eCommerce is becoming one of the most crucial parts of global retail. With the advent of emerging technologies, the retail landscape is continually changing, and virtually every industry is gaining from eCommerce. With the rapid proliferation of smartphones, and technology advancements, and increasing adoption of the internet, eCommerce has experienced a massive acceleration.
In 2019, retail e-commerce sales worldwide amounted to 3.53 trillion US dollars and e-retail revenues are projected to grow to 6.54 trillion US dollars in 2022.
Online marketplaces account for the largest share of online purchases worldwide in the year 2022.
The coronavirus (COVID-19) pandemic has played an instrumental role in bringing about a paradigm shift in consumer behavior. In June, “global retail e-commerce traffic stood at a record 22 billion monthly visits, with demand being exceptionally high for every-day items such as groceries, clothing, but also retail tech items.”
In the wake of the new normal, businesses need to enhance eCommerce capabilities to build an omnichannel experience across different devices and operating systems with various applications, capabilities, and delivery models. It is important to partner with an eCommerce website development company to build a robust website.
Growing eCommerce Markets
- With over $1.935 trillion in eCommerce sales, China was the biggest eCommerce market in the world in 2019.
- The second-largest eCommerce market in the world is the U.S with $586.9 billion.
- Three of the six largest eCommerce markets are in Western Europe. The UK is the leading eCommerce market in Europe with $141.93 billion in eCommerce sales, followed by Germany ($81.85 billion) and France ($69.43 billion).
- India is currently the fastest-growing eCommerce market.
Why Should You Build an eCommerce Site?
82% of Internet users in the United States have used a mobile device to shop online.
Traffic and sales by device
According to Adobe stats for the 2020 Holiday shopping season, sizeable traffic came from mobile devices; however, the majority of sales took place on the desktop.
Add to cart rates for mobile, desktop, and tablet.
Add to cart rates are almost the same irrespective of the device such as mobile, tablet, and desktop. This suggests that users are happy to browse and select items.
Change of Consumer behavior post-COVID-19 Pandemic
According to a survey conducted by Salesforce, nearly 68% said COVID-19 elevated their expectations of companies’ digital capabilities, 61% expected to spend more time online after the pandemic than before it hit.
Before you begin here are the things to take into account
When it comes to shopping online, experiencing hassle-free checkout, and conveniently ordering Thanksgiving gifts for your loved ones online or even an iPhone shipped directly to your doorstep, you think it is all about tapping a button. But it is not.
When looking at any eCommerce site, you never think about the fact that someone had to craft content and individually load each and every product online as well as negotiate with the product manufacturer to sell the product online.
Research & Repeat
Research plays a critical role in launching your eCommerce website. After all, your efforts will zero down if there are no buyers for your products online. The most effective and simple way to overcome this problem is by researching your products.
What kind of products would you like to sell online? There are several questions to answer before you think about launching your eCommerce store.
- Are you looking to sell trending products to ride on the wave in the short-term or long term?
- Are you looking for a product that is likely to grow in popularity in the future?
- Are you looking for niche products or seasonal products?
There are several different tools to spot trending products and niches, such as Google Trends that provides comprehensive data and insights into the past and present product keywords across different geographies.
Yeah, it is all right to find top-ranking products based on keyword research and tools. However, the critical question is whether you are passionate about the products. The success mantra is to align your work with interest. It is crucial to care about the product that you are selling strongly.
Validate your Product Ideas
This is the tricky part involving lots of trial and error. But thankfully, there are several ways to validate your product ideas to know what you are selling has a market. There are a few strategies to validate your product ideas and the most effective way to do this is using the Amazon product marketplace and conducting competitor analysis.
Building your eCommerce Website
Building an eCommerce store is relatively cost-effective and more straightforward compared to building a multivendor storefront which requires upfront capital and work. Ensure you work out a budget that makes sense for your goals.
- Domain name
- Web hosting provider
- Integrated payment processor
- Secure and scalable platform or tool to build your store
- Product Shipping & packaging
Security & Platform
eCommerce is a goldmine of information, and it’s critical to select a CMS platform offering 256-bit Secure Sockets Layer (SSL) encryption. This provides an end-to-end secure connection to keep the hackers away.
Creative Design & Mobile-Friendly
Templates are not the best option for your eCommerce store. There is a risk that your site will lack soul and look similar to other sites using a similar template. The cookie-cutter approach will not work. In such a scenario, it is pivotal to reflect your brand presence with a custom design. Your eCommerce site is unique and makes it stand apart from other websites.
It is imperative that your website currently supports multiple payments; you are reducing your chances to convert. Analyze your target audience’s payment modes in the market you are selling. To ensure different payment options aligning with your market’s specifics, consider working with a reliable payment processor or gateway.
eCommerce sites are one of the most important parameters to not just survive but sustain and grow in the new normal. Are you ready to leap ahead with an effective online presence?
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