Global E-commerce Trend
Global e-commerce and online consumer behavior are still impacted by the coronavirus (COVID-19) pandemic. As millions of people stayed at home in early 2020 to prevent the spread of the virus, digital channels emerged as the most popular alternative to crowded stores and in-person shopping. In June 2020, overall e-commerce retail traffic reached 22 billion monthly visits, with demand for everyday items such as groceries, clothing, and retail tech items exceedingly high (Tran, 2021).
As lockdowns forced people to resort to online purchases during the pandemic, the value of e-commerce transactions has ballooned to unprecedented numbers. Those who did are most likely to continue buying online even after the pandemic. More than anything, it showcases the versatility of e-commerce, which has undergone some massive changes since the first online stores set up shop back in the 90s. Today, e-commerce values around $5.6 trillion. Never has e-retail been as profitable and is expected to reach $6.5 trillion by 2023 (Chang, 2022).
Ecommerce is the most popular online activity and has been growing exponentially. Online sales are forecast to reach $4.5 trillion in 2021. This popularity stems from the ease and comfort that online shopping offers, prompting more and more people to cut down on mall visits and purchase online instead. Besides, consumer trust in online purchasing has increased, further boosting online sales (Jay, 2021).
With powerful and effective website development tools like Magento and Shopify, today’s websites are more user-friendly, have a better interface, and offer customers the best online shopping experience. These days, online shoppers are coming in droves, unlike before when people shy away from making online purchases.
It’s time to embrace multichannel selling. Why? Well, for starters, consumers have been purchasing from different online sellers, including Amazon, branded stores, and yes, even Facebook. This reluctance stems from the fact that managing multichannel selling is hard. This trend is inevitable as e-commerce companies are bound to grow, and with growth comes the need to integrate inventory. Online sellers’ push into new markets will also drive the development as they look for new channels to reach new audiences.
Now, the question is: how can you get an e-commerce platform for your business? Well, by using some famous web-development tools like Magento and Shopify, for instance, you can build an online presence of your business and can benefit a lot from it.
Magento is one of the famous e-commerce platforms that are ranked among the top 10 website development tools over the internet (BuiltWith, n.d.). This platform has significant benefits that make it among the top positions on the list. Besides, the launching of Magento2 has taken it to a higher level, accelerating providers to create more effective solutions for B2B eCommerce firms.
Some benefits of using Magento E-commerce:
- Versatile content management: The backend and content management interface comply with the rule “what you see is what you get” allow store owners to build and customize features on their online stores on the fly.
- Mobile-friendly configuration: Magento user interface and shopping carts design are responsive to smartphones, tablets, and other mobile devices.
- Advanced search engine optimization: With SEO efficiency, it gives online stores a better opportunity to rank highly on search engines.
- Sturdy and spacious: The platform allows a site with up to 500,000 products and handles 80,000 orders per hour.
- Flexible third-party integrations: Magento enables your online stores to integrate with third modules or apps such as MailChimp, Google Shopping, and more.
- Customizable security permissions: Magento supports you to customize multiple levels of security permissions, control internal access, and ensure your site’s safety.
- Save time and money: Magento is open-source and has several custom extensions that can be shared between multiple Magento users. Through one instance of Magento, you can manage numerous eCommerce stores with various languages and various currencies.
- BuiltWith. (n.d.). Magento Usage Statistics. Retrieved from Trends.Builtwith: https://trends.builtwith.com/shop/Magento
- Chang, J. (2022). 11 Future Ecommerce Trends & Forecasts for 2022/2023 – A Look Into What’s Next. Retrieved from FinancesOnline: https://financesonline.com/ecommerce-trends/
- Jay, A. (2021). 75 Essential Ecommerce Statistics: 2021 Data and Market Share Analysis. Retrieved from FinancesOnline: https://financesonline.com/40-essential-ecommerce-statistics-2019-analysis-of-trends-data-and-market-share/
- Tran, R. (2021, December). Top 11+ Ecommerce Trends 2022: Magento, B2B And More. Retrieved from BSScommerce: https://bsscommerce.com/blog/ecommerce-trends-2