Unlocking The Potential of E-commerce: Key Takeaways From The Latest Growth Projections
The global e-commerce market is booming, and it’s showing no sign of slowing down anytime soon. The pandemic has accelerated the shift towards online shopping, and consumers are now more comfortable with making purchases online than ever before. In fact, according to the latest growth projections, global e-commerce sales are set to increase by 16.5% in 2021, reaching $4.9 trillion.
If you’re a business owner, it’s crucial to understand the potential of e-commerce and how it can benefit your business. Here are some key takeaways from the latest growth projections:
1. Mobile commerce is on the rise
Mobile commerce, or m-commerce, is the process of buying and selling goods and services using mobile devices. It’s no surprise that mobile commerce is on the rise, given that smartphones are now ubiquitous in most parts of the world. In 2021, it’s projected that mobile commerce will account for 72.9% of all e-commerce sales globally.
As a business owner, it’s important to ensure that your website is mobile-friendly and optimized for mobile devices. This will help you capture the growing demographic of mobile shoppers and stay competitive in the market.
2. Omnichannel retail is becoming the norm
Omnichannel retail is a multichannel sales approach that provides customers with a seamless shopping experience, regardless of whether they’re shopping online or in-store. It’s becoming increasingly popular among retailers, given that customers today expect a holistic experience across all touchpoints.
According to the latest projections, retailers with omnichannel strategies are likely to retain 89% of their customers compared to only 33% for those with weak omnichannel strategies. This highlights the need for businesses to invest in omnichannel strategies to stay relevant and competitive.
3. Personalization is key to success
Personalization is the process of tailoring a customer’s shopping experience to their specific needs and preferences. It involves using data and analytics to provide customers with relevant recommendations, promotions, and offers.
According to the latest projections, businesses that offer personalized experiences are likely to have a 15% increase in revenue by 2025. This highlights the importance of investing in data and analytics capabilities to provide customers with customized experiences.
In conclusion, e-commerce is a rapidly growing market with enormous potential for businesses to tap into. By understanding the latest growth projections and investing in mobile commerce, omnichannel strategies and personalization, businesses can unlock the full potential of e-commerce and stay competitive in the market.
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