Whenever we hear the word “e-commerce”, the capability of our mind left us speechless because of how vast and huge this business is, and how much it has spread across the globe. No wonder that people are so concerned about the future of e-commerce.
Know-How of Ecommerce Sales Worldwide
The sales of e-commerce add up to nearly 3.5 trillion dollars in 2019, worldwide. This amount has proved that the increment in e-commerce business has made it worth a lucrative choice. The good news is that it has been since the year 2014 and reached an unexpected level of success around the world.
There’s a huge expectation from e-commerce business in upcoming years as the trends are always changing for people, the way they wanted. In this article, we are going to discuss the trends along with what’s coming next. So hold on to see how e-commerce is thriving and how much increment we have seen in product purchasing and selling. We have to go to cover a lot so, let’s move ahead!
What to Except in Five Years?
The growth rate of business has reached to extent that is 265% of the total with the increment of sales from 2015 which was 1.5 trillion dollars up to 5.9 trillion dollars in 2023 has expected. Although this shows the steady exceeding level of this business with no usual sign of decline, it has eaten up the retail market worldwide. Here you might get acknowledged on what to expect? Let’s dive in.
- The Rise in Online Shopping
The social media platform is playing a significant role in online shopping. Social media apps such as Instagram, Facebook, Pinterest, and Twitter are helping out in the marketing of products. Moreover, they are not just marketing but advertising as well. It has become very convenient for people out there who don’t get enough time to go shopping and now through social media they are just one click away. Despite these apps, YouTube has played a vital role in selling and purchasing products which are why marketing is being done subtly by the bloggers and vloggers around the globe. The features on these websites are updated to stimulate ease and convenience for buyers.
- Increment in B2B Ecommerce
B2B e-commerce is a business to business online marketing and selling. The exchange of goods and services is being done from one business to another. If we compare B2C (Business-to-consumer) with B2B then we might get to know that B2B is going to be 2x higher than B2C by 2020.
The increment is exceptionally elucidating due to the predominance of B2B but it requires certain steps when it comes to buying and selling between them. The expected sales of B2B e-commerce are more likely to hit 1.1 84 trillion dollars by 2021.
- Standardization of Ecommerce
One of the huge trends is an e-commerce personalization and will be succeeded by the year 2020. The expectations are high from consumers which sets the standard of personalization e-commerce. Personalization is so important that it increases the customer relationship as an outcome, nevertheless, in terms of zero personalization, the relationship between will be ended and the ratio is 33%. Personalization has enormously evolved now that grows a customer’s shopping experience.
- Emerging new payments
Payment is one of the most essential options for why customers will shove a transaction. Without the available payment channel of their choice, they won’t be able to buy from your store if your payment channel is not available. Solely to go with the flow and stay competitive among the market, you must take notice of new forms of payment that buyers do require.
Presently, Google Pay, Samsung Pay, Apple, or Pay pal have been executed by e-commerce businesses. These kinds of services allow people to buy through electronic transactions to have a frictionless experience. The demand is clear and in fact, it has presumed that digital payments might takeover cards and cash within 10 years.
- Transmission of shipping and delivery
By the time shipping and delivery have increased for the growing business of online shopping. Delivery and shipping companies are seeking up for more possible ways to make it easier for the consumers but the future seems bright due to the high demand through couriers.
Technology is dominating over the globe for decades and it has been in a while now. Maybe in the coming years, you will receive parcels through robots or automated vehicles with no delivery man.
- Beheaded Commerce
Beheaded architectures result in improved smartness and performance of the systems. Advantages are more likely to be instant which means the capability of developing applications in parallel along with Progressive Web Applications (PWAs) will be launched efficiently and effectively.
- Progressive Web Apps (PWAs)
Mobile has been playing a chief role in e-commerce trends. The next advancement will be the progressive web application which is an alternative to mobile commerce and more prone to become standardized by the year 2020.
With the help of PWAs, the interaction has become easier between brands and customers, what and where they want.
The future is as clear as water because the e-commerce business has developed to the extent. The marketing of products for online shopping has been done through distinct websites, however, bloggers are helping out through advertisements and stuff. Things have become easier through online purchasing and selling of goods, consumers are more prone to get instant benefits and sellers as well. B2B has its own value that might get increased by the year 2020 and in the upcoming 10 years. E-commerce did not only benefit buyers and sellers but the system of shipping and delivering as well, and it is expected to get stuff delivered by automated vehicles or robots. Personalization has made up a standard in e-commerce business whose presence makes a big difference in between the consumer and the business. People are expecting way too much after seeing this extensive business and its reach since 2014 and we have come a long way now.
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