The stories were written all over that the rising importance of eCommerce development services and retail goliaths would bring about an end to brick-and-mortar retail. Economists were almost sure about the demise of brick-and-mortar retail. Whether it is an online website, social media site, or m-commerce, every day brings about a new possibility or way of shopping.
- 2 billion digital buyers in the world in 2019.
It is expected that the number of digital buyers worldwide would reach 2.14 billion by 2021. Several reasons have contributed to growth, such as convenience and cost-effectiveness.
These factors encompass people’s readiness to adopt e-commerce, as well as faster Internet speeds and lower device prices.
- The global retail eCommerce sales value will reach $3.45T in 2019.
Ecommerce growth will show a phenomenal and steady increase in global retail eCommerce sales with a total value rising from $1.34 trillion in 2014 to $2.84 trillion in 2018. This is anticipated to reach $4 trillion by 2020 and cross $4.88 trillion in 2021.
- In 2018, retail eCommerce sales grew 23.3% over the previous year.
According to online shopping statistics by year, the growth rates for 2019, 2020, and 2021 are expected to be 21.5%, 19.8%, and 18%, respectively.
The retail eCommerce sales will continue to rise and register growth every year; the rate of growth has registered a slight decrease per year. This is expected as eCommerce moves from easily penetrable sectors to more difficult ones.
- 4 Baby Boomers spend more per online transaction than Generation X and Millennial shoppers do.
Baby Boomers (age group of people between 1946 and 1965) come close to Millennials to average online transactions per year, but outshine the younger counterparts in the average amount spent per transaction.
Baby Boomers spent an average of $203 per transaction during the period surveyed, as compared to $190 by Generation X and $173 by Millennials.
- By 2021, 53.9% of all US retail eCommerce is expected to be generated through m-commerce.
In 2017, this share was just 34.5%, reflecting the tremendous growth in m-commerce. This m-commerce sales increase is attributed to trends such as improvement in connectivity, device features, website, and people’s comfort with shopping online.
- 61% shoppers report leaving a transaction due to an extra cost such as shipping fees.
There are several prominent reasons behind shopping cart abandonment such as website requiring users to create an account before checkout (35%), the checkout process being too complicated (27%), the lack of security badge on-site (35%), and the shoppers just browsing to collect product information (40%).
- The top reason for people shopping online is the ability to shop at any time.
Whether it is 24*7 shopping, saving time, eliminating the need to stand in the checkout line or not having to leave the comfort of home, convenience and ease of use are important factors driving the growth of online shopping.
Several other factors add to the growth include comparing prices and features before making a purchase, as well as lucrative pricing of products sold online. Based on this, the key takeaway for online businesses is to bestow convenience on customers by making the shopping experience hassle-free.
- It is estimated that 95% of all purchases will be made online by 2040.
The importance of shopping on mobile devices is growing at a phenomenal pace. Ultimately, the importance of mobile devices in online shopping has reached the stage of necessity.
The portion of eCommerce sales made using smartphones and tablets will consistently grow, and overall online sales will increase to 95% from just 18% in 2018. Mobile eCommerce stats indicate the importance of supporting mobile devices in online shopping.
Here is how eCommerce development services will change the world
Overcome the limitations of the screen:
eCommerce development will be all about delivering an experience for different screen types. Future experiences will connect different touch points such as voice, wearables, and kiosks. AI-powered product search on touch-screen kiosks in stores.
Era about Personalization
The next wave of personalization will revolve around predicting and anticipating user preference. Based on different aspects, such as geography, search history, and past behavior. Each individual will require a different experience based on geography, searching history, past behavior.
When you walk into a store, a salesperson can describe prospective customers using a smart technology that provides a better experience. Technology will make it easy to identify the difference, and this will only continue to get better.
Importance of Relevant Content
Consumers value information that is personalized and provides insights. eCommerce sites are making a paradigm shift of moving towards the creation of relevant and helpful content to heighten engagement and facilitate the right decision of buying the product. Machines will allow this occurrence faster for long-tail retail items, which will enable humans to develop the biggest experience-enhancing content.
Consumers want brands with values and translate the values in a highly personalized way to the shopper requiring more, relevant, and helpful content that drives engagement and facilitates the right purchase.
Convenience and Customer Service
The custom eCommerce development services will focus on service and elevate the shopping experience. The future will belong to creating efficiency and providing service that creates value for the consumer.
Shoppers now look forward to the omnichannel experience — such as conducting pre-purchase research on different platforms and across devices, as well as buying on various platforms.
With direct-to-consumer eCommerce and the rise of online retail goliaths like Amazon has certainly increased the scale and magnitude, shoppers today still seem to prefer a hybrid model — splitting their time and money among brick-and-mortar stores, online purchases and in-store pickup, as well as conventional eCommerce.
If you are looking to build an eCommerce site, get in touch with our team.