eCommerce proved itself as increasingly lucrative business as the sales crossed the number of trillions by the year 2019 and the future of eCommerce seems nothing different. Consumers now are splurging online due to the lockdown and the eCommerce industry is experiencing its new high currently—which doesn’t seem to stop anytime soon.
eCommerce has been gaining steady momentum over a few years. However, today the restrictions and limitations placed upon physical movement to obtain eligible items have now thrown greater progression of online purchasing.
Let us dig into this fact first that eCommerce is an ever-changing industry that is constantly shifting around the trends practiced by its consumers around the globe, to shape better for them.
The eCommerce industry has seen many changes over the years and more are still to come. Here we are trying to break down a few of the trends that are being practiced which will highly define the future of eCommerce.
Let us dive into those impactful changes and understand together what the future of eCommerce will look like in the coming years.
Future of Ecommerce for Retailers & Marketers
Emerging Markets Will Play a Huge Role
In the future of eCommerce, North America, Europe, Asia-Pacific, South America, Middle East and Africa are projected to play massive role as they are the emerging markets in the world today.
From these emerging markets, there will be an estimated 3 billion potential buyers who will gain access to the internet within a couple of years.
Talking about the sales, expectedly around 20% of these sales will fall from the consumers who currently will be residing in these same emerging markets. These markets however, are rather untapped by existing eCommerce businesses at the moment.
In the essence, it means that the future of eCommerce holds a ton of potential for existing businesses to branch out and reach new audiences.
With this, the opportunities for new eCommerce businesses is also rising within these emerging markets.
The Physical vs Online Debate
In general, people fall into either of the two camps in this debate of physical vs online.
According to some learned ones, it is just a matter before brick-and-mortar stores fade out in favor of an even bigger shift towards online shopping.
And then there’s this other group who think physical shopping has already entered into its renaissance period.
One cannot deny the fact that the growth of online shopping is outpacing the physical store but that certainly doesn’t mean that these physical stores have lost there worth.
There are numerous real-life stores which are now switching towards delivering unique shopping experiences to their consumers.
All in all, exclusive experiences are what we see as the future of eCommerce in physical retail as well as online.
The days where B2C dominated are long gone. This year eCommerce sales will be dominated by B2B that is predicted to grow to $6.6 trillion.
According to another trend, numerous companies are seeing buying products software, and services for their staff. It has become important for them to automate as many processes as possible and also for the wellness of their workforce.
B2B is not restricted today for wholesalers selling their goods to retailers. It has emerged as a booming industry led by SaaS and other tech companies. Every passing day, another new tool is emerged that unclogs our list of manual tasks by recreating or automating activities.
Businesses are allocating more budget to B2B as these technologies are making our lives easier and generating more profit for the business.
If your eCommerce store allows you invoicing, large orders, volume-based discounts, and convenient re-ordering tan you are on the road to success.
For an online business, eCommerce automation is the key growing element. From marketing automation to warehousing, this spread furthermore.
According to this trend, it helps in freeing up employees’ resources and time for some other task that requires more attention. Automaton software can highly benefit supply chain management, that can efficiently schedule for inventory alerts for reordering when the stock gets low.
For eCommerce automation, it isn’t wrong to say that sky is the limit and similarly for the future of eCommerce. Perform a little research and you will be able to come up with the right software for your product.
Shipping and Fulfillment
Another potentially increasing eCommerce trend is the increase in shipping and fulfillment centers globally. When consumers purchase goods online, there will be a need for fulfillment centers.
Globally these fulfillment centers are turning automated and smarter, through these smart networks fast business shipping is guaranteed. In addition to this, these centers let you represent your brand to your customer from the checkout to delivery.
He eCommerce entrepreneurs today are undoubtedly spoilt for choice. By placing the product in the inventory in multiple locations across the globe or country, enables your product to be placed closer to your consumer. This results in a greater reduction in transportation costs and time.
Now there is an easy to don this race for faster delivery, and an affordable one too.
Environmentally Conscious Shoppers
The shoppers and consumers today are not only more demanding but re smarter as well. They no longer only think about the best bargain of a product—they also look into the impact it will cause on the environment. As plastic is out for a whole subsection of customers.
For environmental activists, sustainable products are more than just a buzzword. Now retailers prefer ensuring that their products don’t have any negative impact on the environment.
Sourcing these types of products is becoming easier every day as this trend continues.
Closing Thoughts on The Future of Ecommerce
The future of eCommerce undoubtedly is going to be full of exciting changes and innovations.
Whether you are working at an eCommerce company, or are an entrepreneur, you must try to keep your fingers on the pulse when it comes to changes in the eCommerce landscape.
The best advice will be to keep on learning.
Consume as much information as you can about the field of eCommerce, this way you will conveniently get an edge on your competition, as the future of eCommerce holds a lot of changing trends to come.
If you are falling back the trend of online shopping and eCommerce business, and are looking for ways to get in the race now, then please feel free to contact us and get your business to online without hassle.