The Covid-19 pandemic has put us in a situation we were not prepared for. The world has taken on a different look. The consequences of the virus have been devastating for many businesses. Some of them have failed to cope and have closed their doors, while others have chosen to fight to the end.
E-commerce has also undergone transformations and updates, if we can call them that. But the increased competition has led to some truly innovative trends. The year 2022 will make you adapt to some of the top e-commerce trends.
Top e-commerce trends for 2022
What's next in the world of online commerce? In this article, we'll take a closer look at the trends we'll be following throughout the year.
Buy Now Pay Later (BNPL)
The buy now, pay later model allows buyers to pay for part time data products in regular installments over a set period of time. Buyers often prefer this method to credit card payments because BNPL agreements are usually interest-free.
Some popular platforms that facilitate BNPL transactions include PayPal, Afterpay, Affirm, and Sezzle. Mastercard is expected to enter the BNPL market in 2022.
Retailers are adopting the BNPL model because it has been proven to: reduce cart abandonment rates, increase sales, speed up the checkout process, increase order value, and is sustainable.
Sustainability has played a big role in recent times and has also entered the e-commerce industry. Due to the packaging for delivering products to the customer, additional waste is generated.
Consumers are more interested in products whose production, packaging and delivery are sustainable. According to the European e-commerce report 2021, for all EU countries, consumers are more likely to acquire products that are produced and delivered in a sustainable way. The difference between countries is when customers have to pay extra for this. Western and northern countries are willing to pay extra for sustainable products, while other countries with lower GDP per capita are not.
The number of customers who support sustainability in e-commerce is increasing. We cannot be sure that sustainability will be the trend of 2022, but it certainly has its contribution in e-commerce and at the same time is a current topic for a huge part of consumers.
Loyalty programs
People love e-commerce loyalty programs because they reward regular customers for repeat purchases. They receive rewards such as cashback, discounts, coupons for their next purchase, and freebies.
The benefits of loyalty programs include: improving customer retention, increasing sales, improving the overall customer experience, encouraging word-of-mouth sales, and providing valuable data on consumer behavior.