Do you feel flustered with trends? Confused when a new fashion statement starts ruling the market? Do you have an online retail store but do not know what to stock; what a new trends in eCommerce in 2019 will look like? Then this post is just for you; follow the tips down below and make your decision-making process a bit easy. Are you able to showcase AI powered related products, upsell items and frequently bought together products on your online store?
First, it was the advent of the World Wide Web that changed how the world worked. Then with digitalization came eCommerce as businesses around the world established their presence online to reach people beyond borders. With innovations in technology, digital commerce is rising to the top with an expected grossing of $700 billion by the year 2022. The integration of AI will take it a step further with access to online portals for safe and profitable transactions. Artificial intelligence will influence the digital market, not just for entrepreneurs but for consumers as well.
I don't know what I want but I want it now. This is the anthem of e-commerce in the on-demand economy; built on a solid foundation of total convenience. Technological advances during the information age across industries have spoilt us for choice and availability. We want what we want faster and cheaper than before. This benchmark in human behavior has transformed us into hyper consumers of everything.
The retail industry underwent several transformations over the past years and continues evolving. Led by technological advancement and rapid E-commerce growth, the industry is continuously looking for process automation to cater to the growing needs of customers. In 2019, emerging technologies are likely to define the retail market as well as how the companies make use of upcoming technology, such as Virtual Assistant to reach their customers. Let's have a look at the latest retail trend for the year 2019. E-commerce continues its march towards rapid growth with more than a billion dollar sales happening on online outlets.
With more than 6000 brick-and-mortar stores closed in 2017 in US alone, according to Fung Global Retail & Technology, specialists predicted a "retail apocalypse". However, according to Statista, e-commerce represents only 10.1% of the total retail globally and is expected to grow up to 15.5% by 2021, so there's still a lot of room for growth.