Future belongs to E-commerce: Exploring new horizons

Posted On May 06, 2020

Yes! You read it right: The future belongs to e-commerce, which proves to be the next most lucrative industry amid the global economic uncertainty. Despite, the COVID-19 outbreak affecting most of the businesses; digital commerce stands upfront carrying a bright future in the year 2020 and beyond.

It may be the solution you and thousands of other businesses might be looking for, right now. Don’t believe this! Eh?  Read further to find out yourself.

This article aims to burst all the e-commerce myths by highlighting the future trends of online selling. And to let you witness why businesses are eagerly opting for setting up eCommerce stores to assist their clients?

Future of e-commerce 2020 ft. business growth

Where businesses are worried about declining sales, E-commerce solutions are paving gateways of growth and rising sales for thousands of clients.

It is equally doing good for both: B2B and B2C industries, whether large-scale or small.

Since the days of traditional shopping are long gone, and online shopping is the new cool; let’s find out how the future of eCommerce is bright and can potentially fuel your business growth.

1. The horizon of digital commerce is ever-expanding

E-commerce is no longer limited to generate most of its revenue from the US in future. Despite this, their share in revenue generation is expected to decrease by as much as 16.9% in 2020.

This is because the trend of online shopping is equally spreading in non-western countries too. And the technological advancements in these countries have made the spread of digital commerce, possible beyond the US. This now calls for businesses to adopt an international approach to ensure global accessibility.

The global business model calls for expanding and strengthening your online presence outside of the local country.

Pro-Tip: Look out for trusted partners in a country or region where you’ve high demand. Get a robust store setup. Collaborate with your partners and keep growing and expanding your online sales effortlessly.

2. E-commerce will no longer be limited to B2C marketplace

Global business-to-business (B2B) E commerce sales are estimated to reach 6.6 trillion US$ by the end of year 2020 which are expected to be, double the revenue generated by B2C sales.

Graph depicting Ecommerce share of global retail sales from year 2015 to 2023

These numbers predict heavy profits for the businesses, who never thought digital commerce would be any good for B2B dealing. Not only this but, the rising trend of digital commerce in business to business marketplace shows its potential in near future.

Potential industries that are more likely going to go for B2B eCommerce include wholesale distribution, digital/software services, retail, and others.

3. Social shopping isn’t going down 

More and more people are switching to digital platforms for shopping. With social media gaining limelight for more than just advertising channels further adds fuel to the ever-rising eCommerce trend.

Studies reveal that people in huge numbers are going to head towards social platforms and channels to conveniently buy products. Moreover, the introduction of buy buttons by social media channels like Instagram, Twitter, and Pinterest further extends support to the eCommerce trend providing shopping ease for their users.

Pro-tip: Make sure that you market your eCommerce store well by taking the professional digital marketing services.

4. Omnichannel shopping will be the new black!

It is shown that 73% of customers use multiple channels during their purchasing journey. This means that eCommerce businesses need to know how their customers buy and what channels and mediums they love engaging with.

Omnichannel shopping simply means to decode what, when, where, why, and how people are buying products you sell on a channel. Greater the number of channels they engage with more is the likelihood of increased average order.

Knowing about the purchasing behavior of your customers will let your brand know how much and where to allocate your marketing budget. Don’t forget to streamline your online and offline shopping channels and create convenient customer touchpoints.

Pro-Tip: Try digging into the sole motivation and main drivers behind your customer purchase and look for ways to streamline their shopping process through a robust and well set digital store.

Looking to set up a fully functional E-commerce store?

Naranga franchise management software now offers a glitch-free store setup, which is not only robust and seamless, but its e-commerce automation ensures that: you manage your stores like a pro.  

Provide a stress-free shopping experience to your customers by setting up an e-commerce store with us in just 72 hours. We’d be happy to help you in every possible way and make the process smooth for you.

Write to us at info@naranga.com or instantly request a demo!