Are you struggling to operate your local store and unable to increase sales? Then, you need to look into going online with your business.
We live in a digital world, where people expect high-quality, advanced products, and hassle-free processes such as shopping from home. Meaning, hiring an e-commerce development company isn't a choice but a necessity to survive the competitive market.
Worldwide e-commerce sales summed to almost 3.6 trillion dollars globally in the year 2019, which means, by 2020, we can estimate the number to be much higher. So, now is the time to hire a Magento developer and be a part of this thriving industry with an e-commerce store.
The blog highlights a few points to help you understand why e-commerce can help you increase your revenue in 2020 when a local store can't:
The Future of E-Commerce
If you have an idea for an e-commerce store, then 2020 is the year to invest and launch your startup as the industry skyrockets in the coming years. Let us look at the top trends that will bring in impactful changes:
India, Russia, South Africa, and Brazil are some of the emerging markets that will shape the upcoming e-commerce industry. It is estimated that almost 4 billion buyers will gain access to the web by the year 2022. Meaning, e-commerce revenue will skyrocket with the massive influx of potential customers.
Also, 20% of every retail sale in 2022 will arrive from customers who presently reside in these countries. It means an e-commerce store setup will grant you access to an untapped pool of potential sales.
Unlike brick and mortar stores, one eCommerce demerit that exists is that consumers can't examine the products up close before purchase. Almost 53% of consumers in a 2018 survey said that the only drawback they experience with online shopping is that they are unable to touch and feel products before buying.
But with the advancements in technologies, e-commerce retail stores show unlimited potential to progress and grow. Augmented reality, for example, lets you provide a hypnotic shopping experience, where the customers will have the opportunity to interact with the products.
Furthermore, Shopify will also be rising in popularity as Shopify AR permits brands to display consumer products in natural environments. Customers can make smarter decisions conveniently and swiftly, as they get to witness whether the item fits their purpose or not.
Online vs. Physical Stores
The online vs. physical store discussion is a never-ending, where people fall into two groups. When it comes to the future of the e-commerce industry, one group believes that it will not be long before physical stores fade away, and we shift towards virtual shopping.
Contrarily, the other group sees an era of roaming the malls, transitioning to a renaissance.
The reality is that e-commerce sales may be rising exponentially, but that doesn't mean physical stores cannot be of benefit. Instead of being just a physical representation of their online counterparts, brick-and-mortar stores are aiming to provide exceptional shopping experiences.
Nike, for example, opened up stores in New York and Shanghai. In its physical stores, the brand offers exclusive products, hands-on customization experience, in-store fitness tests, games, and more. It's an experience you can't replicate online, which will play a significant role in securing their customers' loyalty.
Thus, it can be said that e-commerce alone won't be the source of revenue in the years to come. But a combination of physical and online stores will help take your business to the top.
B2B Businesses are on the Rise
B2C is not the sole constituent of the e-commerce industry. By the end of 2020, B2B e-commerce revenue models and sales are anticipated to rise to almost $6.6 trillion.
In 2020, e-commerce will witness the rise of companies purchasing products, services, and software for their processes and teams. With growing digitalization, optimization is of utmost priority.
Meaning, companies will need to switch to machine learning and artificial intelligence software to automate their processes and optimize productivity. Contrarily, they will also move towards purchasing ergonomic chairs for the comfort & wellbeing of their staff.
Continuous advancements in technology change our lives for the better. Not just in our everyday lives, but for businesses and company operations as well. So, it's a no-brainer to understand why entrepreneurs are looking for ways to optimize their workflow and boost productivity.
That said, for B2B retailers, the road ahead offers unlimited potential for success, if you have an online address suitable to carry out bulk orders, volume-based discounts, invoicing, and more.
Fulfillment & shipping
Another evolution on the horizon is the increase of shipping and fulfillment centers around the world. As more people turn to online shopping, there is a need for fulfillment centers to bridge the gap in supply & demand and deliver products as swiftly and deftly as possible.
Global fulfillment centers are undergoing an intense makeover with the integration of technology to automate processes. They can help businesses provide fast shipping, improve customer service, and the online shopping experience for consumers.
In a nutshell, with multiple warehouses across the country or around the continents, means you can have your products stored closer to your target market. Meaning, you can raise your profits and improve service quality by decreasing the shipping costs and time.
The future of e-commerce is undeniably positive. With the continuous innovations coming to light, it's not far-fetched to say that the industry will experience an influx of customers, conversions, sales, and revenue.
So, hire an e-commerce developer and go online to leverage the potential of the growing industry. Contact us today, and we'll help your ecommerce business take a flight.