E-commerce is one of the fastest-growing industries in Asia. According to a report on Statista, e-commerce is expected to grow at a staggering rate of 8.2% between 2020 and 2025 in this continent. This is significantly higher than in the USA and Europe, where e-commerce is projected to rise at 5.1% and 5.2%, respectively.
While 2020 was highly unprecedented, e-commerce is one of the few sectors that not only survived but continued to grow due to the lockdowns imposed in most countries. How can e-commerce businesses and marketers keep this momentum going in 2021? Here are 5 trends to watch out for-
1. Get Listed on Marketplaces
In comparison to e-commerce websites, popular marketplaces were able to attract more buyers throughout the pandemic. Many of the sellers on such marketplaces witnessed significantly higher sales even when compared to the post-pandemic days.
As consumers will continue to trust the reliability of such marketplaces and the convenience they offer, brands across Asia should consider listing their products on these platforms to boost their sales. A hybrid approach of having an e-commerce store along with a marketplace listing is highly recommended.
2. AR for Informed Purchases
While Augmented Reality (AR) has been around for a long time, its use in e-commerce has surged in the past couple of years. One of the USPs of offline shopping is that people get to experience or preview the product before buying. AR unlocks this facility for e-commerce.
Virtual try-ons, preview placements, and interactive user manuals are some of the common ways in which e-commerce stores are already using AR. Consider such AR solutions to offer something unique to your buyers.
3. Retention Over Acquisition
It is always said that retaining an existing customer is significantly cheaper than acquiring new ones. In 2021, this is what e-commerce platforms should focus upon. As acquisition costs are rising, with the likes of Facebook increasing the ad rates, retention should be the top priority for sellers and marketers.
Offering discounts and special offers, working on your customer support, and regularly engaging with the customers are some of the ways to boost retention.
4. Rise of Social Commerce
Apart from e-commerce, social media also witnessed a significant surge in consumption in 2020, and it is not expected to slow down this year. Apart from engaging with the audience, one trend that businesses should watch out for is social commerce. With this popular trend, shoppers no longer need to leave the social platform for completing the purchase.
If they like a product while browsing through their social page, they can buy it directly from the platform without visiting your online store. This added convenience is sure to find more takers in 2021.
5. It Is All About the Mobile Experience
The use of smartphones is consistently rising, especially in countries like India. According to a report on TechWireAsia, smartphone adoption will surpass 80% in the APAC region by 2025. With time, the mobile phone will become the go-to option for people to access the internet and shop online.
2021 can be an excellent time for e-commerce stores to work on the mobile experience their website and app offers. Working on the load speed, simplifying navigation, and providing in-app support are some of the most effective ways to improve the mobile experience.
The Asian E-Commerce Boom
While e-commerce is expected to grow steadily in Asia, it is also expected to become more competitive. Businesses should look for unique strategies to engage with consumers and boost sales.
Consider the 5 trends discussed in this post to make the best use of this e-commerce boom and take your business to the next level.