The global eCommerce market is continuously growing. Imagine the rising demand of the ecommerce application by 2020. The biggest change in the ecommerce market is the number of players are now in the game. Maximum people use their electronic devices such as smart phones for online purchase. Now this is the time for retailers need to think about online store and ecommerce apps. According to Business Insider, “E-retailers are leveraging new capabilities in old business models to expand existing and new markets like apparel, grocery, personal care and more where e-commerce had only limited penetration till now”.
The Census Bureau of the Department of Commerce of United States announced that the estimate of retail e-commerce sales for the second quarter of 2016, was $97.3 billion, an increase of 4.5 percent from the first quarter of 2016.
eMarketer estimates that global retail sales growth is gradually increasing and mainly fueled by sales in China, India, United States and developing countries. By 2019, retail ecommerce market worldwide share will jump from $1.671 trillion to $3.578 trillion.
Technavio predicts the trends of the global e-commerce market and provides an analysis of the most important trends expected to impact the market view from 2016 to 2020 and estimate that the global e-commerce market will increase by 19% by 2020.
Above prediction shows that there is an opportunity to increase retail sales. Online product sale is gradually increasing worldwide and buyers are attracted by ecommerce websites. It is predicted that new ecommerce product categories will take over. According to eMarkecter the highest number of the online sales is consumer electronics and computers, laptops. Asia-Pacific is the region with the highest total of ecommerce sales. Developing countries are participating more to grow the ecommerce market. Amazon and Alibaba will keep up against new ecommerce trends, however individually and independent retailers will maintain their share of the online market.
The main emerging trends driving the global ecommerce market are:
Vendors are switching from ecommerce websites to ecommerce apps
Because of an increasing number of smart electronic devices such as smart mobile phones, transactions of online shopping through ecommerce mobile apps are higher than ecommerce websites. It is the fact that the growth of mobile phone users is increasing, but vendors still need both ecommerce website and ecommerce application to minimize the risk of losing potential customers.
Brick and mortar stores shifting to e-commerce
E-commerce will expected to survive in the developed countries with the decline of sales in brick and mortar retail stores. Consumers will visit the showroom to check the products look and other features and buy it from an online store at a discount price. While in the other side consumers will check the product review online and buy it from the store. Retail vendors will increase their online presence.
Payments and transaction will become absolutely transparent
By 2020. It is predicted that more payments and transactions will take place via smart phones or wearable technology. The goal of the company is to make the payment process as seamless & streamline as possible.
Better use of sensor technology by retailers
There is possibility that retail stores will have more awareness of the consumer’s emotions and excitement through the use of sensor technology in 2020. They can easily detect when consumer can react positively or negatively.
The new sales assistant – Technology
It is true that technology will play a greater role in automating the retail experience. With the help of the latest technology, sales people will focus on building relationship with the customers to increase sales.
Marketing with the use of cross devices
A number of increments in consumers for online purchase through the use of various smart devices such as smart phones and tablets, it is necessary to consider e-commerce sales growth through the use of cross device marketing. Generally, consumers have mindset to see the product in one device and buy it from the other device. Vendors have realized cross device marketing and started to implement this marketing technique to attract more buyers.
With the above trends and prediction, there is an expectation among the growing number of maximum companies to participant buying and selling online. We will be in the real digital era where people will mostly buy through ecommerce application in 2020. There is a good opportunity for the business persons to success in the world.