Market Growth
Current Market Trends: The e-Commerce retail industry, otherwise known as the online shopping industry, has seen massive growth within the last decade both in the US and Globally.
United States; – In 2019, US online retail sales of physical goods amounted to 365.2 billion. Projected to reach close to 600 billion US dollars in 2024.
Global Market Size – According to a Digital Commerce 360 brand report, Consumers worldwide spent nearly $3.46 trillion online in 2019, up from $2.93 trillion in 2018. Global retail sales through all channels hit $21.00 trillion by the end of 2019, a 3.4% uptick. Global E-commerce sales are expected to reach more than $6.5 trillion by 2023.
By 2021, analysts estimate 53.9% of all E-commerce sales will happen on mobile devices. But research indicates 53% of consumers will abandon a site that takes longer than three seconds to load. This rate bounces up on mobile devices at 10–20% higher than desktop.
The Need to Know for Current Market Trends
This aside, Globally-In 2021, over 2.14 billion people worldwide are expected to buy goods and services online, up from 1.66 billion global digital buyers in 2016.
Consumer Behaviour
Digital buyers are influenced by a range of digital resources when shopping, such as brand emails, product
Review, social media engagement. Reasons to purchase aside, the number of digital buyers is continually on the rise. PayPal, AfterPay, and easy access to payment methods are engaging consumers at a faster rate so there is less reaching for the wallet and more waiting for the mail. This eliminates any potential buyer remorse that would cause trepidation at checkout.
What does this mean? This is a saturated market. If you are not ready to compete with the Big Guys like Amazon, Walmart, Groupon, eBay, and Target, you cannot be ready to rake in the e-commerce as they do.
The Need to Know for Current Market Trends
What they have…….that you need
- Bargaining power
- A targeted audience
- Checkout cart conversion rates
- A seamless mobile shopping site
- Investments into e-Commerce and up-to-date software technology
- A brand that offers the best price, highest quality and unique selling point.
Current Market Trends: Big and scary, but never alone. My Offer is here to help you alleviate all of these worries. Your brand is unique, powerful, palpable, and ready to be connected with a diverse online audience. Let us help you update your software so that it is more engaging, fun, and puts the customer first every time.
