Over the past years, we’ve seen the steady rise of the ecommerce industry. Propelled by the global pandemic, global ecommerce sales increased to 140% from 2015 to 2020, with Mainland China and the US being two of the biggest ecommerce markets worldwide. Moreover, global ecommerce retail sales are estimated to reach $7.3 Trillion by 2025. - Over the past years, we’ve seen the steady rise of the ecommerce industry. Propelled by the global pandemic, global ecommerce sales increased to 140% from 2015 to 2020, with Mainland China and the US being two of the biggest ecommerce markets worldwide. Moreover, global ecommerce retail sales are estimated to reach $7.3 Trillion by 2025.
- Source: statista.com
- The ecommerce industry has impacted our daily lives and has expanded the buyer’s journey. The path to purchase no longer necessarily follows a linear, clear-cut path. Instead, the buyer’s journey has become a cycle or a web, where consumers move toward or back from certain points. Throughout the entire journey, their decisions—and consequently, the actions they make— are influenced by a variety of offline and online factors.
- Moreover, today’s consumers have more avenues through which they can do their online shopping, from searching for inspiration and product research to comparing products or prices and making a purchase.
- While social media platforms are an integral part of the online shopping experience, retailers’ websites and traditional search engines like Google and Bing are still important components in the consumer’s quest for convenience and product or service discovery.
- As consumer expectations continue to evolve, you can expect ecommerce companies to rise up to the challenge and come up with new strategies. Our list of the top 50 ecommerce companies gives you a glimpse of industry leaders that have adapted to and succeeded with technological innovations, challenges, and changing consumer behaviors.
- We’re also including a list of trends that continue to shape the ecommerce industry, as well as features that these ecommerce giants share. We hope that with this article, you’d be able to enhance your knowledge of the ecommerce industry and perhaps adopt some of these tactics to fuel your business’s growth.
-
- Factors Contributing to the Growth of Ecommerce
- There are six key factors driving the growth of ecommerce. These are:
- Population density (referring to the urban population)
- The population’s digital skills
- Internet usage and the sales share from mobile internet use
- Preferred payment modes (the use of debit and/or credit cards)
- Access to the internet or broadband services, infrastructure
- Dominant ecommerce entities
- But what catalyzed online shopping’s popularity?
- Aside from the abovementioned factors, ecommerce is largely impacted by customer expectations and evolving media consumption habits. Customers, who now have increased reliance on digital channels, want easy-to-use websites. They also want seamless transactions, and checkout or payment processes, along with competitive pricing and product availability. Ecommerce companies leverage technology to deliver heightened convenience and better online shopping experiences for their customers. They also
- The rapid growth of ecommerce can also be attributed not just to internet accessibility but also to lower barriers to entry. The COVID-19 pandemic prompted businesses and consumers to go digital, increasingly accessing goods and services available on online platforms. The United Nations Conference on Trade and Development notes that in 2020, the share of ecommerce in global retail trade increased from 14% in 2019 to 17% in 2020.
Do'stlaringiz bilan baham: |
