eCommerce is huge, and it is expected to grow even bigger. Although 2020 is a year that proved difficult in every aspect of life and business, there is one area that prospered. At a time when physical contact and movement were greatly restricted, online buying became the go-to mode for shopping. As people tried to get what they needed, especially across borders, eCommerce grew by massive margins surpassing earlier growth rates. This trend is expected to continue. Although it is not new, eCommerce is the ideal vehicle given its convenience, affordability, and effectiveness in getting what you need regardless of time and distance. Trends will constantly shift as people in different parts of the globe buy the products that they need. With lots of changes expected in eCommerce over the next years, it is important to understand what it will look like. Here are some of the trends to expect in future:
With emerging markets projected to play a big role in the future of online business, it is important for any company that wants to survive and grow, to focus on a market that is estimated to have more than three billion potential buyers. It is even more enticing to learn that these markets are not well tapped right now. Analysts point out a huge potential for existing businesses to branch out and reach new customers. To gain from this market, new and existing eCommerce brands need to tailor their services and products towards local audiences.
It’s a time to be flexible. As the biggest players scramble for dominance they will work to change the game. Look for key alliances like this year’s partnership between WalMart and Shopify. As these new situations come into view, they will surely be accompanied by new trading rules and requirements put onto the supplier. Maintaining your market position will depend on your ability to adapt to constantly changing requirements.
The domination of B2C (Business to Customer) eCommerce is being supplemented by B2B (Business to Business) with sales predicted to hit seven trillion dollars at the turn of the year. Companies are buying services, products, and software not only for re-sale but for their own use. In addition to wholesalers selling to retailers, there is booming business between companies. With investments in new technologies and solutions enterprises are allocating huge budgets for B2B purchases. As a merchant with B2B opportunities, you need to get ready to ensure that you can ship large orders, give quantity discounts, and increase your reorder capability.
eCommerce will thrive on automation, where every department is effectively integrated. Investment in tools and techniques that provide automation will be mandatory for any eCommerce enterprise looking to prosper in the future. It will not only make it easier but also reduce the costs of operations, allowing a business to stay competitive.