Revenue in the eCommerce market is set to reach $2,275,953m in 2020. With a technologically fast-growing world, the opportunity to purchase goods or services over the internet has never been so easy. Industries have benefited greatly from this ever-growing market, businesses have a larger reach and audience as the location isn’t a limit anymore.
However, this growing online eCommerce world comes with its own problems, some stand-alone retailers struggle to find their unique selling point as a brand and store loyalty is decreasing. Also with marketplaces, like Amazon and AliExpress, flourishing because they are offering shoppers the best deal, these smaller retailers are struggling as they can’t compete. The market is extremely competitive and cost intense with SEO, brand awareness, cost and other selling points playing a major role in the businesses performance.
Here I am going to discuss with you some of the most beneficial and innovative industries currently on the market.
The Fashion Industry
This has been one of the most influential sectors, with a wide range of different brands and styles now on offer to people, individuals are able to shop with companies they may have never heard of before.
Fast seasonal products have made impressive growth, with fast fashion being promoted by influencers and social media. However, people are starting to rebel against the idea of fast fashion and its negative impact on the environment. Will this see a drop in the revenue for the fashion industry if this carries on? Or will a change in attitude and more sustainably produced products mean that there is a reverse?
There is a larger demand on the latest gadgets and electronics than ever before, with new products being more innovative, people feel the need to have the latest version, even if the previous product was working fine. These most up to date versions of gadgets has caused a growth in sales through eCommerce stores.
The Household Sector
With less intense growth compared to the electronics and fashion industries, the demand has seen a large rise in online food shopping due to the unprecedented pandemic lockdown. Individuals have started relying on online food stores as they have been encouraged to stay home to protect themselves and others. This could have given the household sector the boost it needed for their eCommerce stores, as even after, individuals may carry on using their online services.
Home And Garden Furniture
A growing industry, with more inspiration through social platforms and blogs, updating your home interior is becoming more popular. This wider market gives the opportunity for individuals to buy more high-quality furniture at an affordable price. For example, interior design lovers can now enjoy masterpieces like Egg Chair in their own living room, buy simply ordering them on https://www.pash-classics.com/living/chairs/arne-jacobsen-egg-chairs.
Some people still believe that product reviews and a 360-degree video is not the same as viewing the product in person, but with bonuses of shopping online such as free shipping, free items, more options, cheaper alternatives and good return policies, this leaves a lot more people changing their shopping habits to feature eCommerce stores.
An industry that previously was probably thought not to make a good online store, online-only car dealerships are revolutionizing the industry. They are focused on the users’ experience and offer a stress-free shopping experience, a 7 day test period and the option for pick up or delivery. This is leaving physical stores shocked and having to look differently at their marketing techniques.
These eCommerce stores are constantly changing, and always working on user experience. This makes competition harder and the ability to keep up, even more important.