5 Trends Shaping the Future of eCommerce
The global eCommerce market is growing at a rapid pace.
By 2025, it’s expected to reach $4.2 trillion in revenue. But the fast-growing eCommerce market is evolving just as quickly as it’s expanding. And because of rapid innovation in this space, tomorrow’s eCommerce landscape could look vastly different from today’s.
While we can’t predict the future, there are some telling signs of what’s to come. This graphic sponsored by Logiq explores five emerging trends that are transforming the future of eCommerce.
#1: Omnichannel Shopping
These days, a majority of consumers research a brand online before they set foot in a physical store. Because the customer journey now has a myriad of touchpoints across various devices, it’s important that businesses fully integrate their channels to provide a frictionless, holistic shopping experience.
That’s what omnichannel shopping aims to do—seamlessly integrate a company’s physical and online channels. When done correctly, omnichannel strategies can be valuable revenue drivers. In fact, according to research by Google, omnichannel strategies can help generate an estimated 80% of a business’s in-store visits.
#2: AI and AR
Artificial intelligence (AI) and Augmented Reality (AR) are transforming the online shopping experience, with things like:
- AI-enabled chatbots
- Virtual assistants
- AI-enabled personalized shopping
- AR-apps that help replicate the physical world online
Ideally, these applications provide an easier, more enjoyable shopping experience for consumers. AI and AR technologies are impressive on their own, but when combined, they leverage each other’s strengths to provide an elevated shopping experience.
For instance, an AI and AR-enabled app could use speech recognition to listen to what you’re saying, and then render an image right in front of your eyes.
#3: New Payment Options
In general, technological innovation is aimed at making the online shopping experience as seamless as possible. And payment is an important part of that process, which is why it’s crucial that businesses provide customers a variety of payment options at checkout, to reduce cart abandonment. Some payment options include:
- Digital wallets
- Mobile payments
Cryptocurrency is especially trendy, as companies become increasingly more open to blockchain tech and cryptocurrency as payment.
#4: Rise of Visual Commerce
We’re living in a world of information overload, meaning brands are constantly competing for consumers’ attention. That’s why visual communication is more important than ever.
Businesses are using visual tactics like high-quality photography, videos, and AR to keep customers engaged.
Just like omnichannel strategies, visual commerce can help significantly increase revenue. According to research by Shopify, customers that viewed a product in AR were 65% more likely to make a purchase.
#5: Data-Driven, Dynamic Pricing
Dynamic pricing is when businesses adjust pricing to reflect consumer demand. While it’s not a new phenomenon, AI and new technology have made it more accurate, and accessible.
Companies like Amazon have already implemented tech that helps the company optimize its pricing strategies, and other businesses that follow suit could see a boost in earnings.
How Companies Can Stay Competitive
The eCommerce market is rapidly growing, and changing just as quickly. Because of this, companies don’t always have the resources to stay ahead of the curve. But Logiq can help.
Logiq is an American-based global provider of eCommerce solutions, helping companies step up their eCommerce offerings. Click here to learn more about Logiq.
A Breakdown of Americans’ Monthly Credit Card Spending
Do you know where your money goes? From travel to gas, we break down Americans’ monthly credit card spending by category.
Americans’ Monthly Credit Card Spending
If you were fortunate enough to keep your job during the pandemic, you probably noticed a financial benefit: you spent less. Amid restrictions, credit card spending on fun activities—like going out for dinner—became less frequent.
Looking ahead, the majority of Americans plan to continue at least one budget change post-pandemic, including eating out less (49%), buying fewer clothes and shoes (41%), and traveling less (37%). Of course, the first step in budgeting is tracking where your money is going.
In the above graphic from Personal Capital, we break down Americans’ monthly credit card spending by category. It’s the first in a three-part series that will explore the spending and saving of Americans.
Behind the Numbers
Credit card spending is based on anonymized data from Personal Capital users, who tend to have a higher-than-average net worth. For this particular subset of users, people had an average net worth of $1.3 million and a median net worth of $405,000. Therefore, the credit card spending amounts may be higher than those of the general U.S. population.
It’s also worth noting that the data reflects credit card spending only. It does not include expenses such as mortgage or rental payments, which are typically paid through other methods.
Credit Card Spending by Category
Here’s a breakdown of monthly credit card spending, based on averaged data from November 2020 to October 2021.
|Category||Monthly Spend||% of Monthly Spend|
Users with no transactions in a particular category were excluded from the average spending amounts. Data is statistically weighted by age to ensure accurate and reliable representation of the total U.S. population, 20 years of age and older.
As border restrictions ease, Americans are spending the most on travel. In fact, 83% of Americans say they are excited to plan a trip in a post-pandemic world. The most popular merchant within travel is Airbnb, followed by airlines such as Delta and United as air travel recovers from its pandemic slump. However, this recovery could be in jeopardy amid fresh concerns over the Omicron variant.
Travel is closely followed by general merchandise, at places like Amazon, Costco, Walmart, and Target. Monthly spending in this category has averaged at $815 over the last year. Of course, this could climb even higher near year-end due to the holiday spending boom typically seen in the U.S. every year.
On the other hand, Americans spend the least on online services (such as Google and Facebook), entertainment, and gas. Though the average monthly spending on gas was the lowest of all categories, it increased by 60% from November 2020 to October 2021. This is likely due to gas being one of the categories hit hardest by inflation, along with increased travel.
Turning Reduced Spending Into Savings
With the swipe of a credit card, it can be easy to underestimate how quickly eating out and online shopping add up. However, by taking a closer look at your credit card spending, you can get a sense of where your money is going.
Like most Americans, you may also decide to carry over at least one budget change post-pandemic. What do Americans want to do with the extra cash? Over half plan to put it towards savings, and 16% aim to contribute more to retirement savings or investments.
In Part 2 of the Americans’ Spending and Saving series, we’ll break down Americans’ financial assets by age.
Copper’s Essential Role in Protecting Public Health
Copper can kill up to 99.9% of bacteria on surfaces within two hours of exposure and slow the spread of diseases.
Copper’s Essential Role in Protecting Public Health
Every day, high-touch surfaces present health risks to people in public spaces, and especially the most vulnerable in healthcare. In fact, of every 100 hospitalized patients at any given time, seven will get at least one healthcare-acquired or “hospital infection”.
With naturally antimicrobial properties, copper can kill up to 99.9% of bacteria on surfaces within two hours of exposure and slow the spread of diseases.
In this infographic from our sponsor Teck, we explore copper’s bacteria-fighting abilities and its crucial role in public health.
How Copper Kills Bacteria
Due to its powerful antimicrobial properties, copper kills bacteria in sequential steps:
- First, copper ions on the surface are recognized by the bacteria as an essential nutrient and enter cell.
- Then, a lethal dose of copper ions interferes with normal cell functions.
- Finally, the copper binds to the enzymes, impeding the cell from breathing, eating, digesting, or creating energy.
This rapid killing mechanism prevents cells from replicating on copper surfaces and significantly reduces the amount of bacteria living on the surface.
Antimicrobial copper is effective against bacteria that causes common diseases like staph infections and E. coli that causes foodborne illness. The metal continuously kills bacteria and never wears out.
Besides bacteria, researchers are currently studying copper’s impacts on the virus that causes COVID-19. A previous study suggested that SARS-CoV-2 was completely destroyed within four hours on copper surfaces, as compared to 24 hours on cardboard, and up to three days on plastic and stainless steel. Pre-pandemic studies also demonstrated copper’s ability to kill other coronaviruses.
The Applications of Antimicrobial Copper
Institutions around the world have already deployed antimicrobial copper solutions relating to hospitals, fitness centers, mass transit systems, schools, professional sports teams, office buildings, restaurants, and more.
To date, antimicrobial copper has been installed in more than 300 healthcare facilities around the world. Taking the reduced costs of shorter patient stay and treatment into consideration, the payback time for installing copper fittings is only two months, according to an independent study by the University of York’s Health Economics Consortium.
In Canada, Teck has worked with its partners to install antimicrobial copper coatings on high-touch surfaces in hospitals, educational buildings and transit.
The Stanley Cup champions Los Angeles Kings have installed antimicrobial copper surfaces in their strength and training facility in California. Furthermore, over 50 water bottle filling stations made from antimicrobial copper can also be found throughout the Hartsfield-Jackson International Airport in Atlanta.
Copper’s Role in Public Health
While many hospitals and other institutions are already using copper fittings, others are still not aware of its impactful properties.
As awareness increases, copper can become a simple but effective material to help control the spread of infections.
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