Since last year, the world is facing some devastating times due to the outbreak of coronavirus. Almost everything has changed in daily human lifestyle whether it is the working habit, shopping habit, or interaction in the community. Most of the businesses are majorly damaged by the volatile economy and series of lockdowns; some of them have even dissolved. The only thing that thrived in this situation and also made a great profit is E-commerce.
The experts say that the business model of e-commerce has got survival in a closed world which is enhanced by the pandemic. The reality proves their analysis to be true. According to the latest reports, e-commerce retail businesses grew from US$ 3.535 trillion in 2019 to US$ 4.206 in 2020 and kept growing up to US$ 5.695 trillion by the end of the year. In the last quarter, it has shown even greater results. With such raging growth in the field, the number of e-commerce users will be around 4 billion with a growth rate of 10% per year.
2021 is showing a more optimistic side in e-commerce with about 11.7% of growth year-on-year. Half of the year has already passed and a head start for the next half can provide promising results for your business.
Some insights for the e-commerce industry in 2021 shows a better prospect
• Fashion, media, and electronics have dominated the game in 2020 and so will happen in 2021 as it is where more consumers belong to.
• The worldwide revenue of e-commerce is forecast to grow up to US$2.699 trillion in 2021. The growth will continue in the following years and reach US$3.453 trillion by 2025.
• The worldwide growth of e-commerce is showing much optimism for all kinds of verticals.
• China is registered for its highest income in the field in 2019 and continued its streak in 2020. The forecast says that it will gain an estimated revenue of US$1.635 trillion by the year 2025.
• Due to the global pandemic and series of lockdowns, promising results popping up for the industry. A recent survey says, that it will expand up to 10% in 2021.
• Online retail marketing is getting more biased toward mobile commerce and marketing as most of the deals today are done on mobile phones only. By this year, most online marketing sites will switch mobile views, formats, and applications.
• User-friendly check-in, check out and easy payment methods is what most of the users expect from an e-commerce site. Given the preference for the user experience, the companies are rebuilding their platforms for potential customers.
• With effective customer loyalty programs, the revenue per user has increased. And with the increasing number of users, the revenue in the coming years will be sky-high.
• The boost to the virtual platforms as online users have bought movies, shows, books, and games online this year which is beyond the physical market.
• E-commerce is bringing the whole world under the users’ hands as newer possibilities of shopping and shipping have arrived. So the users are not bound to one place or country. They are capable of buying from anywhere at any time.
• Social Networking Sites like Facebook, Instagram, and others have become a place for online thrift stores which is one the greatest addition to e-commerce this year. Though it is an independent market, promotion and sponsorships include the bigger parties.
Depending on these prospects with the constant development of the industry can definitely empower all kinds of business owners related to e-commerce.
Here are some advancements used in the industry to work efficiently and make the process easier for the consumers.
Drone Delivery – Delivery drones are being a part of the non-human delivery project that lies in the near future. Amazon has already implemented the idea to start its ‘Prime Air’, a drone delivery service that makes zero contacts, saves time, energy, and many more. It is still in progress but the time is not too far when automated shipping will start.
Omnichannel – Though e-commerce is dependent on the virtual market, there is a deep connection with the physical market. Consumers are more likely to make their personal research on the shopping sites first before actually doing it on the store. Offering them an omnichannel or multichannel experience helps them get at all kinds of verticals at the same time.
Multiple methods to pay – The e-commerce websites provide a variety of options to pay at the user’s convenience. Online transactions are quickly done by Google Pay, Pay Pal, and other application extensions which are safe and also complete cashless. Quick UPI payments, card pay, cash on delivery, EMI, and many broadened aspects can be applied when buying something online.
M-commerce – It is one of the most crucial parts of modern marketing terms where the M denotes mobile. Mobile-commerce is the new handier and friendlier option for the customers which can be accessed anywhere and anytime. Survey says over 70% of people prefer to buy from their smartphones.
Visual Stimuli – Modern customers are deeply into a visual phase where images and videos enable their shopping habits. Better quality of pictures, 360-degree view, maximum zooming in and out helps to observe the intricate details and provides a similar experience of shopping physically. With the advancement of VR (Virtual Reality), Visual Merchandising has become even more realistic than ever. The websites also allow an option of ‘Search by image’ which makes it more convenient.
There are many other growing prospects involved with the e-commerce industry and confirms its domination in the business in the coming years, starting from now!
Conclusion
There is no doubt that the e-commerce industry will stay and will become stronger and bigger in the coming years. The growth of the industry will be further pushed by the latest technologies and advancement of business models. In a nutshell, a bright future is lying ahead of the e-commerce industry.
