2020 is the year of eCommerce expectations! Many big changes in the world of eCommerce are been observed. Big players of online store culture have taken massive steps, which might change the current market scenario. In the first quarter of the year, Magento conducted a survey that involved more than 2000 brands, web-only merchants and business owners belonging to 15+ vertical segments. The only purpose of this survey was to come across major initiatives of 2017. Let us check what lessons should the Magento store owners take from this survey.
Focused Key Points
Among the total online merchants, more than 50% expect that this is the year to observe 20% growth in sales and revenue. About one-fifth of the total online store owners believe they would collect revenue more than 50% than the previous year. The rest numbers will be conquered by web-only merchants and multi-channel business owners. Thus, the year 2017 is forecasted to be a great year for the growth of online retailers.
- Mcommerce is the new Payment System From several surveys conducted in the current and in the previous year concludes that mobile transactions will hold a whole lot of importance as it will continue to be a hero. In accordance of the Magento store-owners will receive better ROI almost more than 40% than usual.The predictions have led to around 43% merchants to spend for the latest technologies offering outstanding mobile transaction experience to the customers seeking online transaction facility. We are close to a day when mobile transaction will be the life blood of eCommerce and so do the mobile responsive design.
- Thumbs-Up to Interactive Communication Winning communication is the key to eCommerce success. Trending today is the video and image marketing through social media platforms and it seems to be at the utmost priority for Magento store owners. It was seen that around 8% of the online store owners us forums to market their online business. Around 35-38% started to increase their visibility among social media from the starting of the year.
- Tale of AR VR and Mobile Payments Virtual reality, IOT, drones have created much of hype in today’s technology arena. More and more merchants are set to spend much on the above mentioned technologies. Thus, 2017 is the year to offer an ever changing technology trends and assisting eCommerce industry to get modified and modernized. More than 50% merchants are even set to spend for using mobile payments like Android, Apple pay etc. and virtual assistance tools.
- Digitize Brick and Mortar Stores There have been a lot of buzzes around for in-store digitization since the starting of the year. However, not many merchants would invest in this idea as they don’t expect much ROI by implementing such modern technologies. Only around 10% of the omnichannel retailer showed their interest and around 24% showed their interest in implementing mPOS (Point Of Sale). We can clearly see that we need to go a far way to see these technologies implemented for use.To all the Magento store owners: Above mentioned points are to be considered for an improved eCommerce identity.