We are historically currently undergoing one of the most significant technological upheavals ever experienced in the past 100 years of world history. Old businesses are changing, and new businesses are emerging. And as we navigate ourselves through this slow-paced new normal, there is one business domain that is seeing a spectacular roar in traffic: the eCommerce industry!
We were already witnessing the great proliferation of the Internet and the rise of the trend for online shopping, but another thing that went through a complete digital transformation is the mode of the payment system. This could be viewed as a coerced evolution of the fintech industry, but digital payment systems is a trend that has been rapidly growing and reached its proverbial point of critical mass during a moment of world crisis. Ecommerce payment gateway system works through various channels routing from wallets or the clouds or any new digital payment mechanism.
According to Statista, from 2020 to 2024, retail e-commerce businesses will be flexing an upward trajectory from 4.28 trillion US Dollars to 5.4 trillion US Dollars! While the digital payments system (E-Wallet) is predicted to rise at 15% CAGR and is projected to cap a market size of 2.1 trillion US Dollars by the end of 2021-2027.
So it makes sense why people are always curious about the future of eCommerce. It indicates a great opportunity. But before we make good on the opportunity that stands before us, we must know by sight the top trends for the eCommerce industry that are driving this significant growth in 2022.
Top 5 Trends Of eCommerce Industry In 2022
1. Product Visualization, AR, and VR
The technology has already evolved from displaying a single pixelated image to an ultra-high-resolution image from separate angles. And the technological innovations of the recent past, especially in 3D, AR, and VR, are positioned to completely change the way eCommerce products are experienced before they are bought.
Product visualization, therefore, will be one of the happening trends that we’ll come to see in eCommerce. Augmented reality and Virtual reality will help customers get a better idea of what the product is and what it looks like in a way that is as close as it can get to the actual product.
2. Voice Search
With virtual assistants like Google Voice Search, Siri, Google Home and Amazon Alexa,
more than 40% of millenarians perform their searches using a voice assistant.
They use image and voice searches for shopping online and use a digital payment system like Zaakpay to pay for the products. The convenience of such searches helps them organize their lives with improved accuracy and in less time.
3. Product Customization
Great marketing is the subtle art of persuasion, so what will the future of eCommerce marketing look like? How subtle will brand marketing need to be to ensure that they found the right customers through the correct channels?
Product customization is a concept founded on the very grounds of personalized marketing, aiming to eliminate the time and effort-consuming complexities of internet scouring, where the consumers hunt for hours and days searching for the perfect product that suits their expectations. Instead, great content marketing can help brands position themselves in the customer’s mind and plant a subtle and concise idea of what they are and what their products are about. That is one of the greatest marketing w’s that a business can aim for.
4. ROPO / ROBO
ROPO (Research Online, Purchase Offline) or ROBO (Research Online, Buy Offline) has been a salient online shopping feature for the past few years. However, it is not yet an evolution of the eCommerce business world through a pinnacle of the internet shopping infrastructure of the last decade.
ROBO consumers find it easier to search for products and services at the best available prices. At the same time, ROPO enables eCommerce enterprises to map out their offline conversions.
As a business, one needs to fortify their digital marketing strategies handmade to facilitate ROBO.
5. Mobile Wallet
An eWallet (Mobile Wallet) facilitates secured and faster checkout processes; this is the stage where the money changes its address, i.e., from the customer’s bank account to the bank account of the online business. However, just optimizing your eCommerce business enterprise for mobiles isn’t enough. The integration of the functionality of an Ecommerce payment gateway into your business website is also essential.
Zaakpay is a digital payment system provider that helps companies step up their Ecommerce payment gateway through which they receive payments for their goods and services. It offers features such as the variety of payment modes offered, single-page convenient checkouts, faster payment options, an option of saving the essential details of your debit or credit card.
The future sure looks exciting for eCommerce since every technology in some way is transforming the industry. And since payments represent the most integral and common source of data on the customer’s product preferences, buying interests, and purchasing power, it is also crucial to understand the targeted demographic and the digital payment market landscape.
Mobile applications are here today and will be everywhere tomorrow, and so will AR, VR, customization, social media targeted commercials, and AI-powered voice search optimization. But the biggest to top them all will be the Ecommerce payment gateway systems. Whether you are an entrepreneur or working at an eCommerce enterprise, it’s not just important. It is critical to know the role of a digital payment system on an eCommerce website.
Zaakpay is equipped with accuracy and security in payments, which has allowed businesses to rise up in the eCommerce market with remarkable scalability in their services while building a broader customer base than ever before.