eCommerce Trends to Look out for in 2021 and Beyond

An overview of the eCommerce trends that are likely to drive innovation in the industry in 2021.

The eCommerce industry has significantly evolved in the last few years. This year already shows promises as eCommerce trends in 2021 are already buzzing and getting the needed attention. Despite the many challenges that we faced in 2020 due to the pandemic, eCommerce has shown continuous growth. The evolution in eCommerce can be attributed to developments in financial technology or FinTech via payment options, e-wallets, app purchasing methods, etc.

ECommerce Trends 2021

Consumers are getting comfortable using online methods for shopping and payment purposes. FinTech and payment innovations have gone to great efforts to ensure that the experience is smooth and hassle-free. This ease and efficiency facilitate a user-friendly process for consumers as they continue to use these methods for personal gains and shopping online. As eCommerce evolves, innovations in the payment industry are also evolving to keep up with the demand.

Let's take a look at the trends that are likely to impact the eCommerce businesses in the near future.

Payment Landscape

Covid-19 presented one of the most significant challenges for merchants who had to find new ways to tackle. It also initiated conversations around how the market needs innovation with local payment to enable smooth transacting. Cash transactions have taken a back seat and have been replaced by digital mechanisms. Contactless and mobile payments are now embraced as they offer solutions that facilitate us to tackle the virus.

Here are the payment trends that will likely grow acceptance in the eCommerce industry

• Buy now and pay later.

• Payments with QR Code.

• Cross-border transfers

• Local payment method options

• Responsive payments across multiple devices

XanPay is an all-in-one payment solution that allows eCommerce websites to expand their business operations on a global scale. It seamless integration allows merchants to adapt it within their existing ecosystem to cater to the financial needs of eCommerce platforms.

Checkout Page Experience

The checkout page is one of the vital aspects in the journey from a user to a consumer. It is one of the steps that will help you convert your traffic into sales.

Checkout pages need to be simple, especially for B2C transactions due to the attention span of the buyers. It acts as the middlemen for websites and global customers to interact with each other. It is important to choose the right system that facilitates a seamless experience for merchants as well as their customers. Checkout pages should be streamlined to offer convenience, security, relevant information, and payment integrations. Other features that can be considered while designing checkout pages include mobile-friendliness, design, speed, and flow.

Refer to this blog post here to understand the requirements from a payment gateway.

Integrations with FinTech

Fintech has considerably altered and improved online payment systems, significantly changing the way consumers conduct financial transactions online. Fintech innovations have facilitated security over financial data thus giving space for convenience, comfort, and efficiency.

XanPay effortlessly allows merchants to integrate payments into their existing infrastructure for eCommerce. It facilitates merchants to allow its customers to pay in local currencies and local payment methods. The simple integration enables eCommerce websites to offer an optimized experience of checkout. Moreover, it allows merchants to adapt its payment infrastructure across multiple devices.

While most merchants used different payment systems to cover several geographical regions, a single stack of XanPay facilitates you to conver more than 50% of global population. This further allows eCommerce websites to concentrate on investing their time, money, and resources on their product without worrying about payment integrations.

Consumers will Embrace Ar Powered Shopping

More consumers will embrace Augmented Reality (AR) as an alternate shopping means. The technology allows customers to check, view, and try different items, which will help influence their buying decision. AR will change the shopping experience for several industries.

Statistics indicate that the market for AR technology is growing, with projections for 2023 valuing it at over $18 billion U.S. dollars. Research shows that 61% of online shoppers prefer to make purchases on sites that offer AR technology while 63% of customers say AR would transform their shopping experience. This shows the willingness of consumers to shop AR without visiting an actual store. It is likely that companies and even businesses will start utilizing AR once it gets to mainstream and social media.

Voice Shopping in eCommerce Trends

Voice shopping is steadily gaining relevance in the eCommerce domain. Research indicates that in 2019, roughly 20% of smart speaker owners used their voice technology for shopping-related activities like product research, drafting personalized shopping lists and price comparisons. Amazon Echo and Google Home smart speakers have become tools for many online shoppers to interact with eCommerce platforms.

In 2021, we may see online consumers shop without looking at a screen directly through voice speakers. Brands are now leveraging on the smart speaker and voice search technology for enabling innovation in shopping experience.

Bottom Line

eCommerce trends are evolving at an increasingly faster pace than ever before. One of the reasons is the rise in online shopping trends and an evolving infrastructure powered by Fintech and technology. Some of these trends will facilitate innovation and automation for consumers as well as merchants. We are likely to see a gradual infusion of such trends into the eCommerce industry in 2021 and beyond.