The e-commerce industry is one of the fastest and most profitable digital landscapes in Australia, and it is predicted to generate $35.92 billion in revenue in 2024 alone. With the development of new technologies constantly changing the e-commerce landscape, it is becoming necessary for business owners to become immersed in the digital era and keep up with the latest trends.
By incorporating the latest trends, business owners can be seen as thought leaders in the e-commerce landscape, as they could be one of the first in the industry to adapt their sales and business strategies to suit the latest consumer and industry demands.
An important part of introducing a successful product or service in this industry is analysing popular trends and understanding your consumer. By ignoring these trends, businesses run the risk of diminishing their growth and losing their relevance in today’s ever-changing e-commerce landscape. The demands of our consumer and industry technology are evolving every day. It has become a necessity that our business structure and practices stay up to date with the newest technology.
Here are the top five trends reshaping the e-commerce industry:
AI creating a personalised retail experience
Artificial Intelligence (AI) has grown far beyond consumer support chatbots, with 80 per cent of e-commerce businesses in Australia introducing this technology into their operations and marketing. This technology enhances consumer interaction by creating a personalised online shopping experience through targeted advertisements and product placement. AI can help business owners better understand their consumers’ needs and behaviours by creating a personalised digital profile of each consumer based on their browsing history, demographics, and previous purchases.
Social media marketing
Social media is now embedded into today’s society and is one of the key tools in e-commerce marketing and sales. Since the opening of TikTok and Instagram’s shopping platforms, e-commerce and social media are on their way to merging into one industry. Social media gives businesses direct access to a new two-way connection point between themselves and their consumers, allowing them to communicate with them in real-time. Social media pushes your products and services straight to your consumers’ ‘for you’ page and creates a heightened level of brand awareness, online sales, and online authority.
Eco-friendly practices
Due to demand for sustainable products, consumers worldwide are becoming more and more environmentally conscious of their purchase decisions. A recent survey has found that two-thirds of consumers would pay more to support businesses that manufacture and sell eco-friendly products. From manufacturing to delivery, each stage of the product life cycle is contributing waste to the environment. Switching to eco-friendly products can sound like a daunting task, however, if done correctly, it can allow businesses to reach a broader market. This not only benefits overall operations and long-term growth, but it also creates a positive image in the public eye and increases their consumer engagement rate and brand awareness.
E-commerce is going live
Live streaming has become a new way to merge the traditional retail experience with the new rising digital world – it enables businesses to connect directly to their target consumers. Companies such as EZZ have been able to leverage popular Chinese influencers and engage with their audience through their live-streaming platforms. This tool has allowed many to reach a global market that otherwise would be untapped. By incorporating this sales technique, businesses cannot only increase profits but also build a high level of brand visibility, consumer engagement, and sales potential.
Augmented reality shopping experiences
The video game and entertainment sector was the first industry to introduce augmented reality into their field. It gave their players a chance to become a part of their game world. Now, augmented reality is used worldwide in various industries such as health, automotive, and, in particular, e-commerce. The digital shopping space enables consumers to enter an in-depth experience for their shopping needs as the cameras focus solely on their product(s) of interest. Augmented reality grows your business and sales opportunities throughout the digital world by improving its conversion, product return and consumer engagement rates.
The e-commerce industry is changing with each new technology and trend that emerges within the digital landscape. To ensure relevance and popularity in today’s competitive e-commerce industry, each business must ensure that they are integrating the latest technology to create growth opportunities.
Emma Li is marketing director at EZZ Life Sciences.