Digital ID

The amount of data that you can track these days is incredible. It is different from the past because you can make smarter decisions for the future. Without the data, you can’t be sure. Do not get fooled by the data, too. Before you make a decision based on some data, check them. There is a lot of outdated data out there that can ruin your marketing efforts. It is hard to implement your data even if they are accurate in your business strategies for the future. Because everything is changing so quickly.

How big is the eCommerce industry?

We are talking about one of the fastest-growing industries in the world right now. There are some estimations about growth. It is expected that more than two billion people will buy through some digital platforms in 2020. That means that roughly one-quarter of the world’s population will shop online in 2020. As I’ve said this is just a rough estimation, the number could rise even higher. If you are thinking about opening your first online store, there is really no better time to do it. And, while we are talking about the size of the eCommerce industry, let me mention that in the first three quarters of this year, eCommerce sales accounted for almost 18 percent of the retail sales in the world. So, hop on the train before it is too late. This just shows us the future, the eCommerce is taking over the world and the physical market. And, it doesn’t show signs of slowing down, because the estimations for 2021 are even bigger – the pandemic effects. This is an opportunity for every hustler out there who is thinking about risk-free business.

What is the eCommerce industry worth?

The latest reports show us that the global eCommerce business-to-customer model market is worth up to 3.4 trillion in 2019 – with a great potential to grow in the next couple of years. Its demand will just rise, and the industry will expand. The eCommerce rise is not coincidental. Every part of the digital era played itself here. Starting with electronic devices such as smartphones, tablets, laptops, even desktop computers. That eased the process of buying online because almost every human being has one of those. The pandemic boosted market growth because it showed us that we are really dependable on technology. The market forecast is very optimistic, and it will grow rapidly in the next couple of years. It didn’t reach its peak, yet. In 2020, people have less time and are busier than in the past. The eCommerce seems to save people’s time and costs – that is one of the reasons for its growth. This industry has its advantages and disadvantages. The advantages are playing a bigger role here. When you browse on the Internet, you can find whatever product you like. You can find dozens of that product actually. Comparing them and calculating their costs is the biggest advantage of the eCommerce. There are reviews, too. You can see the experience that the product could offer before you even buy it. The lack of marketing and other crucial activities in the offline sector made the eCommerce rise even higher. Today the industry is very stable, and there are many competitors that will maintain fighting for its growth. The main competitors in the business-to-costumer market model are Amazon, Alibaba, Flipkart, and PayPal. Those four are the direct companies that grew this industry, and they are deserving of every award. Each of them offers innovative solutions, as well as great service. As I have said before, the COVID pandemic affected the rise of this industry, but the lockdown actually stopped some of the processes that these companies do. The lockdown hit hard, but as we have said this industry is very stable – and it will be stable for a long time to come.  

Why has eCommerce grown so quickly?

It is no coincidence for sure. This industry keeps getting better every year, but why is that? The people’s lifestyle that keeps on getting busier, or their addiction to smartphones, or their new habits? Each of these impacted the growth, but let us dive deeper into this industry. Let us explain what we think about the eCommerce and its continuous growth over the past couple of years.
  • Options
When you enter an online store or physical store – you want to have more options to compare, right? Well, eCommerce users enjoy this privilege. The market is big enough for any buyer. The filter menu that stores offer is enormous. You have the stock level availability and size measurements. Whenever you buy online, you have recommendations about your product – and most importantly past user experiences. Each one of these options is the reason for the growth in this industry. If you could choose between waiting to re-stock, and getting the product right now – what would you choose?
  • Personalization – special experiences
Millennials take over the market today. And, they are not satisfied with some recommendations, they want a story behind the product – and they want to find themselves into it. They read things, make research before they buy some product – and it doesn’t matter if it is a mobile device, some t-shirt, or even some furniture. This changed the marketing strategy to be more customer-oriented, like the funnel model. If you want to raise your sales, you must adapt to the new rules.
  • Social media and its role in the customer journey
People are addicted to their phones. They are updating their statuses, following businesses, making their own stories on social media. So, most of the eCommerce platforms are collaborating with social media channels. While SEO is still leading the race for eCommerce conversions, social media is still a strong factor for building your brand and your social presence. In the buying process, the buyer usually checks the profiles on social media before he searches on Google, so it is important for you. People share what they like, so keep your content on social media engaging, and shareable. You could enjoy their comments and recommendations, and if you are searching for a particular product, you can see if the customers are satisfied with the product. Brand use social media for sharing their promotions, connecting with customers, and allowing them to be a part of the brand.
  • User-friendliness
One of the reasons that push eCommerce towards success is the user-friendly apps that keep on getting better. You can order easier, and you do not have to walk 30 minutes down to your store to get your products – you can order them online. There is no reason to fight with the traffic in the city, and the tickets can be avoided. The next thing in the user-friendly approach is the voice search – it will take over the classic typo search in 2021, according to multiple reports.
  • No time restrictions – available anytime
The stores do not have their working time – because they work all the time. Online store owners like bad weather, because people will stay at home – and buy online. This creates more opportunities for businesses because they are available for everyone out there who is searching on the Internet. No more racing with the time, you can buy it whenever you want.

What do people buy the most online?

If you want to create a successful online store, you must track the latest trends in this industry. If you want sales – there must be a demand out there. No one likes to sell products and earn zero profits. We are here to guide you through this process, and present you with the most trendy niches in this industry. Fashion – there is a demand for fashionable items, and there will be forever. Although this niche is very picky – sizes, colors, and fashion trends need to be followed. You can choose a specific product in this niche, and focus on that one product – that is my recommendation. Travel guides, tourism – this industry fell down in 2020, but it will rise again when this pandemic situation end. Keep your eye here, and track the latest events with the pandemic. Technology – you expected these products to rank higher, didn’t you? Well, according to the latest customer reviews, the supplier lack guarantee – and the products are too expensive. This niche has great potential – if you have a great guarantee model, then you are set for success. Build your trust with the customers who are looking for some tech products. These are some of the most popular niches on the market. There is demand, and you could get successful if you dive into one of these niches. Keep in mind that the competition level is higher in these niches, so our recommendation is to be specific about your product selection.

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