eCommerce in 2022: Four Trends for Sellers to Thrive in the New Year

eCommerce Trends 2022: Key Strategies for Seller Success

By Kenny Tsang, industry expert and Managing Director of PingPong Payments, discusses the trends shaping eCommerce that will continue to do so in 2022.

The pandemic saw an unprecedented boom in eCommerce, with sales worldwide amounting to 4.28 trillion U.S. dollars in 2020 and e-retail revenues projected to grow to 5.4 trillion U.S. dollars in 2022. This boom has brought with it an array of new opportunities and technological advancements that have changed the way people shop forever.

While the boost in online sales is here to stay, sellers can expect the unpredictability of the supply chain and fiercer competition to continue bringing challenges in 2022. As we settle into the New Year, retailers wanting to thrive must plan for the increasingly digitalized post-pandemic world.

To do so, here are five trends that will define success in 2022:

Omnichannel 

If buyers are being more demanding in terms of content, they are also demanding in how they make purchases. The omnichannel journey has long been a part of a seller’s strategy. In 2022, omnichannel marketing will need to be amplified as part of every business’ strategy to remain more competitive than ever.

When retailers opt for an omnichannel approach to sales, they can provide a seamless customer experience no matter what platform the buyer uses. This is because omnichannel operations focus on the entire customer experience—not the customer’s individual experiences on different channels. In the coming years, brands will need to continue investing in technology solutions – as they link customer data across digital and in-store transactions and interactions.

Cross-borders sales

Selling products internationally is now easier than ever, and cross-border eCommerce has become an excellent opportunity for sellers to boost sales. In 2022, cross-border eCommerce is projected to account for 22% of all eCommerce shipments. This means sellers looking to maximize sales profits should be exploring international markets.

However, this is no easy task as sellers must side-step disrupted supply chains and dreaded stock shortages at critical moments. To do so, they will need to understand the key trends disrupting the market and have the right network of partners in place ahead of time. For example, partnering with the right cross-border payment company specializing in convenient quick money transfers can help merchants instantly move money to all corners of the world.

Diversifying Supply Chains

Overlooking potential supply chain disruptions is one of the biggest mistakes sellers often make. In 2021, disruptions cost sellers worldwide an average of 184 million U.S. dollars, and this year like won’t be any different.

Amid renewed Covid-19 outbreaks around the world, diversifying avenues to access sales across international borders will become an essential strategy in 2022 for sellers wanting to future-proof their businesses. With an abundance of cross-border services, such as parcel consolidation, global fulfilment, and payment providers, sellers should be exploring international markets in the New Year.

Live streaming or “live commerce”

Live streaming is becoming a worldwide trend, with more and more retailers welcoming live stream commerce teams (as they have with influencer partnerships in recent years). In addition, online shoppers have become more accustomed to watching merchants sell products through live videos during the Covid-19 pandemic, and marketplaces like Amazon now have live platforms where celebrities and influencers curate their must-have products and top deals.

Live commerce has become a way to interact with consumers in real-time, facilitating the instant purchase of a product, together with viewer participation through reaction buttons and chat functions. In 2022, sellers will have to introduce live streaming to stay competitive and relevant in the future of eCommerce.

Social media marketplaces 

Social media has effortlessly adapted to evolving consumer trends and will continue to do so in the upcoming years. For example, a recent Accenture report shows that people will use social media to buy $1.2 trillion worth of goods worldwide in three short years.

With platforms such as Instagram combining traditional social media with marketplaces, social commerce is becoming a business driver at a time when traditional commerce is constantly challenged. From selling on one integrated platform to creating a more interactive experience, the benefits for sellers are plentiful, making both large businesses and smaller brands jump on the trend. In 2022, social commerce will become a tool for brands to build loyalty and drive repeat purchases.