In recent years, our shopping habits have changed dramatically, and more of us than ever are now shopping online for everything from low-end items like groceries to luxury, high-price goods such as TVs or even cars.
E-commerce has evolved substantively over the last ten-or-so years with vastly improved security and better shopping experiences on offer to the point it has now become an ingrained and integral part of the retail environment.
Indeed, while bricks and mortar stores still outsell online ventures, the retail landscape is changing rapidly, and many traditional and established retailers that failed to adapt have already fallen by the wayside.
A Trend Accelerated by Coronavirus
The move away from the high street had been underway for many years; however, the monumental societal changes brought about by the novel Coronavirus and lockdowns through 2020 have accelerated the growth of online retail exponentially. With populations locked indoors for much of the year, people had little choice but to shift to shopping online – a habit that will likely prove hard to break long after the virus has passed.
If You Run a Retail Company, You Need to be Online
There are numerous reasons experts believe the future of retailing lies online – everything from price to convenience, to the diversity of products available. Whatever the reason, one thing is obvious – if you run a retail company, you need to be online.
E-commerce trading gives your company a pathway into potential markets that can’t be accessed with a traditional store. Moreover, it also gives you control in ways that aren’t possible offline. For example, implementing a profit calculator for Shopify
2020 – A Few Statistics from a Defining Year in the History of E-Commerce
As we rush swiftly into a new year, here are just a few intriguing insights into e-commerce from a year that will be remembered as a defining moment for online shopping:
The revenue created by online shopping globally: Experts are awaiting precise figures but it is believed that the global worth of online shopping could have topped $4 trillion over the last year.
All signs point to continued growth: In the USA alone, it’s thought there could be 300 million people buying online by 2023 – equating to around 91% of the entire population.
The worth of the worldwide internet retail sector: While the US’s e-commerce stats are impressive, the country is far from alone in making the leap to shopping online. According to recent research, the average revenue generated by individual online shoppers sees the US sitting top with $1,804 per user, the UK second at $1,629 with Sweden ($1,446), France ($1,228), and Germany ($1,064) in third, fourth and fifth respectively. The world is most definitely waking up to the potential of e-commerce.
Consistent growth since 2018, across both sexes: It’s estimated around 47% of all people globally shop online (72% of females and 68% of males). For men, computers, and technology top the shopping list with travel or hotel accommodation in second place. The most popular purchases for women are clothes, followed by books, magazines, or e-learning materials.