E-Commerce sales continue to grow year on year, but despite this, only around 8% of all retail sales actually took place online in the first quarter of 2016. So, e-commerce has a lot of room to grow if it’s going to equal that of non-digital sales.
Fact: By 2019 the global e-commerce market will be worth $3.578 trillion.
The following infographic depicts ways you can get ahead in 2017 and make your e-commerce site thrive.
Here’s our take on the information depicted in the infographic:
Time To Break Into New Markets
In 2017, the e-commerce sector will continue to grow across the globe. The US dominated the market when e-commerce started to become popular – now they have a steady growth of around 10% per annum. The Asia-Pacific market is the one to watch now. According to data from eMarketer, Asia-Pacific will continue to be the biggest in the retail e-commerce sector for the next few years at least. China is particularly strong, representing nearly half of all ecommerce sales in 2016 (47%). It’s predicted that by 2019 China’s sales will double and add a whopping $1 trillion. To keep up with the growth rate of other countries, 2017 might be the time to break into international markets. This is possible by taking advantage of cheap shipping rates and introducing international shipping on your e-commerce site.
Both mobile and desktop experience are vital
Mobile devices and tablets provide a large chunk of traffic to e-commerce sites (59%). The trouble is, even though mobile devices are providing the traffic there isn’t as much conversion as you would expect – mobile devices only account for 38% revenue. But why is this the case, you ask. People are still concerned with the security of making purchases online while on their mobile phones. While that does mean many of the purchases made are coming from desktop, we have to remember that the average household has around seven devices. People will search for the products they wish to purchase while on their phones but while making the purchase they will switch to their laptops in a bid to feel safer. This means that you need to make sure that you optimise both the mobile and desktop experience for customers.
Subscription services are the way forward
Over the next few years we will see more and more e-commerce sites add subscription-based services. It’s a perfect way to gain a steady revenue – in the US, 41% of revenue comes from repeat customers. It already works in terms of software and platforms, just look at the success of Netflix. Such platforms and services, for example Uber and Spotify, have 75 million active subscribers. Subscription-based services can certainly work for physical products too. Sites usually offer rewards and gifts to users that subscribe, MyGeekBox is an example of this they offer various subscription plans in which customers receive a geeky loot once a month for up to 12 months. So, 2017 could be the year that you start offering your customers the option to subscribe to your products. Change and growth is necessary if you want to keep up with the ever-growing e-commerce sector.
If you found this information useful, why not share it with your friends and colleagues on social media.