Ecommerce has experienced a surge ever since the coronavirus pandemic broke out. With the start of a new decade, E-Commerce Galaxy wants to share the growth trajectory of the industry to help ecommerce businesses know where things are heading.
Ecommerce in 2020
To better understand the future of ecommerce and whether it will continue to grow, it is crucial to take a look at the state of ecommerce in 2020. Ecommerce penetration increased by 11 percent during the first quarter of last year which is greater than what was observed in the previous decade combined. Although the pandemic made ecommerce a necessity during lockdown, it is the convenience of online shopping that has become a habit. Therefore, businesses can expect to benefit from this new trend.
At E-Commerce Galaxy, we believe that if companies meet their customer service and delivery promises, they will have no trouble convincing customers to continue purchasing from them. In addition to this, companies have to focus on the content they provide and if they even have a strong online strategy. The fact is that people will only come back to your business if they have a good experience. This is especially true for first-time online shoppers. Once customers start to feel comfortable, there is no reason for them to not shop online.
Where Will Ecommerce Be In the Coming 3 to 5 Years?
Looking forward to the coming 3 to 5 years, there is great anticipation. Companies are increasingly interested in catering to a global audience. They are hopeful that ecommerce will only continue to grow. For instance, market research reveals that the levels of ecommerce penetration which had been originally predicted for the coming 3 to 5 years have been achieved in Australia. To stay ahead of the pack, it is crucial for online retailers to adapt to the environment. It includes investing in an omnichannel presence and targeting as many customers as possible.
In addition to the above, the importance of new payment methods such as buy now and pay later cannot be stressed enough. It allows customers to make a purchase and pay in instalments over time. Customers demand to use a seamless payment solution for providing convenience and financial control.
Will Brick-And-Mortar Stores Be Taken Over By Ecommerce?
As we take a close look at the growth trajectory of ecommerce in 2020, it is safe to assume that it would only be a matter of time until brick-and-mortar stores are overtaken by ecommerce. However, it does not mean that in-store shopping will disappear.
The future consists of both brick-and-mortar and online stores working together to provide customers with a comprehensive user experience. Human connection is just as important as having an online presence. Hence, it is crucial to improve both your online and physical customer experience. It will allow you to take your business to new heights.
Stay tuned as E-Commerce Galaxy aims to update you about everything.
