What does the Future of eCommerce Look Like?

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Recent years have seen an affluence in online purchases, but will the market maintain the upward trend ? Here is what forecasts say:

According to Statista, eCommerce sales are expected to surpass $740 billion by 2023. Looking at data from 2017 on, the increase in eCommerce sales is at a steady 10% yearly rate.

statistics on ecommerce sector growing

This is a result of a number of things, among which there is the increased use of smartphones and mobile shopping, and the influence of social media and social commerce. With the introduction of Instagram checkout and other social commerce tools the power social media has on customer’s choices and shopping habits is increasing as well.

On average 43% of people researches products directly on social media, with a higher percentage among younger users.

researches on social media

While in the UK, according to Knight Frank’s report, there was an almost 14% sudden increase in online retail demand in March 2020. Understandably so, with the temporary closure of all non-essential shops. However, the uptick was mainly due to the grocery sector as many shoppers turned to home delivery options.

stats shopping habits uk

E-Commerce obviously has high potential. The question isĀ how to do it well. When building your eCommerce site, the trends should be considered: the increased use of smartphones and mobile shopping as mentioned above, how it integrates with social commerce, the marketing strategies you should use to actually sell, and so on.

Did you know that high shipping costs are the #1 reason for cart abandonment? And right after #2 is discount code not working, and then shipping time and smooth payment are important aspects, too.

These are all details that need to be considered, and if it looks like a lot for you to take care of, we’ll be happy to help you, so that you can concentrate on what matters the most: the core of your business.

Contact us for a free consultation to discuss your needs and the best solution to them.

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