5 E-commerce Trends to Look Out For in 2022

As one of the fastest-growing industries, e-commerce is constantly changing to meet consumers’ needs. If you’re hoping to grow your business, keeping up with the latest e-commerce trends shaping the industry is paramount.

Today, we highlight the most prominent trends that can affect your business in the coming months and years. Staying updated with industry trends can help you remain competitive and convert more visitors into customers!

The Five 2022 e-commerce business trends to look out for :

1. Flexible Payment Options

Nowadays, customers adore flexibility when it comes to payment methods. If your business does not have its preferred payment method, there is a high chance of losing potential sales. It is essential to meet their payment preferences to prevent shopping cart abandonment.

It is increasingly common for e-commerce businesses to accept credit cards and debit cards to complete transactions — having these options does not make you stand out from other competitors.

Digital wallets and mobile payments are rapidly gaining popularity around the world. Juniper Research predicts that digital wallet users will reach 4.4 billion globally in 2025, rising from 2.6 billion in 2020. The same source also stated a 70% growth in digital wallet users is led by mobile wallets. Offering payment options like digital or mobile wallets such as Apple Pay, Google Pay, and PayPal can give businesses a competitive edge.

Buy Now, Pay Later (BNPL) is one of the hottest topics in the global fintech space. Customers can opt to defer payments for a certain period or divide the payment into installments with no extra fees or interest, thus providing customers with affordable payment alternatives. It offers virtually no risk to merchants, as BNPL companies usually settle the transaction with the merchant within 3-4 days. What’s more, certain BNPL options have proven to increase conversion rates. RBC Capital Markets estimates these point-of-sale loans increase retail conversion rates 20% to 30%, and lift the average ticket size between 30% and 50%.

Finally, online businesses can also consider cryptocurrency payment options. Although cryptocurrency payments can seem very “next-gen”, a crypto adoption research conducted by Chainanalysis shows an increasing global adoption of this payment method. The research determined countries' scores by three metrics and summed up the scores of all countries. There is an over 881% increase in crypto adoption in the last year.

Cryptocurrency payment gateways enable merchants and users to do transactions in bitcoins and altcoins (other cryptocurrencies). Opening up this option can attract new customers to your business while lowering transaction fees.

These payment methods can be a game-changer for your business — consider implementing them!

2. Conversational Commerce

Conversational commerce refers to transactions through messaging apps and texts on platforms like Webchat, Facebook Messenger, and WhatsApp. Conversational commerce enables businesses to interact with their customers through chatbots — making customers feel that they are well cared for in real-time.

Customers are more intrigued by interacting through texts these days, be sure to check out conversational commerce.

According to a figure created by Landbot Blog, messaging app users are growing every year. Through these apps, customers can get in touch with a brand through regular conversations, which helps tremendously in building a genuine relationship with your customer. With conversational marketing, you can move on from one-way communications, like email blasts. Customers can input their queries and messages into the chatbot to get support, and personal recommendations, and make a purchase. Chatbots will process the demands made by consumers and offer relevant responses. You can choose to provide a human representative, a chatbot, or a mix of both. Keep in mind that consumers tend to opt for businesses that personalize their experience and efficiently handle customer demands.

3. AR Commerce

Augmented reality (AR) is rising as technology is becoming more well-developed. The popularity of this technology increased from 32% since the pandemic, with its usage increasing by 17% in 2022. With the help of AR, customers can see the item they are getting without needing to engage with the item in the real world.

AR changes the shopping experience by allowing customers to interact with digital elements in the real world. It helps customers to feel more confident about buying decisions as they can see how that item will look and feel.

For example, Ikea Place App, an application created by Ikea, enables customers to visualize how the furniture will look in their space and make customizations – all from the comfort of their homes.

Offering AR commerce options can help customers to make more satisfactory purchases, which can potentially help retailers with reduced return rates.

4. Social Commerce

Social media plays a significant role in our daily lives. It has evolved from a marketing platform for businesses to a shopping paradise. According to SmartInsights, more than half the world uses social media, and the average daily time spent using social media is 2 hours and 27 minutes. Having your products on social platforms can increase your chances of converting an impression into a purchase. Using social media platforms like Instagram, Facebook, and TikTok to expand your business operations can help you complete marketing and transactions all in one place.

Social media offers businesses a platform to reach an expansive audience base. They often provide different ad formats to reach your targeted audiences more efficiently. For instance, you can place a free worldwide express shipping advertisement for products bought on Facebook, or collaborate with an influencer to gain audiences. Or refer to Shopee. It fostered an application called Shopee Live, allowing users to interact with sellers directly through a livestream session.

5. Mobile Shopping

Who doesn’t have a smartphone nowadays? Many people use their smartphones to complete tasks that could only be achieved by laptops and computers a few years ago. With that in mind, shopping is no exception.

According to Statista, mobile retail commerce sales worldwide increased from USD 2.3 trillion in 2017 to $3.5 trillion in 2021. Indicating mobile commerce has a gigantic market share within e-commerce.

So, what’s the take here? It would be best to consider creating a mobile-friendly website or app to maximize your profit. If you already have one, optimize it for a better user experience. For instance, you can include functions such as push notifications when a specific product is in stock.

Here you have it! We hope the above information can push you to grow your business. These are just 5 trends in 2022, and we can’t wait to see you explore more!