Monday, June 1st, 2020
The recent years have been accelerating the growth of e-commerce to more extent. The global economic crisis caused by the coronavirus made the future of buying and selling online even brighter. This article will tell you what e-commerce merchants should expect from the industry’s growth.
E-Commerce Growth Accelerated
According to Statista, global e-commerce accounted for 14.1% of the volume. The numbers were lower in the U.S. during Q4 2019. According to the U.S. Department of Commerce, e-commerce retail sales represented 11.4% of total retail.
E-commerce has been on the rise in recent years. However, social distancing and the closure of physical stores have added to its growth to an incredible extent. Now, there’s uncertainty everywhere: the global economy is in crisis, and consumer spending habits are changing.
According to the U.S. Census Bureau, in March 2020, retail sales dropped by 6.2% YoY. Certain types of retailers witnessed over 50% dip in sales. In such situation, it’s more critical than ever to work only with a trustworthy credit-card processing company in your field.
To find one, consider working with a respectable payments comparison expert like BestPaymentProviders.com. Best Payment Providers U.S. is dedicated to helping e-commerce merchants find the cheapest rates, most advanced and secure merchant processing services, and not only.
What E-Commerce Merchants Can Expect
Increasingly, the border between the physical and digital sectors are disappearing. If you’re interested in what to expect from the future of e-commerce, read below:
- More purchases via social media channels
- Omnichannel shopping getting more prevalent
- Mobile-based customer engagement
- PWA- and AMP-driven m-commerce
- Growth of cross-border commerce
- The western hemisphere turning into the center of e-commerce
- B2B e-commerce getting higher
- Productivity powered by automation
- E-commerce personalization becoming a standard
- Growth of voice commerce
- Sustainable e-commerce turning into mainstream
- Digitally native brands going offline
- Marketers shifting towards new channels and devices
- Mini warehouses are expected to appear everywhere
- Fast delivery is forecast to be more costly
- Returns are anticipated to get harder
- Customers will be shopping on multiple channels
- New payment options will appear
Physical retail goes on declining, which can’t be said about e-commerce. The COVID-19 virus highlighted the importance of e-commerce more brightly. To get a clearer image of the future of e-commerce, go through the information above.