Big Commerce: Global Consumer Report: Current and Future Shopping Trends

Tech Hubble is proud to share a report produced by the Big Commerce team which looks to unpack Current and Future Shopping Trends. Over the past few years, ecommerce has experienced massive growth. In fact, eMarketer estimates that worldwide ecommerce sales will exceed $5 trillion for the first time in 2022, accounting for more than one-fifth of overall retail sales.

Today, the journey is much more complex, involving multiple touchpoints across both digital and physical environments. It’s also made even more complicated by technological advances that aim to reshape the way we experience the world around us.

As we march into a new era of ecommerce, brands will need to keep pace with the major forces driving consumer behaviour and make smarter decisions about how they respond to consumer wants and needs. In this report, BigCommerce aims to provide that guidance by revealing current trends shaping the way consumers buy from brands, as well as emerging trends poised to transform how consumers shop.

‍

In today's rapidly evolving ecommerce landscape, understanding consumer behaviour is crucial for brands to stay competitive. This report, based on a survey of 4,224 participants across five countries (US, UK, Italy, France, and Australia), reveals current trends shaping consumer buying habits and emerging trends poised to transform the future of shopping. With worldwide ecommerce sales expected to exceed $5 trillion in 2022, accounting for over 20% of overall retail sales, brands must adapt to changing consumer preferences and technological advancements.

Current Trends Shaping Consumer Shopping

1. Online Shopping Frequency and Preferences

• Over half of consumers (55%) shop online at least once a week
• Fashion and apparel are the most purchased items online (80%), followed by electronics (56%) and entertainment/media (55%)
• Free shipping is the most preferred incentive, followed by sales/clearance items and discount codes
• 91% of Google feed users take action immediately after discovering new products or brands

2. Buy Now, Pay Later (BNPL) Usage

• 16% of consumers have used BNPL when shopping online
• BNPL helps consumers fit purchases into their budgets
• Higher-income consumers prefer BNPL for convenience rather than budgeting
• BNPL is projected to reach 5.3% of global ecommerce transaction value by 2025
• Searches for "buy now pay later" have grown globally by over 50% year-over-year

3. Personalization and Data Sharing

• Consumers want personalized shopping experiences and advertisements
• 72% of consumers are willing to share some personal information for a personalized experience
• Email, gender, and name are the most readily shared data points
• Gen Z and Millennials are most comfortable sharing their data
• 67% of Google feed users have bought or planned to buy something after seeing a personalized ad

4. Brand Values and Trust

• Honesty and transparency are the most important brand values to consumers
• Providing fair employee wages and benefits is a close second
• 84% of consumers rate sustainability as important in purchasing decisions
• Consumers are most willing to support sustainability by having items delivered on specific days
• Gen Z is more open to paying more for sustainably produced products
• Interest in sustainability has increased over the past five years according to Google Trends data

Future Trends in Commerce

1. The Metaverse and Shopping

• 26% of consumers report a strong understanding of the Metaverse
• 46% are willing to shop on the Metaverse, with 2% having already done so
• 51% of those willing to shop on the Metaverse are interested in buying both virtual and physical goods
• Gen Z and higher-income consumers show the most interest in Metaverse shopping
• Australian consumers (52%) are the most willing to shop on the Metaverse, while French consumers (35%) are the least willing

2. Non-Fungible Tokens (NFTs)

• Most consumers are still unfamiliar with NFTs, with 26% not knowing what they are
• Gen Z and higher-income individuals have the best understanding of NFTs
• Music and gaming NFTs are the most appealing to potential buyers
• NFT market volatility is a concern, with recent reports indicating a downturn

3. Cryptocurrency in Online Shopping

• 5% of consumers have used cryptocurrency for online shopping
• 66% of cryptocurrency users prefer it as a payment method
• Lack of understanding and limited availability as a payment option are main barriers to adoption
• Italian consumers show the strongest understanding of cryptocurrency
• The cryptocurrency market is currently in flux, which may impact future adoption rates

Key Takeaways for Brands

1. Prioritize free shipping and transparent discounting strategies to attract and retain customers
2. Consider offering BNPL options, especially for higher-priced items, to cater to different consumer needs
3. Implement personalization while respecting consumer data preferences, focusing on email marketing and gender-specific offerings
4. Communicate brand values, particularly regarding employee treatment and sustainability efforts
5. Stay informed about emerging technologies like the Metaverse, NFTs, and cryptocurrency, but approach with caution
6. Tailor strategies to different demographics and regions, as preferences vary significantly
7. Invest in augmented reality (AR) technology, as 98% of AR users find it helpful for shopping
8. Consider offering both virtual and physical goods for Metaverse initiatives to appeal to a broader audience

Conclusion

Today's ecommerce landscape requires brands to be agile and consumer-centric. By focusing on current trends such as personalization, sustainability, and flexible payment options, while also preparing for future innovations like the Metaverse and cryptocurrency, businesses can create compelling shopping experiences that drive loyalty and growth. The key is to balance established consumer preferences with emerging technologies, always keeping the target audience's specific needs and values in mind.

Want to dive deeper into these insights and learn how they can transform your ecommerce strategy?

Download the full report at https://www.bigcommerce.co.uk/resources/reports/ for in-depth analysis, regional breakdowns, and actionable recommendations to stay ahead in the ever-evolving world of online retail. Don't miss out on the comprehensive data that can help you make informed decisions and drive your business forward in the digital age.

‍