eCommerce companies can gain a strategic advantage to compete in the 2020 marketplace by focusing on the essential factors that play a crucial role in eCommerce development. Due to advances in technology, ecommerce companies can track and measure every action driven by campaigns, and provide a connection to the right source, allowing brands to minimize risk, increase ROI, reduce cost and accurately identify which initiatives are performing well and which are not.
Looking ahead, projected growth in digital technologies – from connected devices, wearables, and virtual reality to 3-D printing and advanced machine learning – will empower consumers to seek even greater control along the path to purchase.
Companies are scrambling to adjust to the world that is getting borderless with markets opening up across different geographies. It is important to partner with a leading eCommerce website development company to get benefits from the latest trends.
Let us see how ecommerce stores need to rise in the global world:
Here are latest trend of eCommerce development
Statistics indicate around a total of 258.9 million digital buyers in the United States in 2018 with an expected increase of over 307 million buyers in 2023, reaching 79.2 and 90.8 percent of U.S. internet users respectively.
eCommerce Statistics: Current and Future
- Global eCommerce sales in the retail industry are expected to reach $4.5 trillion by 2021.
- The year 2020 is likely to witness B2B eCommerce sales outpace B2C eCommerce sales. (HubSpot, 2018)
- 92 billion – the estimated number of global digital buyers in 2019. It’s expected to reach 2.14 billion by 2021. (Statista)
- 67% of millennials prefer online over in-store shopping due to convenience. (BigCommerce, 2017)
- By the year 2040, it’s estimated that 95% of all purchases will be through eCommerce. (Nasdaq)
Product-Market Fit Varies by Region and Country
It is essential to understand geography to make strategic decisions on the product-market. There are several questions to ask before you target global markets such as understanding the need for the product and validating demand, as well as providing the opportunity for your offerings within new areas.
It is vital to gauge the importance of lucrative online industries based on region and align those verticals with your expansion plans.
Equally important is understanding the potential of each targeted geographies.
- Understand market segment and define geographic areas
- Define the existing competition in the local market
- Define the market’s potential
- Anticipate market share and selling price
Stay Focused on Localized Language and Currency
It is essential to go native with the site’s language to make or break global sales. Language plays an essential role in understanding where they shop and whether they buy. Localization can often imply that everything needs to be country-specific.
Getting heavily scrutinized areas of a site right is critical: headlines and product titles. Only after you’ve gained traction does full-scale translation using a native copywriter, and local idioms make sense.
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