How popular is online selling? And, why did eCommerce grow so quickly?
April 6, 2023
The rise of eCommerce has been one of the most significantdevelopments of the last decade. With an estimated 2.14 billion online shoppersworldwide, it’s clear that eCommerce has rapidly become an integral part ofmodern-day life.
So, why has eCommerce grown so quickly? There are severalkey reasons:
Convenience: Number one has to be the ease of it. Onlineshopping is incredibly convenient. You can shop from the comfort of your ownhome at any time of day or night. There's no need to queue or battle throughcrowds of shoppers. And, as many companies have benefitted from, shopping canbe fun after a couple of glasses of wine. Hence most eCommerce sellers come in toa deluge of orders on a Monday morning.
Plus, it is so much easier to find what you are looking foronline. Just search what you are looking for, and you’ll be presented with thousandsof buying options. It’s similar to laser focussed retail browsing. Instead oflooking through an entire store for one thing, you get presented with entirestores worth of variations of the same thing. How’s that for choice?
Wider selection: E-commerce enables shoppers to access awider range of products and services. This is because online retailers do nothave to worry about the same space constraints as physical stores. See above,it is easy for online businesses to sell masses of lines and products that theydo not necessarily need to stock.
Competitive pricing: The increased competition in the onlinespace has led to more competitive pricing. With the ability to easily compareprices from different retailers, consumers are more likely to find the bestdeal.
Mobile technology: The proliferation of smartphones andother mobile devices has made it easier for people to shop online from anywhereat any time.
Personalisation: Online retailers can offer personalisedrecommendations and targeted advertising based on a customer's browsing andpurchasing history.
These factors have contributed to the growth of e-commerce,and the trend is set to continue. According to a report by Statista, global e-commercesales reached $6.54 trillion by 2022.
However, there are also some challenges that eCommerceretailers will need to address if they want to sustain their growth. Theseinclude:
Logistics: Fulfilling orders quickly and cost-effectivelycan be challenging, especially for smaller retailers.
Trust: Consumers need to trust that the products they buyonline are of good quality and that their personal information is secure.
Competition: With so many online retailers competing forattention, it can be difficult to stand out.
Returns: Handling returns can be time-consuming and costly,especially if the retailer offers free returns.
Despite these challenges, the future looks bright for eCommerce.As technology continues to evolve and consumer behaviour continues to shifttowards online shopping, eCommerce retailers that can adapt and innovate arelikely to see continued growth and success.
If you're an eCommerce retailer looking to stay ahead of thecurve, it's essential to invest in the right tools and technologies.StoreFeeder, for example, offers a centralised solution that can help youstreamline your operations, manage your inventory, and maximise your salesacross multiple channels.
StoreFeeder could be right for your business, you can book afree demonstration here.
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