2020 has been quite the whirlwind! While we can’t say we’re sad to see it go, there were definitely moments that brought all of us together.
Does anyone else find it hard to believe that Tiger King came out this year? That feels like 10 years ago. Even though this year passed by slowly and quickly at the same time, a decade’s worth of progress definitely propelled eCommerce to new heights.
This was the year that eCommerce took off in a big way. It’s come so far, but where is it going next? Experts predict that eCommerce will grow to $4.9 trillion by 2021. There’s no stopping it now.
So, what will be the top trends in 2021? That’s what we’re going to break down for you.
1. Mobile eCommerce Will Take the Lead
While most consumers are already used to shopping on their phones, this trend will explode in 2021. In fact, some sources predict that mobile sales will jump from $2.9 trillion in 2020 to $3.5 trillion in 2021. This means that mobile eCommerce would account for nearly 73% of all eCommerce sales.
So, it’s more important than ever to ensure that you’re optimizing your website for mobile sales. You can always test your website by using this tool from Google. It looks like our site is good to go!
2. Offering Multiple Payment Options Will be Key
PYMNTS recently surveyed hundreds of merchants from around the world, and they discovered that the top 20 merchants had something in common. They all offered multiple payment methods. Experts now recommend accepting at least 5 payment methods.
You can go beyond the basics of credit and debit cards by accepting digital wallets like PayPal and Apple Pay. 60% of Gen Z consumers want to pay with a mobile wallet.
Accepting cryptocurrency payments is also becoming increasingly popular. 36% of small and medium businesses in the United States already take crypto payments.
Signing up to take cryptocurrency payments with NetCents is free, and you can get integrated in minutes. Fill out the form below to get access to an on-demand demo of the NetCents Merchant Platform.
3. Quicker Checkouts Will Lead to More Conversions
Consumers have more choices than ever. So, getting them through your eCommerce funnel as fast as possible is the #1 way to decrease cart abandonment. Consumers don’t complete nearly two-thirds of all online purchases. Some of the top reasons for cart abandonment include:
- The site wanted me to create an account: 37%
- Too long or complicated checkout process: 28%
- I didn’t trust the site with my credit card information: 19%
- There weren’t enough payment methods: 8%
Companies like Amazon have perfected the one-click checkout. So, how can small businesses get on board, and make their checkout quick and seamless?
QR codes may seem like a forgotten fad from the early 2000s, but they’re coming back in a big way. Businesses in the rest of the world, particularly Asia, are already using QR codes to enhance the customer experience. For example, customers scanned WeChat QR codes more than 140 billion times in 2020.
As digital wallet payments explode, QR codes are here to stay. NetCents uses QR codes to make the cryptocurrency payment experience effortless. Customers simply need to click on the code or scan it from their phone’s camera. Here’s what an eCommerce transaction looks like with NetCents:
4. B2B eCommerce Will Get Bigger
2020 drove more B2B merchants online, and proved the importance of the digital experience. In fact, Forrester predicts that B2B eCommerce will hit $1.8 trillion by 2023, and that’s just in the United States.
Here at NetCents, our B2B merchants have seen a huge amount of success on our platform. Based on our research, the B2B market is now worth six times more than the B2C market.
As well, in a survey of B2B decision-makers, over 80% of respondents said they would prefer to use self-service tools for reordering. Gone are the days of mailing a physical invoice.
Digital invoices are now the norm, and they allow your customer to pay in minutes. For those who worry about losing that personal touch, there is a way forward with both. While some customers might prefer a more hands-on approach, giving your clients the option to choose is always ideal.
NetCents specializes in B2B eCommerce payments, though online integrations, and invoices. See just how easy it is to send an invoice to your client with NetCents:
5. The Rise of Millennial Customers
One of the main reasons why B2B eCommerce boomed in 2020 is related to millennials moving into leadership positions. Research indicates that 73% of millennials are a part of B2B purchasing decisions. So, getting their attention in 2021 is more important than ever.
While every generation has embraced online shopping to some extent, it’s millennials who will remain most loyal to it in 2021. In fact, nearly 50% of millennials plan to only shop online, even after all restrictions are lifted.
This year, many millennials bought products online that they never purchased before. In a recent survey by PFS, millennials showed that they’re not afraid to mix things up and try something new.
75% of millennials said that they bought products in 2020 that they would not have considered before. As well, 56% of millennials reported that they tried at least one new brand this year.
So, what are the top ways to attract millennials? Make sure your business starts conversations and develops a good reputation. Social media is no stranger to anyone these days. However, millennials rely on it the most for information and recommendations about brands.
As well, despite their reputation for spending money carelessly on avocado toast, most millennials are very careful with their money. For example, 86% of millennials admitted to leaving a store without purchasing an online, only to buy it later online. Why is this?
Rather than impulse buying, millennials take the time to research the product, find the best price, and see what other choices are available. 62% of shoppers also said that they had a better experience when the store used the latest technology.
One way to attract the attention of millennials and bring your business into the future is by accepting cryptocurrency. Nearly 60% of millennials view Bitcoin as a positive financial technology. With NetCents, you can add cryptocurrency payments to your POS terminals and eCommerce store, with just a few clicks.
We hope you’ve enjoyed this article and picked up a few ways that you can enhance your business in 2021. Whether your business has always been online, or you’re going into new territory, eCommerce is here to stay.
Have another eCommerce tip? Let us know in the comments!