Today, eCommerce is an integral part of our daily lives. International commerce is being redefined by eCommerce. eCommerce business has undergone a monumental shift over time. You will discuss how eCommerce has grown over the past few years and the processes involved in running an eCommerce business today.
The term eCommerce refers to electronic commerce. In this context, online shopping refers to buying and selling products or services. People can buy and sell almost anything using the Internet, including books, electronics, apparel, software, and furniture.
Brick-and-mortar was the dominant form of eCommerce before the advent of eCommerce. The brick-and-mortar business model includes retail outlets with at least one physical location.
There is still brick-and-mortar commerce, but the eCommerce business is quickly taking its place. The majority of brick-and-mortar stores are converting to eCommerce stores in an evolutionary sense. Therefore, core business operations must be conducted online, creating an online presence.
Retail Growth In eCommerce 2022: The Latest Data And Forecasts
Looking back at the growth of the eCommerce industry over the last few years and thinking forward to the future is interesting. The graphs from Statistica demonstrate that US retail sales from eCommerce increased in Quarter 2 of 2020, accounting for 16% of all sales in the country at that time.
Between Q3 2020 – Q2 2021, eCommerce will hold a market share of 13-14% within US retail sales. In other words, this represents the largest share of the total sales since the pandemic, demonstrating some rapid changes to buyer behavior remain, and we expect more to follow.
You have also watched the percentage of eCommerce sales in the UK rise to over a third of all UK retail sales in November 2020 and January 2021. In the past few years, it’s decreased slightly. However, it will be interesting to watch the trend in the run-up to the 2022 holiday season and next year.
Which Sectors Of The eCommerce Industry Are Growing The Fastest?
In September 2021, non-store retailers will comprise a large portion of eCommerce sales in the UK, as depicted in the chart representing the state of online retailing in the UK. For this sector, eCommerce was down by a few percent years over the year but still made up the lion’s share of sales.
Since their establishment, these sellers have been preparing for a model of socially distant retailing that is now so critical to so many businesses. Conversely, department stores have seen the number of online sales drop by 15.3% YOY, with 28.1% selling online now. Nearly a third of all online purchases came from textile, apparel, and footwear stores in September 2021, which is an increase of 5-9 percent YOY.
Everybody Wants To Be The Biggest E-Commerce Company
eCommerce has developed into a diversified sector. Nevertheless, some giants rule the world of eCommerce. Thus, everyone aims to establish a fascinating eCommerce website design. The companies with perfect eCommerce optimization have established some monopolies and have tremendous credibility in the eCommerce space.