The e-commerce industry is heavily influenced by new and emerging trends. That is why for people that want to establish their own online ventures in the near future, you’re going to want to read the entire article to find out what’s hot in the e-commerce industry in 2020.
The Use of Predictive Analytics
There are a lot of buzzwords that are being thrown around the e-commerce space, one of which is Predictive Analytics.
For those of you who do know, predictive analytics makes use of artificial intelligence to not only provide predictions based on historical and statistical data, but it can also give your customers some recommendations based on such data as well.
It is going to be huge in the e-commerce industry in the foreseeable future, especially since it has been found (by Google) that people love being presented with a lot of different options (that they are likely going to consider).
Again, by using artificial intelligence, business websites can generate content just based on the search query that was used to find the website.
Now, this is still in its early stages but it has to be said that it could likely be a very popular trend going forward. Perhaps, we can see the birth of dynamic websites sometime in the near future?
The Rise of Subscription-Based Businesses
There is without a doubt that subscription-based businesses are going to pop up everywhere in the near future. That is because people now have more disposable incomes than ever before and businesses can leverage this to their advantage.
There is a lot of money that can be had if you follow a subscription-based business model. For example, Cheese Posties have implemented such a business model where they will deliver their products right to their customers’ doorsteps just by paying a monthly fee.
Of course, not all businesses can see this as feasible but there is no denying the potential for profits when using this business model.
Selling Through Social Media
Social selling, as a lot of new businessmen would call it, is going to be a huge thing in the near future. Different social media platforms have now implemented some sort of e-commerce features for online business ventures.
Facebook, for example, has just recently implemented a platform where customers can buy directly from companies just by using the said social media service.
Instagram has been a go-to platform for many startups, especially when it comes to showcasing some of the products (or services) that they have on offer.
Snapchat is also not going to be left behind as the company has recently stated that they are looking into implementing some e-commerce tools that online businesses can use.
Your website is your main platform where you conduct business. Therefore, it is only fitting that you spend a lot of time optimizing it for your products.
For example, you can put some of your popular products on your homepage, but never neglect the other products that you sell as well.