As the online retail industry rapidly evolves amid COVID-19, revenue from ecommerce is estimated to hit $5 trillion this year.
Following macro retail trends can help retailers meet shifting consumer demand, deliver distinctive experiences across touchpoints, and retain customers. To compete and keep up with ecommerce developments, retailers are now offering loyalty programmes for online and mobile transactions too, as well as providing cost-effective subscription options.
Moreover, as online stores become primary shopping destinations, retailers must upgrade logistics networks, invest in search and filtering tools and chatbots to engage consumers. Offering easy payment methods like buy-now-pay-later (BNPL) can help brands boost consumer spending and lower cart abandonment.
Integrating AI into the mix can help retailers offer personalised experiences in-stores and online, and drive sales. Adopting sustainable advertising practices and rethinking packaging material can help brands appeal to environmentally conscious consumers.
[5 minute read]