The days when you had to go to a brick and mortar store to buy stuff are slowly coming to a close, which means E-Commerce has enjoyed more than a few year of thriving business. Though the whole industry took off from desktop-driven sales, these seem to be approaching a plateau phase.
The numbers also show that a new medium is set to take over. Mobile devices are ever-present in our daily lives and they are currently leading the charge in online sales. Online merchants noticed the trend some time ago and have been modeling their services to this effect.
In Fact, BusinessInsider shows us that 2017 has seen a RECORD # of Retail Stores CLOSING forever for this very reason!
As an industry, E-Commerce seems to have a lot more room for growth. At the moment shoppers are warming up to online purchasing thanks to the flexibility, security and accessibility it offers.
This has allowed for the penetration of E-Commerce to markets hitherto uncharted.
Developing markets such as India and China have been on an upward rise, and that suggests they could
become some of the biggest markets in the coming years.
Table of Contents
More mobile shoppers than ever before
Tech companies in the smartphone industry are constantly coming up with new devices with all sorts of knick-knacks. In return, the number of users keeps increasing each year. This is good news for the online merchant because it can only translate to more sales.
Folks are finding it much easier to shop for items online than having to drag themselves to the actual store. In fact, statistics show that 56% of Generation Xers and 67% of Millennials would rather shop online than in-store.
In addition, 41% of people from the Baby Boomer generation will purchase from their favorite store’s online front.
At the moment, the figures show that mobile devices account for 19% of all online sales, a figure that is projected to reach 27% by 2018. A fast rising sales channel, mobile sales present a problem for online merchants though. Brands with an E-Commerce store have to figure out ways to better their software for a better experience when using mobile devices.
More storefront apps to be made
The aforementioned problem of merchants reaching out to the wide customer base using handheld devices will soon be a thing of the past.
Buyers are clamoring for store accessibility on the go, which online merchants can only deal with comprehensively by providing mobile aps for their online stores.
As of now, 86% of mobile users spend most of their time on apps as opposed to mobile sites. Online merchants have the task to come up with native apps for different smartphone models to ensure this once indecisive section of the market is locked down for the long-term.
Online sellers will, however, need all the help they can get to fix this small limitation keeping them from full-fledged conversions on mobile devices. An unwieldy app is the first turnoff for any mobile user and a sure way for them to press the uninstall button and forget about the app.
Storefront apps outperforming web
The general idea behind company apps holds that the customer is more likely to make a purchase from an app they have taken their time to download.
This premise is supported by the fact that store front apps are already outperforming the web when it comes to conversion, more precisely by 40%. That’s not all; store front apps also record a higher time spent on a single app as well as a higher likelihood of repeat visits.
It all adds up since a proper functioning app offers much more opportunities for personalization, not to mention push notifications.
There is a lot to be gained if merchants can come up with unified systems with a single data hub that the API can connect to. Such a system would allow for synchronization with payment gateways and analytics platforms.
E-Commerce will receive a worthy boost with the increase of B2B’ exchanges
Online shopping has always been focused on B2C interactions but it does not mean that B2B trading is not coming up too. The latter form of E-Commerce is projected to hit the trillion mark by 2020. It is a clear indication that the whole industry is finally converging on the web.
What is left for merchants is to streamline the purchasing process. Though the space may face a lot of hiccups at the moment, bulk shipping and pricing schemes are among the first aspects of
trading that being modified for the good of all brands involved.
E-commerce is adopting the use of video
Businesses have long downplayed the benefits of video in their marketing approach. However, video offers a host of benefits that have proven to increase conversion rates in the last year. In
response to this, the industry is set to spend more by the end of the year in digital ads than TV.
This means to expect more videos produced solely to boost online conversions. Spending in this sector is also forecasted to increase to the tune of $133.18B by 2020. The figure dwarfs the $9.05B that is to be spent on TV ads in the same span of time. The new form of E-Commerce is headed towards less clutter and more visuals.
Faster deliveries will keep e-commerce going
Customers had to make do with slow deliveries when buying from online stores.
Fast forward to 2017 and merchants have awaken to the challenge of on demand’ purchasing. Same-day and next-day deliveries have become a common thing now and will soon be the mainstay for E-Commerce sites with the will to keep up with new developments.
Consumerism is an ever-growing trend that doesn’t seem like it will slow down any time soon.
Customers are always demanding more from the seller and in this case, same-day deliveries are the
one thing clients are agitating for.
There is little any expert can tell you about the future of ecommerce. However, everyone in the industry can agree that online sales are only set to increase in the coming years. Online merchants have their work cut out as they have a duty to better their services to take advantage of the burgeoning market.
So What Next?
My Good friends Aidan Booth, Steve Clayton and their new business partners are launching 7 Figure Cycle in January, 2018!
Another Good Choice is ECom Success Academy, launching again in March of 2018. (But you can still buy it now)
I HIGHLY suggest you pick it up, follow what it teaches, and make 2018 YOUR most profitable year ever!
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