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It is hard not to be aware of the importance of ecommerce. The revenue generated by online shoppers is staggering, and China, the US, and the UK are the most successful markets at the moment.
The ecommerce share of China’s entire retail sales is 15,9% or $672 billion, followed by 7,5% ($340 billion) in the US and 14,5% ($99 billion) in the UK.
If we take a look at ecommerce as a jigsaw puzzle, it soon becomes obvious which bits are crucial – great product, clever marketing strategy, reliable customer support, customized promotions, membership loyalty programs, mobile-friendly content, and discount codes.
However, if there is one thing that every business owner is aware of, it is the extraordinary speed at which the world is moving. Staying relevant is incredibly important. Customers have high demands, and the success of the business depends heavily on meeting those expectations.
While it seems that successful online retailers have found a way to keep their customers happy and willing to spend money on their products, the pressure to maintain as well as increase their customer base is constantly present.
So what else can be done? What is the future of ecommerce?
Current Trends and Predictions
Current numbers showcase a constant growth that is not likely to decline soon. According to predictions, around 3 billion shoppers will be online by 2022, and their shopping carts are expected to ammas around $380 billion.
One might argue that more and more people are turning to online shopping as a means to save both time and money. But human nature is to “have the cake and eat it,” and retailers have certainly found the way to fulfill that particular desire by introducing retail clerk experience during shopping journeys.
For example, some brick and mortar stores like Sephora have made a brilliant move by introducing different color baskets that send a clear message to shopping assistants. Red means “I need assistance,” and black stands for “I’m fine.”
Online retailers have come up with their own version of this strategy by introducing product videos. Around 52% of shoppers have confirmed that product videos make their decision-making process much easier.
The Future Steps Online Retailers Will Take
The possibilities are abundant, and they simply need to be implemented. From chatbots to AI algorithms and recommendation engines, retailers are spoilt for choice.
By introducing chatbots, online shoppers experience a personal touch during their shopping journey. By utilizing AI algorithms, retailers can learn crucial data about customer habits while recommendation engines manage to target the right audience for particular products.
Conclusion
No matter what online approach retailers choose, the fact remains that the customer is the center around which everything else revolves. Puzzling out what your target audience wants is crucial, and the technology available today will enable you to deliver content in the most efficient way.
Infographic URL: https://jobsinmarketing.io/blog/ecommerce-statistics/
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