February 28, 2019
If there’s one certainty about the start of a new year, it is rife with new predictions. Made by everyone from thought leaders to corporations, predictions related to business generally forecast new trends about to hit the industry.
And while the potential they offer may be exciting, the sheer volume of these predictions can be overwhelming to the average business owner.
To make things easier, we've narrowed it down to the 3 most important trends that will ultimately have the greatest impact on eCommerce Conversion Rate Optimization in 2019:
Smarter payment processing
Personalized shopping experience solutions
Best Practice #1: Smarter Payment Processing
2019 will see an even greater increase in the number of online payment options available to shoppers. This trend follows increasing consumer demand for frictionless payments that put shoppers in the driver’s seat when it comes to choosing how they’ll pay. As such, payment options that extend beyond traditional models, such as digital wallets, cryptocurrency, and smart payment buttons, are expected to gain greater market share in the year ahead.
Convenient, quick payment methods like such as PayPal, Google Pay, Apple Pay, etc are replacing lengthy credit card and billing forms, and have shown to significantly increase conversion rates.
Merchants must continue to look for ways to decrease the steps consumers have to take to complete a purchase. For example, PayPal has introduced a smart payment technology that eliminates the need to fill the checkout page with forms and payment options. Simplification of the checkout process has shown to have significant impacts on revenue in recent checkout optimization experiments conducted as part of the Mobile Optimization Initiative.
Finally, a growing number of consumers are turning to cryptocurrency for secure and low-cost online purchases. ECommerce merchants should pay close attention to developments in crypto and consider implementing cryptocurrency payment methods to enhance customer loyalty and security and increase conversions.
Smart payment processing solutions that deliver convenience and security will particularly rise to the top of payment options in 2019. Merchants who incorporate these solutions are likely to see improvements in eCommerce conversion rate optimization.
Best Practice #2: Personalized Shopping Experience Solutions
Competition in eCommerce will continue to climb in 2019. More and more, businesses are looking to new technologies that enhance and personalize the shopping experience to keep them ahead of the curve.
Consumers are now firmly in the driver’s seat and will flock to (or abandon) brands who fail to deliver on their demand for personalization.
For 2019, we recommend incorporating these three technologies to boost personalization and, ultimately, improve your eCommerce conversion rate optimization.
Augmented and Virtual Reality: consumers are no longer willing to passively buy—increasingly they want to test drive before they buy online. And thanks to augmented reality and virtual reality (AR/VR) they can. Merchants who provide this option can look to gain greater trust with their buyers and ultimately convert them.
Artificial Intelligence: Brands everywhere are incorporating artificial intelligence (AI) technologies as a way to heighten the consumer experience. Akin to in-store shopping clerks, these technologies (like chatbots) help brands answer questions in real time, assist them with product selection, and more—all of which leads to improved personalized service and conversions.
Upgrade Your eCommerce Platform Capabilities: Lastly, and this is a no-brainer, keep your eCommerce platform up-to-date. Ensure your eCommerce platform is current so you can leverage the latest functionality to improve conversions, such as Smart Payment Buttons, quicker checkout processes, and built-in customer segmentation and personalization - just some of the latest features found in Magento Commerce 2.3.
Best Practice #3: Voice Commerce
Voice Commerce isn’t dominating the market yet, but it’s getting there. In fact, a recent study found 85 percent of respondents were persuaded to buy based on a virtual assistant’s voice recommendation. And comScore expects that some 50 percent of searches will be voice-based by 2020.
As such, merchants who grab hold of the voice trend will likely see a boost in their conversions. That said, because voice commerce is not as advanced as, say digital wallets, fully making the leap to voice may not be feasible for all merchants just yet. But it’s still a good idea to get yourself prepared. Here are a few ways:
Develop your store’s presence in voice apps
Implement a voice SEO strategy
Identify which items are most popular for voice commerce users
Enable voice-app purchasing in your store
To learn more about implementing voice commerce, as well as other best practices to improve your eCommerce conversion rate optimization, be sure to download our full eBook, “How to Succeed in ECommerce: 2019 Trends and Best Practices.”