We are often our own devil’s advocate when it comes to finding reasons not to take a risk, particularly in business. If you have pondered venturing into the eCommerce arena, it might help to see some proof that there is ample opportunity to succeed as an eSeller.
The following is a list of critical stats that paint a clear picture of the ripe opportunity available for success as an eSeller.
Let’s start with some big-picture perspective on the current eCommerce landscape. Revenue for eSellers grew 13 percent in 2017 as compared to 2016. Not only are online sales expected to continue to grow at a similar pace, but by 2022, eCommerce is projected to account for 17 percent of all retail sales. The current rate is 13 percent.
Even with the current upswing, online sales are still a small piece of the retail pie. However, that is not expected to be the case forever. One recent study projected that by 2040, 95 percent of all retail sales will occur online. Companies that get in on this trend in its early stages have greater potential to see sales increases as it evolves.
More Americans, 51 percent, now prefer shopping online than in physical stores. This percentage is also expected to increase as consumers enjoy the convenience, efficiency, peer input and price comparison capabilities available online. Virtual assistants have added to these benefits and the overall simplicity of making digital purchases.
Even though most purchases still take place in a physical store, online research is a vital element of the consumer decision-making process. Eighty percent of consumers reported that they conduct online research even when they plan to go to a brick-and-mortar store to buy. This stat illustrates the value of providing quality content and landing pages to assist in the research process.
More and more eCommerce activity is shifting to mobile devices. By 2020, about half of all online sales will take place via mobile. Voice-controlled ordering is a key driver of this upswing. Amazingly, Amazon reported a 700-percent increase in Echo-based sales in 2017.
Keeping tabs on trending products is beneficial for online inventory and merchandising strategies. Thanks to its evolution from lingerie-centric to the broader women’s fashion market, shapewear is one of the fastest-growing online product categories. Shopify predicts this sector will grow to $5.6 billion in revenue by 2022.
Phone accessories have been, and continue to be, a top-selling online product category. Shopify projects this market to reach $107.3 billion in 2022. Athleisure, maternity dresses, flame lamps and minimalist watches are other trending products to explore for eSellers.
These statistics demonstrate the current and future strength of eCommerce. For eSellers that recognize the power of the online marketplace, and take advantage of emerging trends, there is a tremendous revenue-generating opportunity.