Magento is an open source ecommerce platform with eminent marketing functionalities. It also sports powerful SEO and catalog management tools. The upside for Magento’s market share is evident when considering niche-focused solutions taking center stage. On paper, Magento has a 0.8% market share of all websites. This includes sites without CMS or even a custom-coded foundation. Magento is relatively new (incepted in 2008) and may only be starting to compete against its elder siblings like WordPress which is 5 years older.
Magento is currently the 9th most popular CMS globally. This is a significant achievement when we consider that it is up against 57 other competitors. According to BuiltWith, there are over 187,500 live websites powered by Magento and these include some of the biggest names like Coca Cola.
Some other major brands using Magento for its online presence include Ford, Sigma Beauty, Liverpool, Monin, LandRover, Vizio, Nestle, Olympus, Jaguar, and Barbour. That is an impressive portfolio for a name that comes at the 9th position. But why? Why are these brands leveraging Magento’s technology over other names? The answer lies in the unique benefits that accompany Magento like faster loading, reporting facilities, and third party integrations. It is safe to assume that the market is yet to unplumb the entire potential of this technology. And above all, it is an open source platform.
Now let us dive a bit deeper into the essence of this discussion. What are the major trends that could define Magento e-commerce development in 2021?
MAGENTO TRENDS FOR 2021
AI and CHATBOTS
Consumers are in pursuit of seamless interaction. This includes minimizing the waiting time and eliminating human errors. AI and chat bots are definitely the way forward. And it is reflected in the following numbers as well.
- According to Industry Arc, in 2020, over 80% of customer interaction within the ecommerce sector was handled by AI.
- The market share of AI in the ecommerce sector is expected to exhibit a CAGR of 42.85% from 2020 to 2026.
- The chat bots market was at $2.9 Billion in 2020. By 2026, it is expected to overshoot $10.5 Billion.
- The CAGR expected from the chat bots market is 5% from 2020 to 2026.
Customer behavior is what drives the market. Hence, AI is valuable for insights. And the best provision is a seamless ciscumstance through a personalized shopping experience. Product browsing, buying intent, and purchasing tendency are some insights that can be garnered through strategically placed chat bots and AI.
Magento aids businesses to deliver personalized and timely push notifications to its customers. It is all about reaching the customer at one of the micro moments that drives purchase. Globe News Wire has released the following numbers:
- Push notification software market was at $8120 Million in 2018. It is expected to reach $31,920 Million by 2026.
- The CAGR exhibited by the market will be 81% from 2019 to 2026.
Furthermore, the consumer reaction also spells luck for the businesses. According to INVESPCRO,
- App engagement is boosted by 88% through push notifications.
- If push is enabled, 65% of the users return to the app within 30 days.
- 48% of the users are said to have made a purchase upon push notification trigger.
Push also enables businesses to analyze buying patterns and send personalized triggers. This helps in getting instant insights, immediate feedback, and forging a clearer marketing strategy. It draws in more organic customers.
No doubt just talking to a device to get things done and initiate purchases sounds super convenient. However, at the other end, massive amounts of textual data need to be at disposal for a voice command to function naturally. Magento has voice search based extensions to help. Also, fleshing out the FAQs section with enough relevant questions and answers can help. This phenomenon cannot be ignored. Let us seek validation from some numbers once again.
- In 2018, only 3% of the purchases were made through voice searches. In 2021, the figure stands at 18%.
- OC&C Strategy Consultants expect voice to transform into a $40 Billion channel by 2022.
- In 2021, the purchases made through voice searches amounted up to $2 Billion.
- 43% of consumers with voice enabled devices use it for shopping.
- 51% of the consumers who perform voice purchases also use it for research on products.
The trend is just taking off. Soon, voice driven purchases will be the norm. And having a voice enabled digital storefront will be as crucial as having the digital storefront itself. Now that we have been blown away by these numbers, let us conclude this discussion.
Magento is starting to seem like a juggernaut in the segment of online shopping. The benefits speak for itself. And from this discussion, we can conclude that the tech is keeping up with the trends and it is delivering what the market demands. In order to leverage the entire spectrum of superiority serviced by Magento, it is important to have a trusted Magento development partner. At Orion eSolutions, we have a serious team of Magento developers who believe in the future of the tech, and in turn, in the future of your business by using the tech. Let us connect now to understand how a Magento storefront can work wonders for your business in 2021.