Online Shopping, Now and Future Trends
- December 14, 2021
Online shopping has given independent retailers a way to compete with major players in the industry. Selling through an online platform allows smaller retailers to connect with consumers outside their local market. Over 80% of retailers are selling online now, which is not surprising because 43% of shoppers make monthly retail purchases online. Online sales are a top revenue channel; retailers report 58% of their revenue comes from online sales. The popularity of online shopping has been steadily increasing over the years, but when the pandemic hit, online platforms with contactless features became key to the success of many businesses.
Despite the increase in online shopping, brick and mortar shopping experiences are nowhere near obsolete. Most consumers still enjoy the thrill of in-store shopping and the satisfaction of immediate possession of their desired products. Although brick and mortar stores are not likely going anywhere, there are new trends merging in-person and online shopping, which offer an in-person simulated experience all while in the comfort of your own home.
So, what are these new trends that seem to offer the best of both worlds? The next big features seem to be live stream shopping and virtual reality shopping. Virtual reality shopping allows customers to browse the catalog of products directly through a retailer’s ecommerce website. Customers can use video, text, and chat to gain real-time access to in-store associates to see products as if they are actually on store shelves. Virtual reality shopping offers immersive experiences for consumers to try and customize before they buy. It also offers a competitive advantage for retailers by allowing them to stay up to date with current patterns and trends.
Livestream ecommerce, on the other hand, is a business model in which retailers, influencers, or celebrities sell products and services via online video streaming. During the video stream, the presenter demonstrates and discusses the product offerings and answers audience questions in real-time. The popularity of these trends will likely grow exponentially as we see the market favoring online channels of shopping.
Learn more about top-retail trends here: https://squareup.com/us/en/townsquare/retail-trends