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E-Commerce is a versatile business opportunity. It is a trend that changes with time. Therefore, a business needs to cope up with changes in e-commerce to grow sales. There are too many eCommerce businesses mistakes to avoid that everyone has to learn.
However, changes may come and go but e-commerce will remain ever-growing.
The year 2020 has already begun and many major changes have already taken place. Therefore, let us have a look at what eCommerce Business Model in 2020 will look like with a rundown of the latest eCommerce business trends.
A survey conducted by Shopify gathered data of eCommerce users, their core competencies, and the challenges they are facing. In 2017 (Survey), trials & tribulations present situation of eCommerce business.
Here’s a summary of the survey:
The age group of eCommerce users:-
Most number of participants aged between 25 and 54. Furthermore, the people of 18-24 age groups were the least. This proves that the eCommerce industry invites everyone regardless of age.
Most popular industry in eCommerce:-
Surprisingly, the fashion and Apparel industry is the most popular industry in eCommerce.
Rating the abilities:-
Shopify asked eCommerce users to rate their abilities out of five on the basis of following challenges in eCommerce:
-> Product Ideas: Majority of the people rated themselves four stars.
-> Gathering Traffic: Most numbers of people rated themselves three stars.
-> Getting Conversions: Once again, the majority goes for three stars.
-> Managing Finances and Inventory: People went for four stars this time.
-> Making Persistent Customers: Three stars again.
Therefore, the major challenges faced by the eCommerce community and eCommerce website developers are in gathering traffic, getting conversions, and making persistent customers.
Problems in making the first sale:-
Most numbers of candidates blamed marketing to be the ultimate challenge for making their first sale. Maybe the competition is much higher.
Problems in launching the store:-
Not much surprise, the development issues account for the failure in making a shop according to people.
Problems in getting tractions:-
Traffic! That’s the main challenge for tractions and the survey attendees seem to agree with this fact.
Here is a continuous list of ongoing trends in the eCommerce industry:
1. eCommerce sales will be dominated by paid media
2. Content will still remain a crucial factor and to be more precise, informational content
3. Small size businesses realize that enterprise tools and features are accessible beyond expectations
4. Cross border taxes will increase the competition of cheapest prices
5. The brand-influencer collaborations are at its peak
6. Ai, VR, AR, and ML have begun manipulating the industry
7. Online businesses gain a plus point with their offline assets
Here, I collected 40 eCommerce statistics from the internet using the various resource. After the study, I mentioning here. You can learn how eCommerce business becomes so stable. No bar of any which type of small business is turning to eCommerce business but every business having good days now.
Here is the most up-to-date list of 40 trends and stats in eCommerce:
1. 2021 will account for 2.1 billion online buyers
2. 92% of internet users surf through their mobile devices
3. 80% of US internet users will make at least one online purchase
4. Buyers pay often with credit cards
5. Buyers of online services prefer PayPal
6. 267 million people registered on PayPal in 2018
7. Retail eCommerce sales grew more than 20% in one year
8. 14.1% of all retail sales were made online during 2019
9. eCommerce accounts for 56% of the in-store purchases
10. the UK’s click-and-collect market will grow by 78% in 2020
11. B2B firms likely to spend more on eCommerce
12. Mobile commerce will account for 53.9% retail eCommerce in the US
13. Mobile payments will become mainstream by 2026
14. Majority of consumers already downloaded a retailer app
15. Mobile commerce reached $693.35 billion
16. 1/4th of millennial prefer shopping through their mobile
17. Most mobile users prefer to search for a local business on the internet
18. Mobile shopping has grown while desktop shopping dropped
19. 1B mobile users use their phones for banking
20. India and Indonesia witness the fastest growth in retail eCommerce
21. China will account for 33.6% of all retail sales in eCommerce
22. US retailers face a cost of $284 billion in returned merchandise
23. M2M connections have grown to 570,000,000 in 2019
24. Social media is accessible by 2.62 billion users on the internet
25. In-store shopping is preferred by half of the millennial
26. Majority of transactions are completed on a mobile device
27. B2B market can attain $1.1T and can reach sales worth $6 billion
28. B2B purchases are made online majorly
29. 18% of local searches yield a sale within a day
30. 55% population in America searches for products on Amazon
31. Europe accounts for $268M online sales while international purchases in Europe hit $200M
32. European consumers spend a total of 198 billion online
33. Global overseas consumer average is 57%
34. Fashion and travel are the top categories in online purchasing
35. Meal kit delivery online purchase amount rises by 2%
36. Entertainment and service commodity is purchased online more than in-store
37. FMCG products are bought by 26% of global shoppers
38. Almost half of the online shoppers prefer to buy if there’s a money-back guarantee
39. Extra costs such as shipping fees are the reason for incomplete transactions for 61% of shoppers
40. Missing trust logos account for 61% of incomplete purchases
Future of E-Commerce
Here comes the big picture – what will eCommerce look like in upcoming years? Is it still consistent? You will get to know about all these through these trends:
1. Increase in Overseas Shoppers
2. E-commerce to Witness 265% Growth Rate by 2021
3. Growth in B2B E-Commerce
4. Omni-Channel is The Next Big Thing
5. Personalization Remains Evergreen
6. Rise of Social Media Shopping
7. Maturity in Mobile Shoppers
8. E-commerce Going Beyond The West
9. Payment Options About to Prevail
10. Voice-Activated Shopping at its Peak
Whether you sell physical stuff or provide digital services as a Magento developer, Magento expert and eCommerce website developer. You need to be aware of these trends in the eCommerce market to stay ahead of the crowd. Also, the future of eCommerce seems highly promising so make sure you establish your business online. That’s all we have for today.