Shopify is one of the most popular ecommerce platforms on the planet. With over 600,000 active merchants and over $2 billion in annual sales, there’s no doubt that this platform has a lot to offer ecommerce businesses. If you have an online store, you should expect to see the continued growth of Shopify as a major player in the ecommerce space. Here are the top four Shopify trends that should be on every business owner’s radar.
Live Streaming and Live Selling
Perhaps the biggest ecommerce trend to come out of the pandemic is the growing use of live streaming and live selling.
Live Shopping, also called Live Commerce, is the process of delivering video content to viewers while it’s filmed in real-time. It originated in China, which has the most online shoppers worldwide and gained traction as early as 2005. Celebrities, influencers, and opinion leaders would go on a live show through an app and demonstrate the products to their audiences.
People who watch these shows enjoy the entertainment provided by engaging hosts and get immediate answers to their questions. As a result, many viewers become customers and buy the products endorsed.
Live shopping has become so popular that live streaming viewership in North America and Europe boomed tenfold over the last two years due to the pandemic. Its United States market is expected to reach $25 billion by next year.
So, it comes as no surprise all major ecommerce platforms, including Shopify, are investing in this ecommerce trend.
Shopify’s native live-streaming app, Live Shopping & Video Streams, allows online vendors to sell through video, engage with customers in real-time, and attract new prospects. The plugin also supports simultaneous multi-streaming of live shopping shows on Facebook, Twitch, and YouTube, as well as custom Real-Time Messaging Protocol (RTMP) multi-streaming.
The rise of social commerce was among the top technologies highlighted in Shopify’s 2022 industry report, “The Future of Commerce in 2022”.
Shopify notes that much of ecommerce is moving to social media platforms, where brands can utilize rapidly developing social features and increase customer engagement. Social commerce sales are predicted to triple by 2025.
Facebook, Twitter, LinkedIn, and other social networking sites have become the most popular platforms for marketing. As a result, social selling has become a huge trend in eCommerce, with companies using it to boost sales and profits.
Social media integration is available in Shopify Plus, allowing you to increase revenue and boost your page ranking on search engine results.
Cryptocurrency and the rising consumer appetite for digital payments were discussed in the previously mentioned Shopify report. Forty percent of ecommerce consumers say they plan to play with cryptocurrencies in the next year.
Shopify was among the first ecommerce platforms to dip its toes into the crypto scene. Merchants have had the option to accept crypto payments since 2013. However, the payment options were limited to only a few types of cryptocurrencies.
Shopify merchants can now accept over 20 cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin.
Non-Fungible Tokens (NFTs)
With Shopify’s love for cryptocurrency, it’s not surprising for them to embrace the polarizing world of Non-Fungible Tokens (NFTs).
NFTs are blockchain-based cryptographic assets with unique identification codes and metadata that identify them from one another. They can represent real-world items like real estate, artwork, sports cards, and rarities.
Shopify recently allowed online merchants to launch NFT-gated storefronts as a new feature. This lets your business build stronger communities around your brand and make your storefront look more exclusive.
Shopify is navigating the rapidly changing ecommerce landscape by adopting the latest digital trends into their platforms, such as live selling, social commerce, cryptocurrencies, and NFTs. Shopify merchants should consider following these trends to stay ahead of the competition.
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