Most businesses with an online presence use online stores and platforms to conduct their e-commerce sales and marketing activities and to oversee logistics and fulfillment.
To understand e-commerce completely, it is important to know its, control and development on the business world. It also discusses e-commerce pros and cons and future predictions. For more professional insights on the go, listen to our bi-weekly Make it big podcast audio series.
E-Commerce Growth
E-commerce website development has improved since 1969 after the inauguration of CompuServe. Driven by technological change and global realities, e-commerce is growing and shows no sign of ending.
Online store sales are estimated to enhance by 22% of global sales by 2023, up from 14.1% in 2019. Digital wallets are estimated to enhance for more than half of all e-commerce payment volumes by 2024. Amazon will increase for 39.5% of all US retail e-commerce sales in 2022 or almost $2 of every $5 spent online.
Impact of E-Commerce
The impact of e-commerce is far-reaching, from small businesses to global corporations. Ecommerce Development Company like Creatix9 is helping small businesses to reach milestones and keep them ahead of the competition.
Here are few key-points why e-commerce has formed the trade industry
- Large Traders Are Required To Trade Online.
For many sellers, the development of e-commerce can expand brand influence and have a positive impact on revenue. But retailers lagging behind in adopting online marketplaces face the biggest challenges. In February 2019, e-commerce sales marginally exceeded convenience stores such as warehouses, and department stores, for the very first time. And thanks to Amazon Prime, online shopping has become more accessible to more consumers. That means large retailers have little choice but to switch to digital products.
- Ecommerce Helps Small Businesses Sell Directly To Their Customers.
For many new and small brands, ecommerce implementation can be a time-consuming procedure.
A small business owner is slowly launching an e-commerce store and diversifying their product offerings to reach more customers and better serve those who prefer to shop online/mobile.
However, e-commerce sales are increasing year by year, and a quarter of small businesses still do not have an online store, making it a great opportunity for entrepreneurs to grab a competitive edge and grow their business online.
- B2B Companies Are Starting To Offer A B2C-Like Online Ordering Experience.
With 90% of Business-2-Business customers supposing a B2C-like digital experience, B2B companies need to work on improving their online customer experience to keep up with B2C companies. This includes creating Omni channel experiences across multiple touchpoints and using data to build personalized relationships with customers.
Ecommerce website development enable self-service, provide an easy-to-use price comparison platform, and also helps B2B brands maintain relationships with buyers.
- The Rise of E-Commerce Marketplaces.
Online marketplaces have increased since the mid-1990s with the introduction of giants such as Amazon, Alibaba, and others as we know them today.
Amazon, is known for its unique strategy, which has helped it achieve huge adoption and sales that break the records of all previous stores. Innovation on the go by giving customers a choice and super-convenient features and optimization to scale quickly.
- Supply Chain Management Is Improving
One of the major effects of e-commerce on supply chain management is shortening product lifecycles.
This allows producers to offer a deeper and broader range as a buffer against falling prices. But it also means that warehouses can see large amounts of inventory moving in and out of the facility.
Accordingly, warehouse workers can provide the value-added services as follow; to make your e-commerce processes more smooth and operative.
- Separation of online and online warehousing/storage Retail: Calculate forecasts and replenish inventory separately online and in-store for more accurate results.
- Various packaging services: By choosing the right pick-up and packaging software, businesses can ship orders quickly and accurately.
- Inventory and Logistics Management: Following inventory management best practices is key to inventory management.
- New Jobs Will Be Created
E-commerce employment is projected to grow by 32% in 2022, surpassing the 28% growth recorded in 2021.
- Customers Shop in Many Different Ways
Today, at least we know there are 2.14 billion digital shoppers. This represents 27.6% of the 7.74 billion people in the world. And Statista predicts that by 2025 there will be 291.2 million online shoppers in the US alone.
Global E-Commerce Is Growing Rapidly
An estimated 2.14 billion people will make online purchases worldwide in 2021, up from 1.66 billion in 2016. Taobao, a Chinese e-commerce platform, is the largest online shopping place with a gross market value (GMV) of US$711 billion. For comparison, Tmall and Amazon ranked second and third in annual global third-party market value with GMV of $672 billion and $390 billion, respectively.
With so many e-commerce platforms, and digital solutions available, there are virtually no limits to merchants looking to sell online, making it easier than ever to globalize their business.
Conclusion
E-commerce revenue is expected to grow every year. This rapid growth is indicating that e-commerce is not a passing trend. Especially with the rise of omnichannel experiences of shopping, digital shoppers should expect to be able to search, browse, shop, and buy seamlessly across devices and commerce platforms.
Keep in mind that e-commerce is still fairly new in the retail landscape. The future offers endless possibilities, but its success and survival will largely depend on the preferences of future buyers. If you don’t want to leave behind in this competitive online market, then it’s time to get your hands on e-marketing services and ecommerce development company; contact Creatix9 now for CMS web development services.