When the COVID-19 pandemic took the world by surprise, many locales implemented stay-at-home recommendations that kept people from visiting brick-and-mortar stores. As a result, people turned to the internet to order everything from toilet paper to televisions. Many people experienced the convenience and selection offered by online shopping.
However, the million-dollar question is: Will the increased preference for online shopping carry forward into the coming years? Read on to find out.
According to worldwide retail eCommerce sales statistics, the online shopping industry raked in revenue of approximately $3.35 trillion in 2019. While this was impressive, the pandemic and its resulting protocols caused revenues to surge to almost $4.3 trillion in 2020. The eCommerce revenue went up to nearly $5 trillion in 2021, and it is on track to reach approximately $6 trillion within the next two to three years.
This rapid revenue growth reveals how popular online shopping has become and how it will continue to stay a part of people's lives in the coming years. Let's have a look at other online shopping trends that project continued eCommerce growth.
Livestream features first rose to prominence on social media, with people and some businesses using live video to share daily activities. Recent years have seen live streaming adopted as a new way to connect retailers and shoppers. The trend started in Asia, with companies using live video to interact with their customers in real-time. Now, live shopping is gaining traction around the world. Although live shopping only accounted for $1 billion in sales in the US in 2019, it climbed to $11 billion in 2021. By 2023, industry experts predict that livestream shopping will surge to $25 billion in the US.
Businesses have finally realized the importance of interacting with their customers in real-time, which is why they are leveraging every channel they can find, including social media apps. Through the power of artificial intelligence (AI) and digital marketing, businesses can find out which platform to use to target their customers, and this impacts their sales significantly. Moreover, it also enhances the digital customer experience (CX) for shoppers.
Today, every person can use social media to have a voice on the internet. And many people rely on the opinions of influencers when deciding what products to buy. But which influencers are brands more likely to trust?
According to the Association of National Advertisers, 92% of people say they trust micro-influencers — or individuals with 10,000 to 50,000 followers on social media — more than big-name celebrities. Savvy brands are tapping into this trend by partnering with influencers to endorse products to their followers and drive traffic to brand websites. The result is more opportunities to make sales online and higher digital revenues.
When it retail, delivering an exceptional customer experience is what makes brands stand out from competitors. That's true whether people shop in brick-and-mortar stores or online.
Online shopping is growing at a staggering rate, which means that competition for customers is fierce. If you run an eCommerce business and are looking for exceptional digital CX solutions, get in touch with Helpware today. We cater to all sorts of online businesses and help them build amazing customer experiences.