There have never been as many opportunities in the online shopping industry and the consumer shift to e-commerce expected to continue. Let’s take a look at the growing e-commerce landscape – what makes e-commerce thrive in 2022?
E-commerce is now one of the fastest-growing industries in the global economy. Amid the economic slowdown caused by Covid-19, worldwide retail e-commerce sales jumped to approximately $4.9 trillion in 2021 and are estimated to grow by 50% until 2025, reaching $7.4 trillion.
Remote work and remote shopping go hand in hand
The pandemic accelerated existing trends in remote and hybrid work. And they’re here to stay. 74% of professionals and 76% of entrepreneurs expect remote work to become standard.
The new work models change consumer behavior making online shopping more convenient and popular. Remote workers don’t need to worry about missing a package delivery. Also, they’re more likely to fluidly transition between work assignments and personal activities throughout the day.
Not only are people used to online shopping making more purchases online, many who wouldn’t have shopped digitally do so because of this situation. The target groups become larger and more diverse, making more space for niche stores and specialized services.
Convenience is driving e-commerce growth
The convenience of online shopping has been a key driver of its rapid growth over the past few years and is one of the reasons why it has flourished. According to 83% of consumers, convenience is more important now than it was five years ago, and 66% of respondents would be willing to pay more to make their purchases more convenient.
E-commerce offers added levels of convenience during the research stage:
- Finding best deals and promotions
- Comparing prices
- Checking reviews
- Searching different options and similar products
- Seeing suggestions based on our past searches and purchases
- And more.
Covid-19 changed our shopping habits
The pandemic changed the way of shopping forever. Due to quarantine and shopping malls being closed for months, people got used to online shopping and curbside pickup. Even though the average consumer spending dropped temporarily, online purchases rose.
Indeed, 50% of online shoppers in Australia more online purchases since the beginning of the pandemic. In the US more people reported that they have bought a product online for the first time due to physical distancing and self-quarantine. With consumers using online channels more than ever, omnichannel experiences have become increasingly important for retailers in order to meet their consumers' increasing expectations.
E-commerce creates opportunities for shoppers and sellers
E-commerce creates more possibilities for customers to find products unavailable in their local markets through traditional trade. At the same time, it gives small local businesses global potential. World Trade Organization statistics indicate that 97% of internet-enabled small businesses export.
Another important aspect and success factor of online shopping is increased accessibility. Online shoppers don’t have to stick to traditional store hours and can use technology to translate a foreign seller’s website. Online purchasing is also easier for people with disabilities. In fact, improving accessibility is one of the most important trends in UX design.
The unstoppable growth of online shopping
E-commerce will still be expanding within the next years, creating more job and business opportunities. We’ve been supporting online vendors for a few years already, and have been observing a growing demand for experienced marketplace developers, e-commerce specialists, SEO engineers, and other industry experts.
If you’re looking into building or optimizing your e-commerce, or migrating your retail business to the online space with a skilled tech team, drop us a line!
