Shopify has a 23% market share of the e-commerce landscape in 2021. The contrast that Shopify enjoys when compared to other platforms such as Magento or OpenCart is that it provides a website builder module. This module simplifies the entire development process to a great extent. The adoption is high and the benefits are evident. Let us look for some numerical affirmations of the same.
- Over 1 million businesses currently employ the platform.
- The number of consumers on the platform has increased by 52% in one year.
- The contribution to global economic activities by Shopify is $319 Billion.
- More than 50% of stores powered by Shopify encourages repeat purchases.
With the above statistics in mind, it is easy to discern the obvious advantages enjoyed by Shopify stores, the businesses that employ the platform, and the consumers who look forward to purchasing on it. Another point to note is that 79% of the Shopify traffic is sourced from mobile along with 69% of the orders.
It has been predicted that by the end of 2021, Shopify activities will amount up to $4.5 Trillion. However, like any piece of technology, it is important for the tech to merge with the trends to stay relevant in this dynamic business landscape. And that forms the essence of this blog. Here, we will discuss 5 absolutely crucial trends for businesses to consider while engaging in Shopify e-commerce development.
SHOPIFY DEVELOPMENT TRENDS
Offline shopping enables customers to interact with the product in real time. With advancements in technology and the introduction of alternate realities like AR, this is now digitally possible. The global AR shopping market was at a valuation of $1.24 Billion in 2019. During the forecast period of 2019 to 2027, the market is expected to exhibit a CAGR of 47.1%. Grand View Research has concluded that AR enabled shopping increases customer engagement by 19%. This was evident in 2020 when a conversion rate of 90% emerged using augmented shopping.
Voice is taking over multiple paradigms. The most prominent of them being searches. Voice search has been activated on many platforms and the trend keeps on growing. 71% of consumers prefer voice search over typing. The increased focus on glocalization is being lubricated by voice search as well. In 2020, 30% of all browsing sessions involved the use of voice search. In response to this emerging mammoth, the global voice and speech recognition market is expected to reach $26.70 Billion in value by 2025. The CAGR expected from the market is 17.2% from 2020 to 2025.
Decoupling stores from the front-end can be achieved through a headless architecture of the back end of Shopify stores. This enables businesses to exploit the advantages of PWA and CMS. A professional Shopify development partner like Orion eSolutions can help you with making the most of this trend. Owing to this, the headless ecommerce software market has received a global funding of $1.6 Billion.
Like voice search, chat bots are also seeing wide adoption. The benefits are tangible, evident, and absolutely unignorable. And this is precisely why the market has grown leaps and bounds. Back in 2020, the valuation was at $2.9 Billion. Between 2020 and 2026, the market will experience a CAGR of 23.5% and will reach a valuation of $10.5 Billion. Reliable and rapid customer service can be provided through chatbots, minimizing human error and enabling 24X7 support. It is only a matter of time before the integration becomes inevitable.
A diversified payment gateway is a sine-qua-non in the ecommerce development landscape, especially if you are thinking global. This does not include just multi-currency option. The customer must be able to pay however they want and on whichever device they want. The payment gateway market is also showing significant growth. The value was estimated to be $18.21 Billion in 2021. By 2028, the market is forecasted exhibit a CAGR of 21.7%.
These 5 trends have to be acknowledged, appreciated, abided by, and acted upon in 2021. This will make sure that you are not only leveraging the entire potential of Shopify as a development platform but also that you are staying relevant in the market. And that incepts the conclusion of this discussion.
Shopify’s year-on-year revenue has gone up by 47%. And last year, over 27,000 partners referred a merchant to Shopify. The above discussion paints 2 vivid pictures. The first one being that Shopify is going to dominate the ecommerce development landscape of 2021 and the years to come. The second one being that following trends to stay pertinent is crucial for all businesses.
We intend to end this on an even more positive note. If you are stepping into the ecommerce business and want a trustworthy development partner, visit www.orionesolutions.com. We don’t simply preach trends, we practice them. Partner with us for meaningful, holistic, and future-proofed ecommerce solutions.