WWith the recent discovery about the potential of E-commerce Singapore, it is no secret that everyone keeps asking about what the future has in store for e-commerce.
Today e-commerce has become a brilliant option for business. If we look at the stats, there has been a total of 25.6% increase in the average growth rate of e-commerce sales between 2014 and 2017.
Follow this blog post till the end if you are looking to know about some of the changes that are due for the year 2021 and will have a great say in the future of e-commerce.
Let us discuss some of the top trends for e-commerce in the year 2021 and the changes that are believed by many to be the most impactful in the world of e-commerce.
1. A huge role will be played by emerging markets
Several nations such as India, China, South Africa, and Brazil are predicted to have a massive say in the growth of e-commerce. It may not come off as a surprise for many, considering the growth these nations have seen in their economies over the years.
According to stats, more than 3 billion buyers from emerging markets such as these nations will have access to the internet by the end of 2022. Another stat shows that more than 20% of all retail sales will come from buyers who are currently residing in such markets.
The best part about all of this is that most of these markets are untouched by existing e-commerce businesses as of now. All this means that there is a lot of potential for existing businesses to reach out to new audiences.
2. The Physical vs Online debate
There cannot be a blog post about the future without the ever-growing debate of physical vs online.
Some people believe that it is only a matter of time before traditional offline fades and the market will lean heavily towards online shopping stores. And then some think that it is just a regular phase for offline shopping.
If you ask us, it is no secret that online stores are growing at an unprecedented rate but to say that offline stores aren’t as brilliant of an asset for e-commerce brands as they were would be a crime. Instead of the conventional real-life versions of online stores, offline stores seemed to have changed their stance to offer more unique shopping experiences.
Brilliant companies have improvised their offline stores such as Nike, a brand that has already set up shop in New York and Shanghai with their brand-new experiential shopping locations or as the brand likes to call them “houses of innovation”.
At Nike’s new location physical stores, customers get the option of picking up exclusive products, customize the product with their own hands, take part in fitness tests, enrolling a personal shopper, and much more.
Such experiences are simply not available for the customers in online stores and also contribute to solidifying loyalty to the brand.
Another such example is Shopify, which is an e-commerce brand that has opened up a retail location in the city of LA recently intending to help aspiring entrepreneurs. Similar to Nike, this further helps the customers to see the brand in a whole new avatar while helping customers, both new and old alike, to experience the products.
In simpler terms, exclusive experiences leave a long-lasting expression and it is safe to say that they hold the future of physical retail locations.
The reign of B2C is long gone now. According to stats B2B e-commerce sales are estimated to grow to 6.6 trillion dollars in the year 2021. It has become a growing trend where companies are buying software, products, and services for their teams. An example e-commerce store catered to the B2B market is Trimleaf.
Having as many automated processes as possible has become the need of the hour. B2B has evolved into something much bigger. Led by SaaS and technology companies, B2B has become an industry on the rise.
Customers are learning about a new tool every day that either automates or recreates activities that ease us off the pressure. Knowledge of such advancements in technology makes our life easier, which is why it doesn’t come off as a surprise that businesses are placing more budget on B2B purchases every year.
These are some of the many factors that are going to shape up the market for retailers in the coming year. E-commerce markets such as E-commerce Singapore, E-commerce France, etc have turned a lot of heads towards E-commerce as the future of business brands.