Business world has seen any sectors in terms of grown and in terms of decline of those sectors, how any sector will perform is difficult to measure. In this new era of internet and digital many sectors are growing one of the growing sector is Ecommerce. Ecommerce sector is purely based on internet and doing well in terms of growth and giving business and job opportunity to many others.
IF there is a new sector comes in the business world it takes decades to grow however, this is not the case with Ecommerce Sector. Ecommerec sector grows very fast and not only in the developed country but in developing countries as well. Ecommerce sector gave many benefits to the customers and the businesses as well, online shopping is one of the important factor of ecommerce sector.
No one will deny the fact that Ecommerce sector grows rapidly and still grows day by day. Many new big or small understand the opportunity in this sector and making ecommerce sector better by putting effort, so that ecommerce sector flourish in an effective way.
Let’s take a deep dive, how ecommerce sector grows and how it is helping the businesses and the customers.
Growth of Ecommerce Sector
$4.2 trillion USD ecommerce sales will happen in 2020, was predicated by many experts however, looking at the current market and due to pandemic this figure looks impossible but you never know who thinks will change and this figure will be achieved easily, another predication says that $6.5 trillion USD will sales will takes places by 2023. Billions of the people are buying goods and services by 2021 and this is for sure that as the times passes ecommerce industry will rise and shine.
The above data mentioned that ecommerce is not only flourishing but will emerge as the best growing sector all over the world. Ecommerce companies in India are doing well and they are doing good as expected.
Ecommerce sees most of the growth from Asia Pacific Region, in the past few years we have seen that ecommerce growth is shifting from west to Asia pacific. APAC is contributing the most in the growth of ecommerce.
You can imagine that how powerful Ecommerce is, during this pandemic still ecommerce sector is up and fine. Many people ordering essential needs from various ecommerce websites, in a nutshell ecommerce is still benefiting the customers and retailers.
Reason behind Ecommerce Growth
Many reports were published about the reason behind the success of ecommerce sector, every reports mentioned about many reason which may be very convinced or few of them not very appealing. Let’s see the reason behind the growth of ecommerce sector in very different prospects.
- · Data Analytics
No matter what, irrespective of the sector technology is making sectors more effective . Once we get the real time data helps us in understanding the customers behavior and the need once we get the data you can make the changes in your ecommerce store according to the customers need. If companies able to use the data effectively than they will see the more sale and more revenue and more customers engagement. Using the real time data will be a strategic and beneficial move.
- · Mobile Shopping
Mobile is making our like more flexible and impacting our shopping habits. People love to shop online as shopping apps are fast and reliable and easy to use as compared to but any thing from websites. No matter what you are buying something or making the payments mobile apps are making life easier than before and more secure as well.
- · Subscription Based Selling
This is a new kind of selling which is gearing up and will be more in future. This will be the one of the best option to increase the sale and customers engagement. Customers always look for more discounts and new offers, in your ecommerce store you can sell the products what customers is always looking for food items and many other items which is used in day to day activity. Subscriptions will be beneficial for both customers and company as customers will be excited with the overall shopping experience and company will get more sale and more customer engagement.
- · Shopping Videos
Shopping Videos we can is a new trend and new addition in the growth of ecommerce sector. Customers will love to see video of the product before hitting on the buy button, its will give the new experience to the customers and customer will get the better idea of the product. If you want to see the success of your ecommerce business tries latest trends. Adding videos to your online store will increase the customer engagement and eventually this will lead to more sales and revenue.
- · Shopping With VR(Virtual Reality)
While doing shopping on we commerce website we can see the products and able to read the reviews as well however if we can see the products in 3D than it’s an added advantage for the customers. This is also a new trend which is helping ecommerce sector to do better and this technology many ecommerce companies investing high amount. If customer can see the 3D image of the products than they can make the decision effectively and VR helps in increasing customer engagement.
Ecommerce is growing all over the world but let’s take a look how ecommerce is growing in different continents
- · Africa and Middle East
In this region growth of ecommerce is slow, in Africa growth is extremely low because of low usage of internet and people are not ready to u se modern technology. This region only shares the 1% of ecommerce transaction all over the world.
- · Asia & USA
These 2 regions contributes the most in ecommerce growth as t hey buy more and spend more on ecommerce activities. China and USA contributes the more towards the growth of ecommerce. According to the study China and USA is going to give more boost to ecommerce sector. Ecommerce Companies in Indian are also contributing in ecommerce sector as Indian is become the hot spot for ecommerce.
- · Europe
Western Europe has the biggest contribution in the ecommerce sector in whole Europe.
Ecommerce is a sctoe which is helping any others, ecommerce itself is growing and helping others to grow. We can say that it’s a small world for doing business, ecommerce sector is growing mostly because the middle class people of this world and one day they will make the ecommerce the most successful sector across.