A Look Into the Rapid Growth of the E-Commerce Industry
E-commerce is a rapidly expanding industry. Retail Research found that between 2014 and 2015, online sales in Western Europe grew around 20%. Now a multi-billion dollar industry, e-commerce is expected to grow and expand even more.
E-commerce is a diverse industry. Business-to-consumer websites offer products to the public, such as Amazon. There are also business-to-business e-commerce companies, which offer services or products specifically for business.
It is likely you are familiar with e-commerce on some level, through payment of products and services online. Maybe you’ve bought something from eBay, or paid for membership to a streaming service. There are a multitude of reasons e-commerce is such a rapidly growing industry. Here are a few of them.
The dawn of smartphones and tablets has made it possible for people to shop from anywhere. People may even turn to mobile shopping to pass the time while on a bus or train.
Statistics show the rapid growth in mobile e-commerce. In America, mobile shopping revenue has grown from 3 billion in 2010 to 31 billion in 2016.
This growth is likely to continue. Nowadays it is commonplace for e-commerce businesses to offer mobile apps to make it easier than ever for customers to shop.
E-commerce makes it easy for people to buy from abroad. Many sites offer to deliver their products and services worldwide. For example, UK fashion store ASOS now offers free delivery worldwide.
E-commerce businesses are also emerging in markets the world over. Indonesia’s growing e-commerce market is projected to grow to $130 billion by 2020, with an annual growth of 50%.
New Marketing Tools
E-commerce websites promote themselves in many ways. Social media can be an effective way to share their promotions and attract customers. Some e-commerce services send out discount codes through email to keep customers coming back.
There has even been a rise in services dedicated to e-commerce. Sales enablement with SalesHub offers multiple tools to boost sales. Services like Etsy even allow people to create their own online shops for whatever they wish to sell.
A survey found that 70% of shoppers in America prefer to shop online. Many shoppers find it easier to browse and search for what they need online. E-commerce also has an advantage that it doesn’t take as much time. Consumers can now shop from anywhere and find what they need quickly and efficiently.
More Products, More Services
More and more e-commerce companies are emerging. It is now easy for anyone to create their own e-commerce business, with new online tools to help. The popularity of online shopping is growing worldwide, making it a viable business plan.
Services and products we may have never seen in the past are possible thanks to e-commerce. For example, millions of people worldwide pay monthly to stream videos from Netflix. Spotify offers a similar service for music.
As long as companies are able to market themselves, they’ll likely find people willing to buy. The internet has created a new form of consumerism, and e-commerce is at the forefront.
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