Ecommerce enables startups and large-scale businesses to enhance their revenue through an online customer base. Considering the situation of the Covid-19 pandemic, consumers will continue to prefer online purchasing to avoid unnecessary hassles and social distancing. It offers safety, convenience, and the facility to find out products in real-time.
The ever-evolving e-commerce landscape is exciting for business owners. It will bring many opportunities for them to scale their business by addressing the problems of consumers. If you consider the current pandemic situation, you will notice that businesses with solid online presence survived successfully. At the same time, businesses with no online presence were shut down. Online business is the need of today’s digital era, and the sooner you realize it, the better it will be for your business. Let’s find out some reasons why e-commerce is the future of business.
Global eCommerce retail sales to hit $8.9 trillion by 2022
New studies projected that the worldwide retail eCommerce sales will reach a new high by 2021. Ecommerce businesses should anticipate a 265% growth rate, from $1.3 trillion in 2014 to $4.9 trillion in 2021. This shows a future of steady upward trend with no signs of decline.
But, what’s even more interesting is the global eCommerce sales have been steadily eating up the worldwide retail market. In fact, by 2021, it has accounted for 17.5% of the total global retail sales.
Omnichannel shopping will become more prevalent
As the lines blur between the physical and digital environment, multiple channels will become more prevalent in customers’ path to purchase. This is evidenced by 73% of customers using multiple channels during their shopping journey.
What it means for eCommerce is to understand how their customers buy, which marketing channels do they engage with, and their motivations and main drivers to purchase. In the simplest sense, omnichannel shopping means decoding what, where, when, why, and how people are purchasing the products you sell on a particular channel.
In 2022, ensure that you integrate your offline and online attributes into a single and coherent multi-channel shopping. Create convenient purchase touchpoints for customers who research online and purchase offline. Adopt to click and collect strategy, where shoppers can purchase online and pick it up in a store close to them. This also means that your offline and online data should be in-synced so that you will get a quicker and more informed business decision.
The future of E commerce Business world
Today’s sellers can do way more than just advertising on Facebook, Instagram, or any other social platform. With the improvement of social media’s selling capabilities, social media platforms now allow customers to conveniently and quickly purchase products up there. TikTok, Instagram, Twitter, Pinterest, Facebook, and YouTube are among the social media channels which rolled out the “buy” buttons and made significant improvement their social selling features. For instance, Instagram launched its ‘shoppable post’ feature, allowing businesses to enable product tags in their posts and product stickers in stories. When people tap to view a product tag on your post or a product sticker in your story, they will see the following: · An image of the product · A brief description of the product · How much the product costs · A link where they can purchase the product This e-commerce trend cuts the time and effort for shoppers to make their purchases on social media, making them shop more productively. This makes big implications of widespread use among businesses, so as early as now, set up your social media posts to social selling and think of more creative ways to use social platforms to elevate your presence.
Once a giant, the United States’ share of the total global eCommerce retail market is projected to decrease by as much as 16.9% in 2020. One of the main drivers of the decrease is due to the rise of globalization and the improvement of technology and infrastructure from the non-western regions. This eCommerce shift means businesses must adopt an international approach to make sure of their global accessibility and convenience. Of course, adapting to a global business model doesn’t mean you have to make a physical presence outside your local country.
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