We have been shopping online from the comfort of our homes for quite a few years now. With every passing year, new and advanced technologies govern the manner in which this industry will take shape. Let us find out more about online retail trends, the future of e-commerce, and trends in online shopping.
The future of e-commerce
There is a thin line between real commerce and so-called digital commerce. This line is fading over time. It was anticipated in 2019 that the retail market globally would “top $25 trillion USD”. Having said that, it was observed that the rate of growth anticipated slowed down in comparison to the last 5 years. Also, it is not expected to pick up before 2023.
E-commerce sales worldwide are recorded as “$3.5 trillion USD”. This is an upswing of 18% as compared to last year. By the year 2023, the e-commerce market is anticipated to double and record the figure at $6.5 billion.
Although e-commerce registers a higher figure as compared to retail growth, it is just the tip of the iceberg. It was found that in the year 2019, total global sales of retail segment e-commerce share were 14.1%, however, analysts are not just pinning their hopes on the same and expect an increase of 2% through 2023.
Trend in online shopping
You will be fascinated to know that it was way back in 1995 that the first-ever online order was made on Amazon and it was a book. After all these years, this industry has a sale of more than $2 trillion across the globe.
In order that you can make the best use of the present and flourishing scenario, keep track of the online shopping trends that we catch a glimpse of below-
1. Growth of online sales is slated to continue and unstoppable
Shopping online has been recognized as one of the most popular activities. According to Statista, 2019, it is expected there will be an increase in sales to 4.5 trillion in the year 2021 from 1.3 trillion since 2014. This is undoubtedly a remarkable leap.
2. Future of Ecommerce after Covid-19
Due to the pandemic and requirements of social distancing, you will find that more and more people are turning to online shopping. Jeff Bezos’s Amazon, the e-commerce giant has witnessed the growth of his fortune by as much as $24 billion. This has been possible due to the increase in demand for online shopping products and services.
In fact, the experts are also saying that online shopping portals will benefit the most. This holds true not just during the pandemic but also thereafter. According to MarketWatch, 2020, penetration rates that are presently at 15% will increase to 25% by the year 2025.
3. Growth in mobile shopping
Mobile commerce has shown commendable growth. Records reveal that there has been an increase of 15% for sales made on the mobiles since 2016. According to Statista, 2019, it is expected that by the end of the year 2021, 73% of the sales will take place on mobile.
4. Voice commerce is set to grow
There is an increase in voice commerce among mobile users. By the end of 2017, “13% of U.S. smart speaker” owners made purchases by voice. According to OC&C Strategy Consultants, 2018, this is expected to grow to 55% by the year 2022.
There has been remarkable progress in this segment in the United Kingdom too. This trend became prominent ever since Amazon introduced its smart speaker-Echo.
Aside from the above trends, social media has also played an instrumental role in supporting e-commerce immensely. Follow the trends in the emerging markets so that you can make the best use of the prevailing situation.