The Future of E-Commerce
The e-commerce arena is one that is subject to constant change. Benchmark predicts that the global e-commerce market will grow at a CAGR (Compound Annual Growth Rate) of 11.51%, reaching a value of a massive £5.04 trillion by 2027. For owners and operators of e-commerce websites, it is crucial to keep a finger firmly on the pulse of developing trends, three of which we focus on in this edition of the Brickweb blog.
M-Commerce
Mobile commerce is not simply about using a mobile device to make a purchase: it also includes related actions such as product discovery, reading reviews, comparing prices and sharing products via social networks. A study by eMarketer found that online sales from mobile devices equated to almost £341 billion in 2022, accounting for 62% of all online sales; this is predicted to rise to 70% by 2024. The App Annie State of Mobile report found that users in the top five mobile-first markets now spend five hours a day using their mobiles, compared with just three hours in 2019. E-commerce websites MUST be fully optimised for mobile.
Social Media
No longer just a convenient way to stay in touch with friends, social media has become a crucial sales channel in the e-commerce journey and many platforms allow for consumers to buy products directly. A survey carried out by GlobalWeb Index found that 28% of social media users have made a direct purchase in this way, with a further 54% saying that they use social media platforms to discover and research products. Businesses will have to leverage social media as much as possible and in the most effective way in order to maintain visibility and viability in the future e-commerce landscape.
Voice Search
As voice recognition technology has improved so dramatically in recent years, it is no surprise to learn that more and more people are using it on a regular basis. A study by Narvar found that 51% of online shoppers use voice search to research products, with 36% using it to add selected products to their online shopping list. By the end of 2021, the value of the voice commerce market is predicted to hit £15.4 billion, according to data from Statista. This means that websites will have to optimise their e-commerce websites for voice search.
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