In spite of the COVID-19 pandemic wreaking havoc on the global economy, the eCommerce space has surprisingly thrived through the crisis and set on a promising growth trajectory. Without a doubt, it is a crowded market. However, if you have ever thought of starting an eCommerce business or boosting the one you’re currently running, now is the time to do it!

The Covid-19 pandemic has triggered a huge shift in consumer behavior. Not merely in terms of what people are purchasing, but when, where, and how they are purchasing it.

Why the shift?

⦁ Stay-at-home orders
⦁ Closure of non-essential businesses
⦁ Evident upturn in remote work culture

The customers out there are looking for two major things: convenience and good buying experience. Being an online business, if you can provide them with both, you are looking at unstoppable growth for your business.

The pandemic has forced people to buy their essentials online. Now they are habituated to sit in their comfort zones and click to order. The number of internet users who made not less than one grocery order through any digital channel shot up by 42.6% between 2019 and 2020.

According to a report by eMarketer, the worldwide growth in eCommerce sales in 2021 will be 14.3% and the total number will touch the $5 trillion mark.

Why are the eCommerce sales rising so rapidly?

⦁ COVID-19 pandemic has accelerated years of growth in just weeks
⦁ Increasing internet connectivity
⦁ Rising Gen Z and millennial population
⦁ Surging penetration of smartphones
⦁ Growing adoption of m-commerce
⦁ Rapid urbanization
⦁ Increasing acceptance of digital transactions
⦁ Expansion in regional localization of internet content
⦁ Optimized online shopping experience

Top global eCommerce trends to watch

If you are planning to start an eCommerce business or already running one, it is necessary to stay updated with the top global eCommerce trends.

⦁ Mobile Commerce: Mobile commerce continues to grow rapidly. Insider Intelligence forecasts that mobile commerce volume will increase at a 25.5% CAGR until 2024, hitting $488 billion in sales.

⦁ B2B overtakes B2C: B2B eCommerce has risen almost two times higher than B2C in 2020. According to Statista, B2B eCommerce sales in the US are expected to reach $1.184 trillion.

⦁ Omnichannel is the way ahead: Omnichannel retail enhances customer experience. Research shows omnichannel customers spend 15–30% more than single-channel customers.

⦁ Social media shopping is growing: Platforms like TikTok, Instagram, Pinterest, Facebook, Twitter, and YouTube have introduced shopping features allowing customers to buy products directly.

⦁ Build supply chain resilience: A Deloitte study shows that 9 in 10 companies are investing heavily in improving supply chain resilience.

⦁ Using localized languages is key: A CSA Research survey across 29 countries revealed that 65% of consumers prefer content in their native language.

⦁ Artificial Intelligence (AI) is transforming shopping: AI has become more accessible, enabling even small businesses to implement intelligent eCommerce experiences.

⦁ Voice Commerce is booming: Voice assistants like Amazon Alexa, Google Assistant, and Apple Siri are making voice shopping increasingly popular.

⦁ Virtual Reality (VR) is a game-changer: VR enables immersive shopping experiences, allowing customers to interact with products in a simulated environment.

Conclusion

Consumer behavior is changing every day, and technology continues to evolve. As an eCommerce business owner, you need to closely monitor these trends and focus on improving customer experience.

Take your eCommerce evolution to the next level by contacting i95Dev experts.