The eCommerce industry across the globe has come a long way in the 25 years since it kicked off, with millions and millions of transactions occurring every year and trillions of dollars trickling into the pockets of businesses across the world.
ECommerce is constantly evolving and as customers get more aware of the convenience of eCommerce and the power of 3PL, online shopping merchants are enjoying plenty of income and awareness using a range of digital platforms and some very capable 3PL providers.
If you’re interested in what is in store for eCommerce in the future, we have pulled together some of the trends you should be aware of and developments you can expect in the industry moving forward.
Thanks to COVID plus the ease of online shopping and eCommerce, there is definitely no better time than now to be in the eCommerce space. Here are some top trends that are on the horizon.
1) Online shopping is not slowing down
Whether COVID has helped things along or not, there is no doubt that online shopping is here to stay. A Statista survey in 2018 shows that “an estimated 1.8 billion people worldwide purchased goods online in 2018”, in the same year sales for eCommerce amounted to approximately $2.8 trillion. Fast forward to 2021, and the market is expected to be at around $4.8 trillion.
Thanks to new measures of safety and security online, consumers are feeling more comfortable ordering online – driving the industry and boosting online sales. MarketWatch research has also shown eCommerce rates are expected to surge between 2020 and 2025 by 25% in the next five years.
2) Social media boosting eCommerce
Thanks to the power of social media, eCommerce is getting a serious boost from shoppers who love to be social. Platforms such as Facebook, Instagram and more have opportunities for advertising, cross-promotion, and also the option to buy directly in the social channel, creating a seamless opportunity for eCommerce consumers. Add social media influencers to the mix and you have a recipe for some exciting business opportunities.
3) AI and eCommerce
Thanks to artificial intelligence, the eCommerce world has a wide range of opportunities for personalization using the information gathered from users and consumers. AI is responsible for taking eCommerce to the next level and improving user experience. Thanks to recommendations, virtual assistants such as bots and also lead generation, AI, and eCommerce have created the perfect match and continue to thrive now and into the future.
4) New fulfillment options
3PL and fulfillment, in general, have come a long way in the last 20 years and by adding additional fulfillment opportunities, the eCommerce world can continue to expand and speed up delivery to consumers. Often shipping times and delays can leave a nasty taste in the mouth and options for click and collect, and even same-day shipping is an exciting trend on the horizon.
2020 and beyond
The eCommerce industry in 2020 is in amazing shape and continues to thrive. By the year 2040, as much as 95% of shopping will be facilitated by eCommerce. It is safe to say that while bricks and mortar stores continue, the world is embracing eCommerce thanks to its ease of use, personalization, and ability to shop 24/7.