Is E-Retail the Future of Shopping? | by Kevin Gabeci | Feb, 2022 – DataDrivenInvestor

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E-Commerce is the Future or already the norm?

E-Retail has become an integral part of modern life, whether we like it or not. Over the last decade, e-commerce sales have increased at double-digit rates.

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Photo by Roberto Cortese on Unsplash

By 2020, total global retail revenues from e-commerce and e-retail have surpassed $4.2 Trillion. And according to Statista, over 80% of shoppers prefer shopping online.

In recent years, online shopping has gained popularity because of its convenience, lower prices, accessibility, and free shipping options. However, there are concerns that e-commerce may replace brick-and-mortar stores.

Will it become too big to fail? Are there downsides to buying online that aren’t apparent to consumers? What does the future of e-retail look like?

The answer is yes. Although e-commerce is convenient and affordable, it poses risks to small businesses, especially mom-and-pop shops without strong financial backing.

How Big is E-Retail really?

Let’s at some statistics and then you can judge by yourself. Well according to Statista, by 2025 the sales of e-commerce worldwide will surpass $7.391 Trillion.

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That’s a massive increase that’s almost twice as much as the current market value. In fact, in 2017 alone, e-commerce grew by 12.3%, which is higher than any other industry. This growth rate is expected to continue rising at a similar pace for the next few decades.

You can get a discounted 12 Month Premium eCommerce Bundle to kickstart your business by going to this link.

Some of the countries where retail e-commerce has seen the biggest sales growth in 2022 will surprise some of you. It’s in the Philippines, India, and Indonesia as the top 3.

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That’s right, these countries know the importance of a good e-commerce website and they have taken advantage of it making them millions of dollars.

The Rise of Online Retail

Online shopping has been growing rapidly since 2000. According to Statista, in 2019, online retail sales accounted for 11.9% of all retail sales. If this trend continues, in 2025, online sales will account for more than 25% of all retail spending.

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This figure is even higher when considering mobile purchases. Mobile commerce accounts for about 6.6% of all retail transactions.

According to Statista, e-commerce is also becoming increasingly popular among millennials. The average age of a millennial shopper is 28.5 years old, compared with 26.8 years old for Generation X and 23.1 years old for Baby Boomers.

Photo by Jonas Leupe on Unsplash

Millennials are more likely to shop on their smartphones than older generations. In fact, they spend nearly three times as much time browsing on their phones as older shoppers do. They’re also more likely to use apps to buy products.

Millennials’ love affair with technology is reflected in their shopping habits. For example, they’re more likely to pay using credit cards (60%) than cash (40%). They’re also more likely than older generations to make purchases through social media platforms such as Facebook and Instagram.

E-Commerce vs. Brick & Mortar Stores

There are many advantages to shopping online, but there are also disadvantages. Most people agree that e-commerce offers great benefits:

Convenience — You don’t need to go out of your house to find what you want. All you need to do is log into your computer or smartphone and order from anywhere.

Lower Prices — There are many websites offering discounts on items. Some offer free shipping too.

No Lines — No lines means no waiting!

Accessibility — You can access your favorite stores 24/7.

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Build your own e-commerce with weebly.

Closing Thoughts

Well with all that information and statistics I provided in this article I’m sure you know the importance of e-commerce. So why not consider starting your own e-commerce business by going to this link. If you want to know more about that platform let me know in the comments below.

If you have any questions or suggestions about the article don’t hesitate to leave a reply in the comment section. Enjoyed what you read? Why not follow my Medium newsletter so that you don’t miss out on any of my future articles? It’s simple, click here enter your email address and press subscribe.

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