The industry of eCommerce is still booming and growing at a rapid pace. In the 3rd quarter of 2016, online retail sales grew 1% from the same time period during 2015. Furthermore, eCommerce saw over a $3 billion dollar increase in sales from 2016 versus the previous year.
It is projected that by 2020, eCommerce revenue will reach the $4 trillion dollar mark globally, accounting for approximately 15% of all retail sales. So, what does the future hold for eCommerce and what factors will make it continue to grow? There are several trends that are currently powering the successful future of eCommerce.
More Categories, Better Selection
Today, the online market is dominated by electronics, toys, books and other hobby items. Sectors such as food and beverage are beginning to gain traction and take advantage of a gap in the eCommerce industry. Recently, both Amazon Fresh and Hello Fresh have begun to dominate online grocery sales and more competitors are expected to make the shift to online sales.
Digital Media
Compared to traditional print media, digital media opens an entirely new world of possibilities for retailers and today is unlike what we have ever previously seen. Retailers now have expanded reach, can improve their messaging and marketing efficiency. The future of eCommerce will see more channels of digital media used to get retailers messages out to their customers. More and more people are shopping on mobile and tablet devices and the eCommerce industry will be adopting a stronger presence across a variety of channels.
New Technology
Cheaper, faster and more efficient delivery options are on the horizon. Recently, Amazon made its first delivery to a customer in the United Kingdom, in under 15 minutes from when the customer placed their order.
Disruptive technologies will have a profound effect on the future online shopping experience over the next several years and will help generate more eCommerce sales.
Emerging Markets
Expansion of eCommerce in regions such as Asia has created more opportunities for online retailers. In fact, in 2014 the Asia-Pacific eCommerce market surpassed North America with $525 billion in sales compared to $482.6.
Mobile Usage
Historically, small phone screens and not so great mobile checkout experiences were the main reason that desktop usage was more common for online shopping. Since the development of mobile responsive websites and with smartphone screens becoming larger, traffic and sales from mobile devices are increasing. As mobile usage is expected to continue to expand at a rapid rate, it will have a positive impact on the future of eCommerce.