The growth of the internet in the past decade and the rise in the disposable incomes of the population has drastically changed the global ecommerce landscape. Because of the internet exposure all over the globe, most especially in the rural areas of the developing countries, there have been many emerging markets transforming the e-commerce sector drastically.
What is the future of online shopping?
The changing e-commerce landscape has seen a drastic growth over the past few years, the recent coronavirus pandemic has also propagated the growth of the e-commerce sector drastically. Due to this, the future of online shopping is looking very positive with an upward trend in all of the niches including; pharmaceuticals, clothing, fashion, electronics, footwear, luxury items, etc.
One of the most interesting global ecommerce trends is that there are many new niche markets that are emerging in the global ecommerce landscape. Just a few years ago, it was very difficult to find e-commerce websites for niche items like musical instruments, used items such as old books, vintage vehicles, collectibles, and other such granular focused niche products and markets.
But with the rise in the number of people who are using the internet and the exposure that it is getting, there have been so many people buying and selling very specific niche items all over the world. This has empowered billions of people with the ability to buy almost anything that they want at the touch of a button.
Which are some of the emerging markets transforming the Ecommerce sector?
The markets that are emerging from countries like India, South Korea, China, Japan, and Australia are some of the biggest markets in the e-commerce industry. The consumer growth that we are currently seeing in those countries are mind-blowing. The penetration rate of e-commerce is hovering around 2 to 6 percent in India, Latin America, and Southeast Asia, and yet there is a lot of profit that is being made.
The percentages of penetration are significant only in urban areas. However, this proves that there is a tremendous opportunity for penetration of the e-commerce industry, especially in rural areas. This gives the e-commerce industry a lot of hope for the future of online shopping.
India comes out on top as the clear leader in terms of the potential for changing the ecommerce landscape. But it is also important to keep an eye on the countries in Southeast Asia and also in Latin America. The country of Indonesia in Southeast Asia is currently showing the most promise in terms of the global ecommerce trends that are taking place over there because the government over there is steadily loosening the trade restrictions on many foreign investment options. Also, the massive population in Indonesia is gaining a lot of disposable income which is increasing the spending power, along with the ease of access to the internet.
Why is there a trend of emerging markets in e-commerce?
Almost a decade ago, the only option for consumers at large were physical stores. But now, with the rise of the internet and the headway in digital trends that brands and large e-commerce companies have been able to establish, the small-time merchants are able to reach their customers through the internet on their mobile phones and laptops practically anytime and anywhere.
The growth of smartphones has contributed significantly to the surge in online shopping in UAE and other countries to e-commerce sites. The consumer’s smartphones are portals to the other dimension of the e-commerce stores. The extravagant features such as effortless payments, mobile shopping, no more standing in queues, amazing discount during checkout, try and buy options, punctual delivery, and free shipping have contributed immensely to the growth of ecommerce websites since they have been instrumental in convincing even the most frivolous of shoppers into being their best customers for life.
With the rise of new technologies, especially in the e-commerce sector and also the other sectors axillary to it, has led to a complete paradigm shift over the years. E-commerce sales have never achieved such staggering heights and it is expected to only surge further above. The cutting edge tech has completely changed the way everyday consumers do their shopping and also how online, as well as offline retailers, are marketing their products and services.
What are the biggest trends in the e-commerce sector around the globe?
The only main driver of e-commerce revenue and gains is the customer. The phrase “Customer is King” is especially true when it comes to the e-commerce industry. The secret to having a thriving and successful e-commerce business is making sure that the customer is having a seamless shopping experience while at the same time ensuring that the merchant is achieving the desired revenue and profit from the product.
The key of e-commerce is to try your best to offer personalised expertises to your customers landing on your website. This can be done with the help of website cookies which can track what items your website visitor is looking at and then show them ads and recommendations based on the items that they were viewing on other websites and in other applications even when they are not on your website! With the help of cookies, you can customise and personalise every single page of your website according to your customers preferences, thus ensuring that they are getting the best personalised online shopping experience that they could hope for.
The e-commerce industry is penetrating a wide range of emerging markets due to better internet access, availability of disposable income, the rise in technology, and also the lenient laws and regulations which are furthering the growth and economy of the countries. Ecommerce is on the rise and it does not seem that it would be stopping anytime soon based on the progress the industry has made so far all over the world.