HOW ECOMMERCE WILL CHANGE AND BEYOND

Ecommerce is a behemoth of a business. It’s no surprise that people are always inquiring about the future of ecommerce.

In 2019, global ecommerce sales totaled about 3.5 trillion dollars, demonstrating that ecommerce is becoming a more profitable alternative for enterprises.

That’s a significant number, and the good news is that it’s not a new trend.

In fact, from 2014 and 2017, ecommerce sales grew at an average of 25.6 percent per year.

That’s proof, if you needed it, that ecommerce is alive and well, and has been for quite some time.

It’s also an industry that’s always evolving. Trends are always evolving in an attempt to affect how people buy items in every corner of the world.

To say the least, this makes the future of ecommerce interesting.

In the future years, a lot of important things in ecommerce are predicted to change. We’re here to assist you understand how ecommerce will evolve in the future.

1. Emerging Markets Will Be Critical

India, China, Brazil, Russia, and South Africa are expected to play a significant role in the future of ecommerce.

Given the recent growth of some of these countries’ economies, this may not come as a surprise, but let’s dig a little deeper.

By 2022, it is expected that about 3 billion prospective purchasers from emerging nations will have access to the internet. That’s a significant number of potential clients.

In addition, purchasers who already reside in those emerging markets are estimated to account for 20% of all retail sales in 2022. That’s a lot of sales potential.

The most fascinating aspect of it all is that many of these sectors are currently underserved by existing ecommerce enterprises.

Existing businesses have a lot of room to grow and reach new consumers as a result of this.

It also implies that new ecommerce firms will have a lot of opportunity to emerge in those expanding countries and customise their services to local customers.

Are you curious about which overseas marketplaces dropshipping entrepreneurs are making a lot of money in? Check out this article about the most popular dropshipping markets.

2. The Online vs. Physical Debate

We can’t discuss the future of ecommerce without bringing up the ever-increasing physical vs. online conflict.

In this argument, most people in the ecommerce business fall into one of two camps.

Some feel it will only be a matter of time until brick-and-mortar stores are phased out in favour of an even greater move toward online purchasing.

Others believe that physical shopping is experiencing a renaissance.

What is our stance?

It’s indisputable that internet shopping is exceeding brick-and-mortar store sales by a wide margin.

However, this does not negate the fact that physical storefronts are still extremely valuable assets for ecommerce businesses.

Rather than serving as a physical extension of their online stores (which often have access to a far larger inventory), brick-and-mortar stores appear to be shifting their focus to providing distinctive shopping experiences.

Consider Nike, which has already expanded in both New York and Shanghai with their brand-new experiential shopping venues, or “Houses of Innovation,” as they like to call them.

You may pick up exclusive products, modify things with your own two hands, participate in fitness tests, try out brand-new products by playing entertaining games, hire a personal shopper, and more at Nike’s new physical stores.

These are experiences that you can’t get anywhere else, and they go a great way toward cementing brand loyalty.

Shopify, an ecommerce behemoth, has recently opened a retail facility in Los Angeles to assist current and aspiring businesses. Customers, both new and old, will be able to experience their products and brand in a whole new light as a result of this.

Overall, we believe that exclusive experiences will be the future of physical retail sites. These are once-in-a-lifetime experiences that cannot be duplicated.

3. B2B ecommerce is no longer dominated by consumer-to-consumer ecommerce.

This year, B2B eCommerce sales are expected to reach $6.6 trillion.

Companies are increasingly purchasing software, products, and services for their own employees. It’s never been more critical for businesses to have the tools they need to automate as many operations as they can. Or the greatest ergonomic seats for their employees’ health.

Wholesalers selling to retailers is no longer considered B2B. It’s a thriving business, with SaaS and technology companies leading the way. Every day, we learn about a new application that automates or recreates processes, freeing up space on our desk.

Because technological advancements make our lives easier and businesses more profitable, it’s no wonder that companies are dedicating more budget to B2B transactions each year. Take a look at how HubSpot explains how their technology may benefit any company in need of marketing automation software.

If you’re a B2B business, make sure your ecommerce store supports huge orders, invoicing, volume-based discounts, and the ability to simply reorder. You’re well on your way to success with all of these features in your ecommerce store.

Source: ecommerce business , ecommerce store