eCommerce has revolutionized the online shopping experience, particularly the online retail market. Here’s what you can expect in terms of the Growth of eCommerce and the Future of eCommerce.
eCommerce explosion over the past decade has brought online shopping to our fingertips. For the growth of the industry as prosperous as this, multiple aspects work in tandem to achieve manifold targets and are, therefore, key determiners in predicting future growth trends.
Here’s a peek into the future of the exponentially expanding eCommerce industry and its core growth trends:
Future of eCommerce:
In this article:
- Quantitative Growth Trends of eCommerce
- Qualitative Growth Trends of eCommerce
- Upgradation Trends of eCommerce Platforms
Quantitative Growth Trends of eCommerce:
One thing that has remained constant over the years in the Global eCommerce trends is its growth in numbers. It has continued to multiply steadily across various aspects. Following are the three major quantitative factors of vital importance in the future of eCommerce:
Main 3 factors more importance in future of eCommerce:
1. eCommerce Boom Continuity
The growth of eCommerce is most popularly measured in terms of online retail sales, so much so, that online retail sales have been consistently eating up from the share of offline retail shops. These sales trends indicate that the exponential boom of eCommerce is expected to continue.
From 2014’s 1.3 trillion dollars to the expected 4.9 trillion dollars in 2021, eCommerce retail sales see an estimated growth of 265% and are expected to reach a whopping 6.5 trillion dollars by 2023, according to reports based on E-marketer.
2. Eastern Countries to Dictate Global eCommerce Trends
A massive shift of paradigm is seen in recent years as the share of eCommerce giants like the USA in global retail sales has declined and is expected to continue to decline. On the other hand, eastern countries, particularly from the Asia Pacific are reporting substantial growth in sales.
eCommerce retail sales in countries like India and the Philippines have recorded a growth of over 30% which clearly indicates that the development of infrastructure and technology in these countries is responsible for the major shift in global ECommerce trends.
3. Spike in B2B Contribution to eCommerce Sales
Until this decade, although Business to Consumer sales have been more popular, the main driver behind is the Business to Business market. B2B has been dictating global economic trends and is anticipated to grow manifolds to reach an expected amount of 1.18 trillion dollars by 2021.
This trend transcends into the understanding that emphasis needs to be shifted on the advancement of B2B sites and services so that the needs of high security, convenient navigation, and dependable transfers can be met.
Qualitative Growth Trends of eCommerce:
No industry can advance without a qualitative progression. ECommerce has been evolving and upgrading to meet highly personalized customer needs and should be expected to do so in order to provide greater satisfaction in customer experience.
1. Sustainable eCommerce Capitalization
The world is realizing the need for going sustainable and it isn’t long before every citizen starts adopting more and more ways to make their lives eco-friendly.
Right from the supply chain, the manufacturing materials, and processes, to literally packaging and delivery, every step needs to adapt towards sustainability if a company intends to survive.
The markets for sustainable products and services can be expected to be capitalized to their full potential and scope optimized to complete capacity. It’s just a matter of time and essentially short one at that.
2. Expansion of Multimedia eCommerce
Adapting is not enough in a cut-throat industry like eCommerce. Adapting smartly is the key and voice recognition is smart.
There’s no such thing as too much convenience and the rise in voice-based browsing and purchases prove that there is a great room for development here.
Google’s Assistant, Apple’s Siri, Amazon’s Alexa, are all revolutionizing eCommerce into voice commerce. And anyone who can comprehend the potential in this trend will expect other multimedia solutions to emerge and eat into the traditional online shopping experience.
3. Automation, Personalization, Productivity
The groundwork for progress in any field today is done by technology. To Err is human and when customers are shopping online, they would want to steer clear of any human mistake, delay, or inefficiency.
Naturally, the eCommerce industry can expect magnanimous automation and boosted personalization endeavours in the upcoming years that would in turn escalate productivity.
Upgradation Trends of eCommerce Platforms:
There’s only onwards and upwards from here in the future for eCommerce. The resources are now accessible to most, so it completely depends on how a platform chooses to utilize it and grow.
1. Services Collaboration
Any business that enables online shopping and eCommerce will need to make sure the user interface is up to date and convenient and the website is following all the best practices to make online shopping a smoother experience.
Often businessmen and their teams are not technically advanced enough for the job and that’s where global web service providers like Icon Technology come in.
They provide one-stop solutions from web development, UI/UX, to ERP solutions. Services like these are going to be high-stake collaborators with online businesses so that they can always be on the top of their game.
2. Payment Options Collaboration
The frictionless transaction movement from card payments to digital wallets like Amazon Pay, Google Pay is proof that customers are constantly looking for not only safer but also hassle-free payment options.
With cryptocurrency steadily gaining impetus, we can expect bitcoins to be the future of ecommerce transactions.
And whichever platform doesn’t quickly adapt and collaborate with such emerging payment options, is sure to bear the brunt of natural selection.
The power of social media is well recognized by most online businesses, but a determined consolidation will be on the cards soon.
Every business, whether product or service, needs social media to passively market for them; active efforts to build a loyal social media base rewards heftily.
At the same time, we can expect top brands that were born online to step down from virtuality into reality. Having achieved success in the online world, businesses will start opening shops to expand markets.
All in all, an Omni-dimensional growth on an unprecedented scale can be expected from the future of eCommerce. Be ready to witness the changing face of online shopping and the ecommerce industry!