Do you own a business or an e-commerce giant? Have you ever thought about which types of ownership give you ultimate pleasure at the day’s end?
Well, we know most of you will be thinking about how much money it will take to build a giant. But do you know that there are no rules about starting at the top in this business field, but there are small steps you can take?
Moreover, e-commerce is an online store or platform, but it is a combination of many strategies and steps.
Yeah, you got me right.
The strategies that one makes are for significant gains. In addition, it is still a growing market. Or you might mention that ecommerce represents one of the fastest-growing industries worldwide.
But how do you get more customers?
According to our research, following the latest trend is the most incredible part of standing out from the market. Whether or not you are far from your dream, it still requires over-viewing the benefits of building an e-commerce empire. We strongly believe that the article will act as a primary guideline for starting an e-commerce business.
Also, those who have an e-commerce store already will get extra opportunities to improve their sales growth.
Now, let’s have a quick look at what you will get from this article.
– Purpose of e-commerce business
– E-commerce market statistics
What Is the Purpose Of E-commerce Business?
In e-commerce, goods or services are purchased and sold using electronic media. Although it’s an online process, businesses still need to showcase their products or services through an e-commerce store.
On the other hand, marketers and business owners mostly use this platform to conduct online marketing and sales activities.
Also, you can showcase your products outside of your local area or physical store via an ecommerce store.
Before opening the box, let’s have a short description of e-commerce history.
Can you remember the birth year on the internet? Yes, in 1991, the internet opened to the public.
However, electronic commerce history started over 40 years ago. In the year of 1969, CompuServe was the first significant e-commerce company formed in the United States. Also, Amazon was one of the first eCommerce retail sites in the US that started selling products online.
The above information is not enough if you have a major interest in eCommerce history. Many giants and people were involved in this sector that helped to grow this industry massively.
In the next phase, we would like to share some statistics.
E-commerce Market Statistics:
According to the 2020 report, China is the largest country for e-commerce in the world. At the same time, according to the report of Business.com, China is the fastest-growing e-commerce market with an annual growth rate of 35%.
On the other side, the US is the second largest e-commerce market in the world. According to Statista, the USA is projected to hit $476.5 billion by 2024. In 2021, over 2.14 billion people worldwide are expected to buy goods and services online.
Moreover, among others, India is one of the fastest-growing e-commerce markets recently. According to the Payoneer report, the market is ranked 9th in cross-border growth in the world. The report also says that the e-commerce sector will reach US$99 billion by 2024.
According to Statista, India’s e-commerce market will reach 200 billion US dollars by 2027. Even according to them, Flipkart and Myntra were prominent players in the local market. However, the survey was conducted at the time of Coronavirus lockdown.
Lastly, the global e-commerce market was valued at USD 9.09 trillion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.7% from 2020 to 2027.
But do you know how many e-commerce sites are there in the market?
Approximately 12 to 24 million e-commerce sites you will find around the globe. And every single day, people are adding more to their online business.
Apart from this, you will find a list of many interesting facts and statistics that make this business market more appealing in front of retail buyers. We will cover those later in another article.
According to Zebra’s marketing study firm research, over 70% of businesses will be using the IoT by 2021 to enhance the customer experience. Also, the technology will help you collect data faster for real-time response.
It is the end of all the boring but informative phases. Let’s jump to the next section to know why most people buy from e-commerce.
Why People Mostly Buy From E-commerce/Online:
People prefer to buy online because it is convenient. You don’t have to leave your place to purchase a small thing, not even from the nearby shop. They can buy whatever they want.
On the other hand, buyers also have an option to do product research before buying. Having travel from store to store, they can do it virtually.
We have conducted a short survey on 100 people, where 80% of them were interested in choosing an online buying facility rather than shopping from a store. Moreover, you can buy and ship products from one place to another easily.
The statement that we got from them is,
We search for reviews of every product. We also compare price, quality, and customer service along with after-sale service for selected products. And we can do it all online.
Oh, we forget to mention one more special reason. That is, online buying will save your time. So, it is mandatory to look at the loading speed while building an e-commerce site.
Final Words
At present, it is not unbelievable anymore that the e-commerce business has a growing future. By the year 2040, it’s estimated that 95% of all purchases will be through eCommerce.
Therefore, these days, almost 80% of the total population directly purchases goods and services online. Either they prefer to shop from the e-commerce store or the company website. Both are treated as online purchases.
Though the statistics won’t trouble your business, but this info will inspire you to start yours.
