We all know that the world of e-commerce is the future of shopping. It is predicted that by 2021, global e-commerce sales will reach by USD4.5 trillion. In the current times, more businesses are experimenting with their e-commerce platforms to provide what their consumers want. And with things changing quickly in demand, the supply will need to adjust this change smoothly.
E-commerce platforms don’t have to be standard and boring because who even likes that? No one has the time to scroll an unexciting and repetitive e-commerce page. More importantly, why be boring when WECREATE can make your e-commerce platform more interactive and creative!
If you are seeking to expand your e-commerce business in Hong Kong, read below the current trends of 2020. Apply them to your business if haven’t already to put yourself ahead in the game with WECREATE!
1. Emphasis on Sustainability
Both consumers and businesses will be prioritizing sustainability in the coming year. Focusing on the environmental impact of the selling and buying of products and services will play an important role in e-commerce.
Millennials now are more conscious about sustainability more than ever! Since they are the key target audience with increasing purchasing power, being eco-friendly will benefit the businesses in the long run.
Many companies have started offering environmentally friendly packaging, using raw materials, offering rewards, recycling and reusing of the products and services. The Body Shop offers sustainable packaging by using recycled plastic for its’ products packaging. TOMS, uses sustainable, recyclable and vegan materials for their shoes and even their shoeboxes.
2. User-Generated Content
User-Generated Content (UGC), is the next big thing happening for e-commerce businesses. Customers sharing images or videos of a brands’ product or services on their social media account can be beneficial for the businesses. It creates a buzz within the consumers and boosts brand awareness. It also reflects genuineness, instead of having celebrities and models endorsing the products and services.
Around 68% of the millennials say that UGC is considered a worthy indicator to determine the quality of product or service of a brand. Sharing images from the customers using the products on the website is another way of showing UGC.
3. Influencer Marketing
Influencer Marketing has become a game-changer in recent years. It is a popular approach being used by many businesses, especially on Instagram. Many of us seek suggestions from our favourite influencers on Instagram before making the final purchase decision.
Although it is popular, choosing the right influencer for your business and target market is the key. Micro-Influencers tend to have more impact on consumers as people are able to relate themselves with influencers. Micro-influencers generally have 1,000 – 10,000 followers on their Instagram and are also more budget-friendly.
Every other brand now uses this strategy to sell their products or services and it is only going to expand this year!
4. Customized Shopping Experiences
Customization of products and shopping experience is another increasing e-commerce trend in 2020. Customers appreciate when the products and services are customized for them. It makes them feel connected to the brand increasing brand loyalty. Personalization of products and services increases the chances of shoppers buying from that brand by 80%. Wouldn’t you prefer buying something customized than something everyone has?
Nike is currently dominating the market with customized shopping experience for its’ consumers by offering in-store or digital product customization. Likewise, Apple too offers customized shopping experience for its’ consumers. It offers engraving service when a customer purchases an Apple product online.
5. Integration of AR technology
Using this powerful technology in e-commerce platform can transform and boost the overall shopping experience. Gone are the days where online stores faced challenges to sell their products, as the consumers could not actually see the product before purchasing.
Through AR, these challenges are being eliminated by allowing the consumers to virtually see the products before purchasing. It also adds excitement and attracts the consumer to visit your physical store. Wouldn’t you prefer seeing the actual product before making a purchase?
Many companies like Ikea and Amazon are using this technology successfully to help their customers. Ikea uses AR to allow the consumers to visualize how their selected furniture will look at their home. Similarly, Amazon also uses AR to allow the customers to visualize how their selected product looks in their own living space.
WECREATE has integrated the use of AR technology for several clients with various type of businesses in Hong Kong.
6. Diverse Marketplaces
Many sellers previously would only use platforms like Shopify or Etsy. However, they have realized that offering different marketplaces to sell their products and services is more beneficial to both consumers and businesses. It allows sellers to further grow their business and reach more consumers.
Some of the popular e-commerce marketplaces include Amazon, eBay, Instagram, and Facebook.
Instagram and Facebook have quickly become a popular e-commerce platform in Hong Kong and globally for online shopping amongst the millennials. The good thing is both Facebook and Instagram offer shopping feature which enables businesses to connect their product catalogue and that is it! You can begin with Instagram Shopping by adding product tags in the posts and stories, allowing the user to view the products in different settings.