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 There is a lot of outdated data out there that can ruin your marketing efforts.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.
- Personalization – special experiences
- Social media and its role in the customer journey
- No time restrictions – available anytime