5 Big Trends Shaping the E-commerce Sector
Ecommerce has already completely changed the way people purchase goods. Despite already vastly shifting shopping habits, ecommerce is just getting started.
Here are five big trends shaping ecommerce. 1. Continued Ecommerce Sales Growth
There’s no denying that ecommerce is on the ascent. It’s hard to beat the ease and convenience of purchasing goods online and having them delivered to your door. Due to this, ecommerce has seen some strong growth over recent years.
U.S. ecommerce sales, for example, will cross $1 trillion for the first time in 2022. Reaching this milestone was not expected until 2024 prior to the pandemic. Worldwide, ecommerce sales are expected to reach $5 trillion in 2022 and $6 trillion by 2024.
Despite already experiencing such sustained growth, ecommerce still only accounts for about 19.6% of retail as a whole as of 2020. This means there’s still a ton of room for this sector to continue capturing market share. It’s going to be interesting to see how much ecommerce keeps growing into the future. 2. Customers Demanding More from Brands
There’s a sort of social contract that exists between brands and consumers. People who buy goods essentially use their dollars as a voting mechanism. Those companies and brands that receive the most business are getting a stamp of approval from the public.
But what determines which brands get that stamp of approval? Think about your own purchasing preferences. Of course, you want to purchase items that you prefer most.
Whether we’re talking about shoes, clothes, food, a car, or anything else, people typically want to get the goods that speak to them. This preference comes down to a combination of personal taste, quality, and branding.Cost has also traditionally been a huge determiner for customers. If there’s not a huge difference between two items, you’re probably going to want the less […]
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