Creating Valuable Digital Ecosystems: E-Commerce Trends by Industry

Through the pandemic, we’ve seen the advancement of tech, and digitalization, resulting in a new era of e-commerce trends taking center stage.

The number of digital buyers continues to rise each year. In 2021, online goods and purchasers estimates hit 2.14 bn.

As the eCommerce market continues to grow, several industries are adopting digital ecosystem strategies to gain a foothold against the competition.
So, in this article, we’ll explore how the digital ecosystem is changing the eCommerce market.

Let’s dive in!

What Is a Digital Ecosystem and Why Does It Matter?

Digital ecosystems are created through the convergence of different applications and services. This creates an extensive network of stakeholders that connect and interact creatively online.

Businesses can expand their reach exponentially by making these connections with various:

• Supply chains
• Trading partners
• Service providers

This new infrastructure paves the way for businesses to become more:

• Resilient
• Flexible
• Expand their resources

As a result, consumers can benefit from better services, quality, and expertise.

By adopting this model, the e-commerce market has had a transformative effect on industries worldwide.

Let’s look at some example trends in the e-commerce industry:

1. Fashion and Apparel

The eCommerce retail sector has seen tremendous growth in the last few years. Approximations for 2022 already see sales reaching the $5.5 trillion mark.

In addition, the fashion industry is expected to take in a whopping $204.9 billion this year. We see several moves to create an omnichannel retail ecosystem, which is crucial to this growth.

This has meant creating value through online stores, social media, and physical locations. Many retailers have adopted hybrid buying, such as BOPIS – buy online pick-up in person.

This strategy has allowed retailers to bring traffic to online sites and physical stores. Modern POS systems enable retailers to expand how and where consumers make payments.

These systems can collect customer data, manage inventories, and even set up delivery.

There has also been a growth in BNPL – buy now pay later programs. Reports indicate a record number of BNPL users are storming the US market, with figures hitting 45.1 million in 2021.

2. The Metaverse

The metaverse is another trend still in its infancy that might influence digital ecosystems for fashion in unimaginable ways. Major fashion brands like Gucci have taken to digital realities to sell their wares.

In May of 2021, Gucci created pop-ups in the popular gameworld of Roblox to sell virtual recreations of their outfits to players. In addition, digital apparel is also gaining a foothold in the open-source gaming platform Decentraland.

This May, the platform will also host the first entirely virtual fashion week with brands like Dolce & Gabbana, Etro, Dundas, Monnier, and many more.

The growth of these e-commerce trends offers customers more accessible and flexible payment methods. As a result, we see retailers driving more revenue and traffic to their platforms.

3. Beauty and Personal Care

Another popular trend, particularly in the beauty sector, has been the rise of influencer marketing. A whopping 80% of consumers surveyed said they had made a purchase under the direction of an influencer.

Today’s influencers cater to a tightly built niche demographic. This trend has been shown to lead to conversions, increase brand trust, and inspire customer loyalty.

On the topic of loyalty, another well-utilized trend in this area is the advent of loyalty programs and subscriptions. The loyalty program market is a $75 billion industry, with 63% of consumers reporting to be subscribed to at least one service.

Moreover, through methods such as Live shopping, influencers can steer beauty and health consumers into various loyalty and subscription-based programs for products or services.

These live shopping streams allow users to buy in-video. McKinsey has indicated that the conversion rate for live commerce is 30% higher than conventional e-commerce, with beauty and apparel being the top categories in this trend.

The pandemic had a significant effect on the beauty sector. It is one of the largest e-commerce sectors, with a global market value hitting $500 billion in 2019. The beauty sector has demonstrated consistent resilience against market pressure.

4. Electronics

A popular subject in the electronic sector is the metaverse. From VR (virtual reality) to AG (augmented reality), consumers embrace a digital commerce experience.

As a result, many brands, such as Nike, Facebook, and Warner Bros, are beginning to introduce virtual branded experiences onto their platforms. By creating virtual experiences, customers can explore goods in new ways.

As many as 70% of adults were considering joining the metaverse. With the metaverse market reaching $14.8 trillion last year. More and more people are investing in metaverse technology such as VR and AG.

Worldwide, it was estimated that 75% of people would be willing to invest at least $300 to purchase VR gear.

As a result, we see both brands and customers willing to buy this equipment from the electronics industry. In addition, the training and maintenance industries are expected to invest $4.1 billion in technology by 2024.

In fact, it’s predicted the medical and healthcare sectors will be the next to rapidly be altered by technology.

Metaverse technology expands the concept of the digital ecosystem into new dimensions. It offers avenues for better engagement, conversions, and customer reach. As well as B2B enterprises who want to use the technology.

Are You Ready to Jump on These E-commerce Trends?

These e-commerce trends aren’t limited to those listed in this blog post. With innovations happening across the digital network, more and more businesses are adopting digital channels to expand their growth and offer more services.

The best e-commerce sites often have dozens of partnerships across industries to furnish their offerings. From payment to shipping providers, it’s become easier than ever to make global commerce a reality.

By staying ahead of these trends, businesses can lead the market in e-commerce innovation – and make a profit in the process!

We hope this article has been beneficial to your e-commerce journey. To learn more about how you can optimize your business and website for the e-commerce market, visit Scoretize.

We provide daily reports on crucial business metrics, consumer insights, and ROI tracking. Contact us today to learn how you can digitally optimize your business!