Online shopping trends 2020: How well is the eCommerce world doing?
Have you ever been curious about Online Shopping trends of 2020 and how well would the eCommerce perform in the next few years? Are you wondering whether the ‘big brands’ will kill at online selling as well? Here are some information that will satisfy your curiosities.
In the last decade, many brands, including the major brands, have opened their own online platform either as an app or a website.
According to the infographic, the results show a substantial change compared to the previous online sales world.
Take a look at the recent data report of Macy’s and Kroger, two of the biggest retail giants. Since 1996 when Macy’s introduced its mobile app, it attracted 76.56 million online traffic (June 2020). In 2019, Macy’s reported an online revenue of almost $5 billion, which is about 25% of its total revenue ($24.56 billion).
Kroger, another retail giant, reported its attraction of 25.62 million (June 2020) online traffic, with digital sales rounding up to $5 billion in 2018. Kroger also reported the average visit time of its mobile app as 28 seconds; meaning, every 28 seconds, someone goes on Kroger’s online app and looks for new items to purchase (Source: redbrain.com). Surprising, right?
Social media and online shopping: Natural Partners
The data shown above reflects the situation of the current economy worldwide: people are spending much more time on social media than before. Furthermore, it is clear to everyone that social media and online shopping seem to always go together; as people tend to be a lot more exposed to the consumer market and different brands while surfing on social media.
Undoubtedly, brick and mortar stores will continue to exist due to the significant percentage of the market population who are not as tech-savvy as the others or just are not on social media platforms. Although, it is certainly becoming to be more common to see the consumers purchasing ABSOLUTELY EVERYTHING online. Purchasing things on a laptop or a smartphone requires consumers the minimum effort; therefore, not much effort is needed from the sellers as well to convince the consumers to purchase your items.
Everything can now be sold online. Among the countless number of product categories, some of the online shopping trends are:
- Home Furniture
- Food & Personal Care
It is surprising to see that the online market is now reaching for the certain sections of the market that were previously considered to be beyond its limit. As people already know, consumers are now able to purchase their daily grocery items from a local supermarket online. People are now showing the tendency to want everything immediately; without even bothering to waste time in going into a supermarket. Why would the consumers waste their time and energy when they can purchase everything online and have them to be delivered to their front door without stepping one foot out of their porch?
In Italy, for example, the eShopper are 25 million, and 78% of them purchase items online at least once a month.
The sales volume of the eCommerce are mostly due to the purchases of those people who buy everything online and uses social network, the “habitual consumers”, even if they are extremely sensitive to changes in prices. The 92% of consumers claim to compare prices very frequently either online or offline, and 30% of them compare the online prices with brick and mortar store even if at the end decide to buy online, that’s why it’s very important and crucial to promote online your products.
In particular the most incisive platforms are:
- Facebook (used by the 71% of firms)
- Instagram ( 59%)
- Youtube ( 35%)
- Linkedln (19%)
- Twitter (13%)
Online shopping trends: benefits from eCommerce
The eCommerce hasn’t yet reached its peak, not all the population of the globe is have access to internet yet, not all of them pay online for their products.Therefore, there is still an opportunity for you to join the market and profit!
China is one of the leading countries in the current online shopping trend revolution. With globalization, it’s become easier to access new markets and contacts new suppliers. It’ also become easier and cheaper to ship products from a country to another one.
In this new world, if you have an eCommerce business, having items to be produced or supplied by Chinese suppliers will cut your cost-line dramatically. Second, because now it is possible to ship products from China to the Tier 1 countries in 3-7 days with customized packages, your customer won’t even notice that it has been sent from China.
Yet, don’t forget to pay attention to which suppliers you’re partnering with. Choosing reputable and reliable suppliers is the key to a successful eCommerce dropshipping business. For your choice of suppliers and daily management tasks, trust Yakkyofy.
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