Global eCommerce Trends to Watch for in 2020 and Beyond

If there is something that cushioned the impact of COVID-19 on businesses and organizations – it’s technology.

eCommerce technology to be specific.

When brick-and-mortar stores closed their doors, the focus of sales shifted online. Those businesses that did not have online retail solutions, scrambled to quickly integrate eCommerce offerings into their platforms.

Order management and fulfillment systems were revisited and time was spent on enhancing online customer experiences.

The Remote Payments Study shows that online retail purchases witnessed a 34.9% increase from 2019 to 2020.

So, all this effort was worth it.

As we enter Q4, we take a look at the global eCommerce trends and discuss how the retail landscape will change in the coming year.

eCommerce is Here to Stay

According to Statistics Canada, eCommerce sales more than doubled in May 2020, with a whopping 110.8% year-on-year increase!

While you may be thinking that this may be a one-off spike due to store closures, there is more to the story. As physical distancing rules will eventually be relaxed and retail spaces will revert to operating at full capacity – one thing has changed and that is consumer behaviour.

Consumers have experienced convenience that comes with online shopping and many individuals are quite comfortable adding what they need to their online shopping carts and checking out.

Similarly, businesses have seen that they can directly get their products into the consumer’s hands without third-party involvement. They have also seen the benefits of omni-channel retail in the truest sense.

Having an omni-channel strategy, which also includes an eCommerce site, is critical for customer retention in uncertain times. Solutions like Dynamics 365 Commerce can help you integrate physical and digital storefronts into a single view of transactions to help you identify and analyze behavioural data.

Personalization is Vital

eCommerce is increasingly becoming a competitive space. This is why personalization and customization are key global eCommerce trends that will dominate in the coming year.

Today’s customer wants a flexible, robust system that delivers more value. It’s not just about the product or service anymore.

Customers like to receive recommendations, special offers, and added perks. This is why many businesses are increasingly considering subscription-based offerings. These subscriptions are often nominally priced but give customers added benefits such as free shipping or early access to new products.

Providing choice and convenience with connected ordering and fulfillment tools is helpful. There are solutions that can enable you to seamlessly facilitate online purchases and the associated in-store pick-ups or home deliveries.

Security and Fraud Risk

With eCommerce comes the risk of data breaches, fraudulent activities, and attacks on customer accounts.

While you have to deploy a configurable and scalable solution to ensure that you comply with the required security standards, you also need to ensure that the customer experience is not impacted by multiple layers of account verification or authentication requirements.

Fraud Protection capabilities can be integrated into Dynamics 365 Commerce to help you overcome some of these challenges. They can:

  • Improve customer experiences by sharing transactional trust knowledge with issuing banks to increase authorization rates.
  • Help with business profitability by using adaptive AI technology.
  • Help avoid losses due to fraudulent accounts with account creation protection.

A digital transformation partner, like SHEA Global, can help you with your eCommerce journey by developing a plan of action and providing you with the guidance and tools you require.

Take our free Readiness Assessment and get expert advice tailored according to your eCommerce needs.