The ecommerce market is growing. There is no debate on that. The convenience of shopping online coupled with the advantage of having innumerable brands at the disposal of consumers certainly trumps the traditional shopping experience. There is some debate pertaining to how much people actually save, considering that most brick and mortar stores try to offer enticing discounts paving the way for some serious savings but by quite a margin, ecommerce remains to be an economically rewarding alternative. Online discounts or coupons and different types of promotions at all times ensure that consumers save more when they shop online than at brick and mortar outlets.
Ecommerce Industry Outlook
Despite the boom in ecommerce, it is still a fragment of the entire retail industry. It doesn’t have a market cap of even half of the total retail sales. However, that is poised to change. As you would explore in ‘Data Driven Ecommerce – The Ecommerce Market’, the ecommerce industry is growing at an unprecedented rate and it is expected to maintain that momentum conveniently for the next five years to a decade. The ecommerce industry is expected to become as widespread and significant as the traditional brick and mortar retail industry. There may be some dispute or some debate as to whether or not the online retail industry will surpass conventional retail but what cannot be even second guessed is the significance and growth potential of ecommerce.
You can explore the statistics provided in the info-graphic and you will realize the potential of the ecommerce industry. It has become one of the most lucrative domains over the last decade. If social media and social networks are a unique phenomenon of this century then ecommerce is certainly a phenomenon in retail and sales.
A Global Phenomenon
The upsurge of ecommerce is not just confined to the US. As a matter of fact, ecommerce is growing faster in certain parts of Europe. The UK is a huge market for ecommerce and in some European countries, barring Italy and Spain; the industry is recording a much higher growth than in the US. The advantage of ecommerce is that it is not confined to geographies and conventional restrictions that most retail giants have had to face. One can sell anything from anywhere, as long as it is legal and there is viability in shipping the product to a distant country where the customer lives. The prospects of ecommerce are unprecedented.