E-Commerce is experiencing monumental growth. It went from being a $ 1.3 trillion industry in 2014 to a $ 3.5 trillion industry in 2019. Experts predict that by 2023, it will reach $ 6.5 trillion. This means there’s a tremendous opportunity for e-commerce brands, and the sky is truly the limit. If your business does not have an e-commerce webstore , then you are missing out on this multi trillion dollar pie.
E-Commerce is thriving, and it has been for a while. It’s an industry that is ever changing. Trends are constantly shifting in an attempt to shape the way that people in every corner of the globe purchase products. This makes the future of ecommerce exciting, to say the least. It is estimated that around a potential 3 billion buyers from emerging markets will have access to the internet by 2022. That’s a lot of potential customers.
It’s also expected that 20 percent of all retail sales in 2022 will come from buyers who currently reside in those emerging markets. That’s a lot of potential sales. The most exciting part about all of this is that a lot of these markets are relatively untapped by existing ecommerce businesses at the moment. This means that there is a ton of potential for existing businesses to branch out and reach new audiences.
It also means that there are a lot of opportunities available for new ecommerce brands to pop up within those emerging markets, and tailor their services towards local audiences. It’s undeniable that the growth of online shopping is far outpacing the sales from brick-and-mortar stores. And it is just a matter of time before brick-and-mortar stores fade out in favor of an even bigger shift towards online shopping.
If your business does not have an e-commerce webstore , then you are missing out on this multi trillion dollar pie.
These advances in technology make our lives easier, and businesses more profitable, so it is no surprise that businesses are allocating more budget to online purchases every year. If you are an online merchant you should ensure that your ecommerce store allows for large orders, invoicing, volume-based discounts, and the ability to reorder easily. With all these features in your ecommerce store, you are on the road to success. We, at FOHT, will walk with you on this journey of moving your business online. Call us today, +254 727 793 860!