Over the last number of years, the boom in ecommerce has been a significant phenomenon. And it’s only going to continue to expand. Ecommerce has transformed how customers find and purchase products. It’s changed how businesses operate. Even companies traditionally focused on a brick-and-mortar presence are expanding into online opportunities.
Over the past several years, ecommerce sales have experienced tremendous growth worldwide. For example, in the previous year, ecommerce sales are expected to account for more than 20% of all sales, a significant jump from just a few years before. The global e-commerce market is expected to reach a jaw-dropping $6.3 trillion, or 21.2% of retail sales.
Yes, the pandemic acted as a catalyst for the exponential growth of online shopping due to lockdowns, social distancing, and other precautions. But once customers got a taste of the convenience of having nearly any type of product delivered to their doorstep, ecommerce demand only grew.
Retailers quickly rose to the challenge with technological advancements like enhanced mobile apps and social shopping on networking websites (e.g., Instagram, TicTok, and Facebook). Sales in this sector are expected to triple by 2025.
There’s been a notable shift in consumer behavior toward online shopping for convenience, variety, and competitive pricing. Plus, with the rise of mobile-optimized shopping, people can click the buy button just about anywhere at any time. This is one reason for this sector’s huge growth, as mobile ecommerce is expected to constitute 42.9% of ecommerce sales this year.
In addition, some companies are taking advantage of the recent advancements in artificial intelligence (AI) to create more personalized shopping experiences and better appealing to customers’ behavior and preferences. Payments and logistics are also becoming more efficient and user-friendly, with options like Buy Now, Pay Later.
Any successful business will tell you how important it is to evolve and adapt to upcoming changes if you want to stay competitive and grow. This includes embracing new technologies, consumer behaviors, and shopping experiences.
It’s vital to stay on top of the data to understand not just market trends but also changes in your customer’s behavior, allowing you to make more informed decisions on the products you sell and how you sell them.
And, of course, now that we’re in the digital age, a strong online presence with a user-friendly website, active customer engagement, and personalized experience are essential components of success.
Several key tools and strategies can help companies better navigate ecommerce changes. These include:
Implementing the strategies above and carefully choosing the right logistics and fulfillment partner for you can help you set your company up for greater ecommerce success!
Ready to learn more about QuickBox’s ecommerce fulfillment services? Contact Us today.