Ecommerce was born not so long time ago, thanks to the now omnipotent Amazon and eBay. Some 20 years later, it is still advancing and showing no signs of slowing down. Future of E-commerce is inescapable and it going to play an important role. E-commerce worldwide retail sales are expected to reach $4.9 trillion by 2021.
Many things have contributed to this, such as the availability of fast internet connection as 89% of people around the world had good quality internet access in 2018. Of course, there are also smartphones.
These tech gadgets are particularly significant as it turns out that 33% of people prefer to shop online via smartphones as opposed to 31% who do it on laptops and 27% who use their desktop computers.
China is the largest e-commerce market in the world with $1,934.78 billion and is followed by the US and the UK, respectively. China also leads when it comes to online purchases made on a mobile device. That said, projections that online sales in China would reach $1.7 trillion in 2020 don’t really seem unattainable.
However, it is not just China that keeps growing when it comes to e-commerce; the whole world seems to be on the online shopping bandwagon, and for a good reason too.
Why Is Ecommerce So Successful and Appealing?
While the answer to this query is not one-dimensional, it all comes down to taking the opportunity of expanding your business to the whole world, lowering your costs (which can be really high with traditional brick-and-mortar shops), and using clever marketing strategies to expand the customers base.
We should also add that e-commerce saves customers plenty of money and time. Furthermore, they are able to easily check and browse related products or see the latest discounts.
What Drives Online Sales?
Multi-channeling is just one marketing option, but it does the job surprisingly well. By using multiple channels to advertise your goods, you are certainly maximizing your sales opportunities. For example, 76% of Prime Day shoppers will inspect other big online retailers before they buy something on Amazon. Multi-channelling is particularly useful since social platforms became such a huge part of our lives.
Another game-changer in the e-commerce industry is online reviews. It might sound odd that customers trust strangers and their reviews posted online, but that’s how things work. The numbers prove this point. Around 46% of Prime Day shoppers will not even consider buying a product unless it has reviews or ratings, while 56% always read reviews before making a purchase.
Naturally, there are other steps to take for driving sales and inspiring loyalty from customers. These include good, reliable customer support, which is closely connected to being responsive to feedback, having a membership loyalty program, investing time, money, and research into creating customized promotions, and making your content mobile-friendly.
Of course, sending your customers discount codes and coupons also helps a great deal toward making that coveted sell.
It is more than obvious that e-commerce is here to stay, which makes perfect sense for you as a business owner to stay alert and monitor all the innovations that can make the customer experience even better. The emergence of chatbots and voice commerce are just a few to watch out for in the upcoming years.
The traditional stores have their own appeal, and they are not likely to disappear anytime soon, but the convenience of e-commerce is hard to beat. Considering the hectic lifestyle of the 21st-century, online shopping will most likely expand further.