2020 was an excellent year for the Online Business field, with most of the Offline businesses adopting the online platform to continue with their business smoothly. The worldwide revenue of the eCommerce and the Online Business industry amounted to more than 3.53 trillion USD in the year 2020. This number is projected to reach 6.55 trillion USD by the year 2023, with most of its growth coming from advancements in technology and trends in the Online Business field.
Let’s see what are the latest trends in the field of Online Business and what we should look for. Some of the latest trends in the field of Online Business are:
Contextual and Programmatic Advertising:
Programmatic advertising is any process in which there is the use of Software to buy advertisements for your brand and business. As compared to the traditional approach, which includes requests for proposals, tenders, and quotes etc., Programmatic advertising involves buying advertising using Software.
Programmatic advertising uses datasets to retrieve the list of the target audience for the advertisement. Advertisements are shown to the customers based on consumption. The data then collected is used for retargeting after a certain period of time to generate a higher return over Investment with Time.
Automation of Market:
In simple words, Market automation involves automating email marketing and scheduling posts for social media platforms.
Marketing Automation has become the new trend, with almost 49% of the businesses and firms adopting market automation and showing no signs of stopping in the near future. It can help cover some aspects, which include customized landing pages and easily accessible shopping carts.
Some advantages of using marketing automation include the following:
- Always send out emails to your lead generation customers.
- Sends out tailored advertisements depending on the shopping history of the customer.
- Retargeting customers for necessary improvement in product sales.
Customer segmentation and Pattern identification are based on the customer’s search history. Major algorithms and Artificial Intelligence are playing a major role in terms of store automation and personalization. Major algorithms are also being deployed in order to get a lead generation to be converted into future customers.
The quality and accuracy of data are greatly influenced by the quality and size of data input. At times this can create significant differences for small businesses to process large amounts of data.
The advancements in technology that are gradually rising are social payments. This trend is inspired mainly by Paypal; Social Payments allows users to send payments through their social media accounts without any hassle.
With the advent of Social Payments, users can now buy products easily from their social media profiles. They just need to get the payment details from the seller through which the payment can be initiated. Such trends in technology where the user is getting a simplified usage of the social media can help increase the overall revenue generation at a bigger scale.
Influencer Marketing will increase sales:
Influencers on Social Media profiles are the real-world audience, believe it or not, around 70% of the audience that the brands get are coming from Influencers social media’s account. A decision that the user makes upon buying the product comes from the influencer’s recommendation.
Also by a recent study, it is revealed that around 30% of the customers that buy products from great products come from non-celebrity influencers.
Drone Delivery can be the new future:
You might have seen videos of drone deliveries being tested all over the eCommerce industry, but till date, drone delivery of packages has been consistently in the tested phase. However, you can expect it to make an entrance real soon with most of the advancements in technology, drone delivery will also be live anytime soon.
The world is on a constant change, with the new technologies in the frame, the eCommerce and online business will continue to keep on growing and will only get bigger and more significant in 2022. Being a business owner, you need to figure out what is best for the audience that follows you while providing value to your users and customers.
The better the user experience, the better will be your Sales.