Before 2020, there was great expectation in regards to eCommerce growth.
With the pandemic hitting us in late 2019, and forcing pretty much every market to turn their efforts to the online world, eCommerce markets grew exponentially and far beyond expectations.
By 2024, it is expected that sales will surpass 6 billion US dollars worldwide (source). But the number could be even higher.
With the present year coming to a close, what can we expect from eCommerce in 2022?
What are the potential rising markets and trends?
Let us brief you on our findings and expectations.
The rising markets of 2022
The Paypers is an independent news website, based in the Netherlands.
In late November, they published their forecast on the rising eCommerce markets of 2022.
According to their article, here are some of the top rising markets of 2022.
LATAM
We agree 100% with this forecast.
Latin America is, indeed, the next big thing, with their markets being valued at up to 40 billion US dollars.
AEPIC Partners has foreseen this forecast as well, which is why we expanded to LATAM this year.
Many LATAM eCommerce owners are not only selling for their own countries, but for cross-border countries too.
This is one of the reasons LATAM is forecasted as a huge rising market for 2022 (and all the way to 2025).
Europe’s rising
Some of Europe’s markets are also mentioned, namely Belgium and Poland.
Both are growing at an incredible rate of 50%-60% and there’s no stopping them.
As far as Europe is concerned, we believe this is a trend that is applicable to other countries too.
It’s pretty easy for a Portuguese person to purchase from a German eCommerce store and have their goods delivered to their doorstep in less than a week.
The market is flexible and allows shoppers to search for their most preferred shops, regardless of its country.
Buyer experience
Rising markets and trends also means that shoppers will pay more attention to the little things.
Buyer experience will be key for shoppers to decide between buying from brand A or B.
Here are a few things to pay attention to.
Website speed & usability
Waiting 3 seconds or longer for a page to load is a no-go.
People’s attention levels are coming to a lowest so brands need to guarantee that their eCommerce in 2022 focuses on usability.
Your website needs to load fast and be user friendly.
This also means business owners should focus on making purchases easier than they may be right now.
1-2 click purchases will increase your revenue.
Live or Visual shopping
There’s still one thing that can drive customers to purchase their goods at a local store: seeing and touching the product.
While this is not possible online, you can try to make this as achievable as you can.
Live or Visual shopping happens when you have 3D visualization available in your eCommerce, or even a proper seller showcasing the products in a live stream.
This will allow people to almost feel and touch the products they want to buy and it will become easier to convert them.
You can try to implement a beta version for your eCommerce in 2022.
Buyer’s journey
Artificial Intelligence (AI) is helping us improve the buyer’s journey at an astounding rate.
However, it’s up to every business owner to implement the changes for their own profit.
You have the ability to personalize the buyer journey almost entirely as soon as a potential shopper enters your eCommerce.
If they’re looking for a TV but haven’t made a purchase just yet, you can target them with personalized ads, blog posts, and videos about that TV or other similar TV’s.
As shoppers become more aware of the ability to compare prices (especially with marketplaces), eCommerce owners must double their efforts in making the buyer journey a lot more pleasant and personalized.
With this in mind…
Email marketing
It has become essential for many, many years now… But there’s still a long way to go in making sure your email marketing efforts will bring even more money to your eCommerce in 2022.
Email is checked by everyone at least once a day. And this is just the bare minimum!
Email marketing can increase your turn on abandoned cart rates. But it can go way beyond as well.
It can help you create loyal, engaged customers, in remembering old customers that you miss them and that you’re awarding them a discount if they trust you again…
These are all very simple things you can implement with your CRM and email marketing platforms.
You can even go beyond with email marketing by implementing some of these ideas:
- Thank your shoppers for their trust. We don’t mean that email that says “thank you for your order, it will be shipped soon.” Not at all! We mean actually thanking Mr/Mrs. Smith for their recent purchase and welcoming them to the “family”. It’s a completely different thing that will also set you apart from others.
- Wishing them a happy birthday also works really well! Adidas has been doing this for a number of years and it’s impossible for their customers not to be delighted by the 25% discount voucher.
- Talk to them via email broadcasts. Yes, emails that don’t just tell them the new products coming in, but that are actually from the business owner. Talking about his/her experience the past week or month. Shoppers want to be more involved with the people behind the brand. This is great for sellers of digital products and it’s great to also try and apply to eCommerce businesses. If you send 1 broadcast a month it will amount to 12 emails in a year. You can’t tell us you don’t have time to write 12 emails in a year 🙂
What to expect from eCommerce in 2022
We’ve just briefly discussed some of the potential trends and rising markets that you can expect from eCommerce in 2022.
And we can all agree that eCommerce will keep on rising.
Having the ability to purchase just about anything with a few taps on your phone, and in a matter of minutes, makes buying goods and products a whole lot easier than a few years ago.
That being said, the best time to sell your current eCommerce is probably now.
There’s a lot of money on the table waiting to be invested in established businesses like yours.
You can use our free valuation tool to have a glimpse of what your business valuation is and later schedule a free call with one of our advisors to figure out the best plan to sell your business.
We look forward to helping you make good money off your hard work.
