The future of eCommerce is exciting. The top trends in this market space look promising for newbie retailers to find their niche, for established retailers to optimize their products, and more. Big data has a huge role to play in predicting insights into future e-commerce trends. In this blog, you will read about the new marketing channels, the share of e-commerce in the overall retail market, and get a glimpse into the rise of voice search analytics. Overall, retail companies can get access to as much information as possible, which makes selling products online more exciting!
Let’s Dig Into eCommerce Data
How big is the global eCommerce economy? What are the top-performing eCommerce companies in 2022? Which country dominates the eCommerce space in the world? Before we dive into these questions. Take a look at how the eCommerce space is exponentially growing year-on-year. According to Shopify’s annual online retail sales report, global eCommerce will rise to 6.3 trillion in sales in 2023 and 7 trillion in 2024. This number is only expected to grow exponentially in the next few years and the overall eCommerce share of retail sales will reach its all-time high at 25%.
American and Chinese companies dominate the eCommerce space, and the top 6 companies are run by either of these countries. Amazon tops this list owing to the market value of $1.6 B, followed by Home Depot at $411 B evaluation, and Walmart at $402 B. In the top 4, we have China’s Alibaba, and a Netherlands-led company, Prosus. The Indian-led company, Reliance takes its position in the Top 8, followed by Meituan, Shopify, and the Target group. According to Oberlo, the top 5 retailers together share a market value of over 3 trillion dollars.
Big Data for eCommerce Strategists
We are in a space where checking out products in search engines, going to the brick-and-mortar store to experience the product, and getting back online to make a purchase coexist. Although the online share of the market is increasing every year, sales from the physical store are clearly superior to online shopping. But with the number of new customers shopping online, this trend might soon change. Giving a way for physical stores to offer unique shopping experiences to customers like customizing and trying out futuristic products.
Collecting big data and finding consumer shopping patterns, enables strategists to make educated predictions that can drive the retail industry. The current industry as we see is channeling from being fragmented to united in the digital space. Understanding e-commerce trends reduces the friction between brand and consumers. In turn, creating an effective brand experience.
Use of Voice Search Analytics
Over 50% of customers use voice search while shopping online and companies can leverage this big data by conducting voice search analysis to optimize product information for ranking better in the searches. Companies like 42Signals help to provide retail big-data insights for improving your share of search within your niche. Future of eCommerce looks promising with opportunities ahead.
This trend where a consumer uses voice command from Alexa or Siri to add items to the cart is known as the voice commerce trend which is powered on all IoT devices. Think about the way people might use a voice search. It usually is in a question format, keeping the keywords intact. For example, where can I find the cheapest Bluetooth speaker? So including these phrases to optimize products can go a long way and accelerate growth from all the online channels.
Accelerate Online Shopping
Brands can look into opportunities like expanding sales across countries by analyzing the e-commerce penetration rate in the region. Strategists can also look into the demand side of the product and shipping insights. Generally, it is a good practice for retailers to rely on web data analytics to get structured data for enhancing the shopping experience, optimizing product prices, managing inventory, and understanding online consumer behavior. Switching to a chatbot for addressing concerns works best if the website is boggling down with basic queries from customers.
There’s no doubt that the online marketplace is crowded. However, there’s a silver lining here. Since this space is fragmented, there’s a lot of scope for retailers to establish their presence in the category and have the advantage of digital and mobile-first environments. There’s a lot of scope for innovation and product accessibility by creating a unique experience for your customers.
Future of eCommerce looks promising with the opportunities ahead. E-commerce as we know is changing and it is changing the way consumers shop and purchase products. Preparing for the future and making educated strategies take the brand a long way in the modern economy. Understanding the current retail trends can prepare your business for optimal growth in the eCommerce domain. All the above insights clearly call out the message that the future of eCommerce looks promising and is a lucrative option for brands across categories. Contact 42Signals to get a glimpse into how an eCommerce tool can help your brand build your strategies.