During the past 25 years, eCommerce has grown from the first online transaction ever — the purchase of a Sting CD — to one of the largest revenue channels in the world. In fact, Statista predicts global eCommerce sales will reach $4.88 trillion by 2021, with an estimated 2.14 billion digital buyers. As the eCommerce market continues to grow, it’s imperative businesses keep up with the trends to stay relevant with consumers. Below are five of the most important trends to look for in the coming months.
Bought something on the internet lately? You wouldn’t be alone...far from it. In fact, this year 1.92 billion people in the world will shop online, and by 2021 - just 2 years away - that number is expected to be 2.14 billion. The number of online stores continue to increase to meet demand, as does the amount these stores net (now in the trillions), along with the percentage of total retail market share they take (currently one-tenth of all sales, but that’s changing quickly).
As the years roll on and our mobile phone usage grows and grows, many of us will start to forget - if we ever knew - what life was like before the internet. The phenomenon that is eCommerce, AKA the ability to buy just about anything at the click of a button, has so firmly embedded itself in our lives that we now do it every day. In fact, research shows that the up and coming generations have little desire to go into bricks-and-mortar stores; simply preferring to buy almost everything online and leading to the closure of more than half of America’s shopping malls.
So ingrained is online shopping in our lives that few of us stop to think why we actually do it. Is it just habit? Is it as easy as we think? Do the benefits really stack up?