The Need for eCommerce
E-commerce has revolutionized the way people shop, pay and do business. It has opened up a new digital shopping experience that enables businesses to reach customers all over the world with just one click of a button. Consumers can easily browse through massive online stores or marketplaces on their computers, tablets, smartphones and even smartwatches!, providing secure and safe payments; from credit cards to digital wallets.
Shopping online is becoming increasingly popular among consumers, with global e-commerce sales hitting highs of $4.2 trillion in 2020 and projected to rocket up to an incredible $6.4 trillion by 2024! This rapid growth indicates that the world has fully embraced digital shopping – making it easier than ever for people around the globe to shop from home. – But how do we target these people?
Future Forecasts of eCommerce Industry
2022 saw a continuous rise in B2B eCommerce, driven by the increasing number of customers who now opt for online shopping to avoid long queues and traffic. Taking into account that reviews can be read prior to purchase, many business owners are gravitating towards setting up their marketing strategies with an emphasis on maintaining high levels of digital traffic as opposed to footfall.
China and USA have stayed ahead at the forefront when it comes down to global expenditure within this market – they’re part of the top 10 countries spending money online.
According to recent industry calculations, Brazil will rank first among 20 countries worldwide in retail e-commerce development between 2023 and 2027, with a compound annual growth rate of 14.6 percent. Argentina and Turkey are also among the fastest growing e-commerce markets globally, with a CAGR of over 14 percent. The global retail e-commerce CAGR was estimated at 11.3 percent during the same period.
- By 2040, digital shopping is set to become the preferred way to shop. With eCommerce estimated at 95%, online stores will be where most of us go for our purchases
- Online stores will have an active presence via social media. On average, those with a strong presence will see 32% more sales
- On average, 52% of eCommerce businesses have omnichannel capabilities
- The Indian eCommerce market is a major player in the global retail landscape, having achieved an impressive 25.5% growth rate this year, making it one of fastest growing countries worldwide
- The UK economy is predicted to skyrocket in the coming years, with a growth of more than $85 billion – an impressive increase of 42.88%
How impactful is eCommerce Marketing?
E-commerce marketing is a powerful tool to help businesses reach their goals, from increasing brand recognition and driving website traffic to boosting sales. Popular strategies for implementing e-commerce marketing include search engine optimization (SEO), pay-per click advertising (PPC), email campaigns, social media outreach, and even working with influencers.
However success depends on many variables; competition level in the industry or sector you operate within can have an effect as well as any changes related to customer preferences & behavior or broader economic and technological fluctuations that could affect consumer trends. Accurately analysing these factors along with your business needs are integral steps in reaching success
New trend predictions for 2023
Ecommerce is ever-evolving, and businesses must keep up with the changes or face being left behind. There are some key trends on the horizon that could greatly shape online retail in the future. Here are a few to consider:
As the popularity of smartphones continues to soar, staying competitive in today’s ecommerce landscape requires more than just a modern website. Optimising for mobile devices is essential – from easy-to-navigate websites and apps, right through to secure payment options tailored specifically for smaller screens.
Shopping online is being revolutionised by social media platforms, with the likes of Instagram and Facebook introducing powerful ecommerce capabilities. Influential personalities on these networks are having a major impact as well – now shoppers can get tailored advice from those in-the-know when making purchasing decisions.
Augmented Reality (AR) + Virtual Reality (VR)
AR & VR allow shoppers around the globe opportunities for immersive product exploration, transporting customers into a virtual world of interactive possibilities. From “trying on” clothing to seeing how furniture would look in your living room before you buy it
eCommerce sites have tapped into the power of AI and ML (Machine Learning) to create shopping experiences that are tailored just for their customers. With this technology, shoppers can receive personalised product picks based on what they like, get marketing specific to them, and even be offered custom prices.
Shopping just got easier! Voice shopping is revolutionizing how customers shop, simplifying the process with voice-activated assistants – like Amazon’s Alexa and Google Assistant. Just use your voice to browse products, search for what you need and make purchases all without touching a keyboard or screen.
Sustainable & Ethical Practices
Today’s shoppers are becoming more conscious about the products they purchase and their impact on the planet. Ecommerce platforms have responded by offering an array of sustainable and ethical options, ranging from utilizing recycled materials to offsetting carbon emissions. But it doesn’t stop there; these practices also promote fair labor standards that ensure a better quality of life for those producing our goods.
Subscription services are continuing to evolve in the way we shop. Whether you’re looking for weekly meal kits or a monthly fashion box, these services provide convenience and quality on an ongoing basis.