No force on Earth can stop the rising dominance of e-Commerce. By 2021, it will become the largest retail channel in the world.
The numbers don’t lie.
US figures for online shopping in 2016 accounted for almost $395 billion in sales. This represents a whopping forty-two percent jump YoY (year-on-year) from 2015. In China, e-commerce sales accounted for over 26 trillion yuan in 2016, posting a YoY growth of 19.8%. The Asian giant accounts for 39.2% of all global e-commerce receipts made in 2016, with a lot of growth potential left untapped in this market alone.
Set for global domination
E-commerce is well on its way to becoming the largest retail channel in the world by 2021, a notion made and supported by Euromonitor International, a leading independent provider of strategic market research. A plateauing growth in mobile devices (eg. Smartphones, tablets, notebooks) poses a considerable risk, however, but won’t likely affect the momentum of e-commerce rising. It will soon outpace the sales of brick-and-mortar kings like supermarkets, grocers, boutiques, concept stores, among others.
In 2021, the Asia-Pacific region will lead towards a total e-commerce lifestyle with a 13% penetration rate. The channel will not reach the top spot in Western Europe, however, and will require businesses more aggressive integration of the technology on their company strategies. North America is not too far behind with the combined e-commerce markets of the US and Canada accounting for 16% of global retail sales.
What businesses need to consider
Being an online merchant, it is essential to be updated with all the e-commerce trends. Even traditional businesses have transitioned or have been transitioning to digital means of marketing and sales strategies. For online businesses, it is a compulsory task to focus on web development and/or mobile app development based on your industry. Since the onset of intelligent mobile devices and along with it the pioneers of e-commerce, the way people do shopping has completely changed. There’s no more stopping to an industry that is rising at an unprecedented pace. All we have to do is to adapt.
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