Shopify Future of Commerce Report: Trends Brands Should Know

We have all witnessed a paradigm change that happened in the world of commerce in 2020. The year has completely changed the way new-age entrepreneurs start, manage, and scale their businesses. Shopify Future of Commerce Report is a must-know insight for current trends and niche every business to be tuned into.

Viewing shopify site on laptop
Editorial credit: Burdun Iliya / Shutterstock.com

Commerce has evolved from being a transaction to an interaction. It’s a relationship that businesses need to develop, nurture, and strengthen with their customers in the long run.

Power Lies in the Hands of the Youth

67% of young consumers have shifted more of their spending to online shopping. This figure has been 57% for consumers in the age group 35-54 and 41% for the age group 55 plus. Another important observation is the way young consumers discover their brands. They rely on opinions. 

Teenagers using their cellphones

Advertisements make them aware of the brand but it’s usually social media that made the sale. Not only that, the young shopper is climate-friendly and more conscious. Sustainable and green products got a nod. Another noticeable trend is that youth who shopped from independent retailers did so for a positive impact on society.

More Power to Local Businesses

Omnichannel allows businesses to focus on customer experience rather than customer engagement. The omnichannel approach will enliven local businesses and they’ll be able to take advantage of the proximity to their local customers.

62% of consumers were comfortable making in-store digital or contactless payments. Another interesting trend was that 50% of consumers would like to be able to schedule a time for in-store shopping.

Strong Desire to Shop with Independent Businesses

50% of shoppers have looked for an independently owned business to support. However, they have also continued to shop at traditional retailers and marketplaces. It is to be noted that online shoppers have shown a strong preference for free delivery. 

As high as 59% of online shoppers say free delivery would enhance the shopping experience.

40% also vouched for free returns. Independent retailers are now adopting new ways to meet customers where they spend their time online.

It’s Time to Vote with your Wallets

It’s time that brands exhibit transparency and accountability as more and more consumers have demonstrated a keen interest in supporting local businesses and sustainable products.

40% of buyers were happily donating for a cause with each purchase.

Some of the major reasons for shopping at a locally owned business are:

  • Strengthening the local economy
  • Supporting local job creation
  • Investing in the community

Empowerment Through Modern Financial Solutions

24% of the merchants that applied for external financing have been let down. Speed and access to capital will play a crucial role in 2021. Faster ways to pay with digital wallets will be preferred.

Digital payment using cellphone

The concept of buying the product today and paying tomorrow is gaining in popularity. It is to be noted that the number of Shopify merchants who offer this has increased by 60% since the start of the pandemic. The top 3 reasons for choosing to finance are:

  • It was easier to pay in smaller chunks
  • I wished to take advantage of the good deals
  • It’s interest-free.

Conclusion 

Entrepreneurs and independent businesses are the backbones of society. They drive economic growth. The Shopify Future of Commerce Report highlights changing trends on the horizon will help businesses identify pain points and deliver the WOW experience for every single customer in 2021.

Paul Andrewshttp://optiwiseonline.com
If you are looking to sell on eCommerce or are already selling on the platform but looking to scale up operations, then I am that guy you think you’re not looking for! But if you think again you can let me leverage my years of selling experience on ecommerce platforms to provide hands-on, strategic guidance to your brands or private labels to help set up, grow and scale your business.

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