The Latest Trends in eCommerce
Updated: Jan 17
The eCommerce market is on a tear. For better or worse, since the COVID-19 pandemic, the sector has been growing faster than ever. And a lot of that growth can be attributed to important growth trends happening within the sector. Ecommerce business owners or those looking to break into this market for the first time understand the importance eCommerce has to trade, both on a local and global level.
Why is this important? Because trends in eCommerce have changed consumer behavior. We used to all pickup and go to the store, but times have changed. Online shopping was already becoming a preferred way to shop for consumers in the early aughts and that trend has only accelerated over time. With the COVID-19 pandemic, it became the predominant form of shopping. And you know what they say: Old habits die hard. We've gone from getting dressed, getting in the car, going to the store, and looking around to sitting on the couch, going to our favorite website, clicking on an accessible website shopping widget, and just like that your shopping is done. How much time, money and effort did you save?
The biggest impact eCommerce has had on consumer shopping habits is apparent in how foot traffic has dwindled in the past decade. Now that consumers can shop from anywhere, anytime, they don't have to use gas to get where they need to go. In a time of ever-increasing gas prices, using less gas because you can just shop at home carries great appeal. No longer do consumers need to wait in traffic or wait in line at a store to make a purchase. Of course, the ability to research and shop online has been around for a while, mobile has taken eCommerce to the next level because shoppers can use the device at any point during the sales cycle.
Ecommerce selling has also been greatly influenced by social media marketing. As it is, you should actively use social media channels to market your business. At its best, a strong social media presence can not only help you scale your company and build real relationships with your customers, but it can also help you dramatically increase sales. But how so? For many, selling products or services on social media can feel a lot more like a game of luck than a game of skill. With algorithms and AI running the show on users' news feeds, how can one get ahead of the technological curve? First, reorient how you look at social media. Consider for just a moment that 4.70 billion people are using social media today. That represents nearly 60% of the global population. Think about that for a second. A plurality of humanity is actively using social media every single day. Certainly, each of those interactions represents a selling opportunity. When done right, social media marketing can be a powerful selling tool.
When you consider that by 2025, nearly half of all retail sales will come through an eCommerce channel, the reality of our new retail paradigm shines in stark relief. The progression of eCommerce has advanced the customer expectations of the companies they buy from. Retailers need to take a holistic look at every aspect of their store operations to make sure they are appealing to their customers and inspiring them to shop more. The modern consumer expects a seamless shopping experience that is personalized to them — one that is consistent no matter what device they are using for their shopping or what stage of the buying process they are in.
And that's why eCommerce represents don't of our four investment verticals. We feel the future of shopping, marketing, advertising, and more will all be virtual in the coming decades. And here at Pluribus Technologies, our stable eCommerce companies will be ready. It's time to learn more about the companies that call Pluribus home.