26 Jun The growth of eCommerce
When it comes to digitization, eCommerce is always one of the hottest topics: on one side there is the growing number of Internet and mobile users and, on the other, the increasing amount of time we spend online. The categories and number of products available online also continue to grow.
According to the Statista 2017 eCommerce report, after analysing the three main eCommerce markets – United States, China and Europe – China dominated in 2017, with a figure destined to continue growing until 2022. Only last year, this market generated revenues of 499.1 billion dollars, which could become $ 950 billion by 2022. The second largest eCommerce market in 2017 was that of the United States with a turnover of $ 409.2 billion: even if the outlook is positive, the growth rates should be significantly lower than those of China, with a 9.3% p.a. Lastly, the European market is currently valued at 321.8 billion dollars, and fashion is its most important sector. Here as well, online sales are expected to grow by 7.9% by 2022 and generate revenues of $ 471.2 billion. As a whole, the global eCommerce market was worth $ 1.47 trillion in 2017 and is expected to grow even more significantly in the coming years.
User experience optimized for mobile devices
Online retailers have now understood the advantages of an agile and easy-to-use platform that allows to purchase products with just a few clicks. This is why applications specifically designed for mobility and the optimization of eCommerce sites for smartphone use are becoming increasingly important today. Conversion barriers can also now be considered reduced, because checkout processes are becoming simpler and more immediate. Checkout and delivery have become increasingly important for conversion, because these are the elements that must guarantee the user both simplicity and a sense of security. Amazon’s one-click purchase system is the clearest proof of this. The user does not have to waste time during this phase but, at the same time, must obtain guarantees regarding the payment he/she is making. Account registration should also be as simplified as possible, for example through association with one’s social profiles or one’s PayPal account.
Another crucial factor for eCommere is guaranteed terms and delivery times. Drone delivery research (the first experiments of which have already been carried out) has also become very important, especially for products such as pharmaceuticals and food. From Amazon to UBER, all the Tech greats are already working to improve the delivery system, which is key for the eCommerce sector.