Three Ecommerce Trends to Watch
The expansion of the ecommerce market continues at a dizzying rate, driven by many diverse factors including growing purchasing power, increasing numbers of social media users and the continual progression of technology and infrastructure. In this edition of the Brickweb blog, we look at some of the currently emerging ecommerce trends.
Ecommerce Sales to Hit New Record
The results of studies by Statista predict that global ecommerce sales will continue to smash all existing records. By the end of 2021, the revenue from ecommerce sales is expected to hit around £3.47 TRILLION, up from just under £1tn in 2014. This represents a massive growth rate of 265% and accounts for 17.5% of total retail sales around the world, showing that there is plenty of room for more growth. The upward-moving trend shows no signs of decline. Offline businesses should seriously consider moving into the online arena while those already in this market need to keep upping their game to remain competitive.
The Growth of Omnichannel Shopping
A study by the Harvard Business Review found that almost three-quarters of online consumers made use of multiple channels on their journey to a purchase. The same study found that customers who used four or more channels spent an average of 9% more on their purchase. Businesses need to understand which channels their customers are likely to engage with and make the customer journey seamless and intuitive. Online and offline attributes need to be integrated to create a convenient, coherent shopping journey for consumers.
Increased Cross-Border Shopping
Data from Nielsen revealed that over half (57%) of global online shoppers had made a purchase from a retailer outside of their country in the past six months. This figure increased to 63.4% for online shoppers from the UK and Europe. It is therefore of growing importance that ecommerce websites can adapt to the needs of buyers from overseas, offering multi-lingual support and payment options in local currency.
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