Social-distancing measures and business closures as a result of the global pandemic have significantly disrupted consumer spending habits this year.
Due to this change, countless businesses have had to adapt accordingly, shifting from a traditional way of doing things. While this has undoubtedly created uncertainty for many, ecommerce has instead been trending in a positive direction. Numerous businesses have decided to develop their use of e-commerce since its future influence will be far greater than it has ever been.
Looking at the industry-wide data alone, we see that there are expectations for worldwide ecommerce-driven revenue to rise from $481.2 billion in 2018 to $712.9 billion by 2022.
The jewellery and luxury segments are expected to see a huge increase due to the rising wealth of Asia-Pacific, the Middle East, and Africa. Although 4-5% of total jewellery sales make up ecommerce space, this is likely to change to 10-15% by 2022.
Georgraphically, China and the USA have a fast-growing ecommerce space and rule the global economy with a big market percentage. However, there are other countries where you’ll find ecommerce growing rapidly:
• China – $656.3
• United States – $500.47
• United Kingdom – $83.83
• Japan – $78.64
• Germany – $68.01
• South Korea – $62.69
• France – $45.54
• India – $29.47
• Canada – $28.63
• Australia – $19.33
Below you’ll find Future Ecommerce Trends that will reflect the revolving scenario of the ecommerce industry for the next few years.
B2B Ecommerce Will Continue to Outperform B2C Ecommerce
Do you remember how we once we used to believe that ecommerce was only for B2C brands? It is now conceived that B2B ecommerce is outpacing, and will soon outperform, B2C. A recent study of Forrester’s states that B2B ecommerce fuels the current global economy and B2B ecommerce in the US is set to reach $1.8 trillion by 2023.
In a survey of 500 B2B organisations, BigCommerce found that 80% accepted orders and payments via their website, further proving the growth of ecommerce in B2B industries moving forward.
Social Media Enters Online Shopping
Social media has moved forward from the position of being just a platform which connects people. Besides promoting products or services, social media platforms let retailers sell their products directly. Embedding ecommerce within social media is powerful because it allows customers to discover brands through social content and find products they normally wouldn’t search for on an ecommerce platform.
The cause of the rise in social media ecommerce is Millennials. Their spending power in 2020 is estimated to be $1.4 trillion, more than quadrupling to $4 trillion over the next decade. As a result, businesses that invest time now to learn about the essentials of social media ecommerce that plays to this generational demographic will reap the rewards later on.
Elevate the Shopping Experience Through Personalisation
For a good couple of years, online shopping has been focusing on providing cheaper services. However, it is safe to say that in the future successful businesses will go beyond efficiency to provide services that create value for the consumer. Systems enabling firms to personalise merchandising and connect the right products with the right content will help businesses to analyse buyer’s behaviour more efficiently.
These advanced tools will make the shopping experience very exclusive. Besides, an online seller can improve the pricing module and product representation with the help of AI.
That is why recent studies claim that online business will aim to spend over $7.3 billion on artificial intelligence by 2022.
Ecommerce will surpass the laptop screen
This is a well-expected predication for the near future, as it is already true. First of all, recent research states that a third of all ecommerce sales happen on smartphones. However, future experiences will be delivered through new touchpoints such as voice, wearables and kiosks. Already, numerous businesses have AI-powered product searches on touch-screen kiosks in their stores.
These touchpoints will be developing each year, meaning businesses must continue (or start) to include mobile devices in their overall marketing strategy.
Change comes quickly in the online world, and companies that move quickly to assess the changes underway and adjust their business models to meet shifting market dynamics and customer demands can establish significant leads over both traditional competitors and new entrants.