic advancement has been exploited by most brands to great extent. However, even with several product differentiations, most products are unsuccessful in the market and have to be withdrawn before reaching the mature stage in their lifecycle.
In 2017, customers can expect companies to create a bespoke shopping experience every time they visit the (virtual) store. Each shopper will be able to access unique content, including product recommendations that will make shopping more interesting. Personalized content will lead to a gradual shift from e-commerce to ‘me-commerce.’
In one of his recent interviews, Amazon CEO Jeff Bezos talked about replacing texts with videos for better product description for Amazon Prime members. They can also personalize their account based on their digital content preferences by using personalization site features. Users can modify the retail items displayed on their screens by adding preferences.
He said, “Streaming video helps sell shoes because Amazon Prime members buy more. The company is also testing ways to improve the browsing experience for books, while also catering to Prime customers. We have a few experiments we are rolling out. We will probably open some more.”
Amazon has already released advanced versions of its Echo speakers and increased investments in research to keep pace with the e-commerce trends in the years to come.