Once upon a time, 2021 seemed like a distant future. But the future is rapidly becoming the present, and the e-commerce market only benefits from this. E-commerce innovations such as recommence, the sale of used items and the transition to the 5G communication standard, open up new opportunities for retailers, buyers, wholesalers and the rest of the e-commerce market. We suggest looking at the trends that, in our opinion, will determine the development of e-commerce in 2021 thanks to custom magento development services by Elogic.
Recommence, or second hand market
What is trash for one person is treasure for another. In other words, a dress that is boring to you can become a fashionable discovery for someone. The used goods market is growing exponentially. And it’s not just about eBay. According to a study by Coresight Research, the online used clothing business is growing 20 times faster than retail in general, and 5 times faster than sales in low-priced stores. This is a huge business: in particular, fashion collaborations have great potential, such things can rise in price by up to 374% (like, for example, the Supreme x Louis Vuitton Dunabe backpack in the Vestiaire Collective online store).
Vestiare, thredUp and The RealReal are taking advantage of the lucrative luxury apparel market, but this is not the only growing segment today. For example:
- sales of used sneakers in the online stores StockX, GOAT and Stadium Goods show a steady growth;
- the recommerce market is projected to reach $ 6 billion by 2025. If you want to enter this market, the sooner you do it, the better.
Green logistics and circular economy
Recently, the topic of sustainable development has been increasingly heard – and for good reason. Consumers began to think about the impact that the products they use on the environment. In addition, new sustainable solutions are constantly being introduced, including in the field of logistics.
The advent of e-mobility and packaging innovations, as well as the growing desire of young people to do their part in protecting the environment, are driving additional business growth. Following the principles of a circular economy can be beneficial for companies, because it involves optimizing processes and reducing waste at all stages of production and delivery, as well as increasing the life of products and materials.
Progressive Web Apps (PWA)
Have you ever left your site due to slow page loading speed? Most likely yes, because speed always comes first in e-commerce. Statistically, 53% of users will leave the site if the home page takes longer than three seconds to load. In addition, speed is also important when navigating through pages within a site.
Progressive web apps can help with this. They are saved on the screen of a mobile phone and are ready for launch at any time – your products will also always be at the user’s fingertips. The AliExpress online store has taken advantage of the PWA, resulting in a 104% increase in new users since launch, and an 84% increase in conversions from iOS devices. Read more on Elogic.co
5G communication standard
What is the link between a stable mobile connection and the e-commerce market? Straight! The share of shopping from mobile devices is growing. Increasingly, consumers interact with a brand on the go, and reliable mobile communications only support this trend. Therefore, for the successful development of your online store, it is important to make sure that buyers can visit your website and place an order even from a small mobile screen.
Why would a client pick up a phone if you can just tell a smart speaker about your wishes? Yes, 2020 is shaping up to be the year of voice-activated shopping.
Consumers are more and more willing to support the idea of integrating smart technologies into households. So, revenue from sales of smart speakers breaks all records – from $ 900 million in 2016 to almost $ 12 billion in 2019. It is estimated that sales of these devices could reach $ 35.5 billion by 2025. And the more smart speakers consumers have, the more likely they are to make an online purchase. Online sales through smart speakers are projected to reach $ 40 billion by 2022.