The State of Retail eCommerce [Infographic]
The Global eCommerce market continues to grow rapidly each year, and shows no signs of slowing down. Many shoppers today are switching over to online shopping, due to its customer friendly trends.
In 2014 Global B2C eCommerce hit 1.47 trillion dollars in sales, and is projected to hit 1.7 trillion dollars by the end of this year. That means the average eCommerce company growth is 15.6% in the 2015 sales year. In 2016, global B2C eCommerce sales are expected to reach 1.92 trillion in U.S. dollars.
In 2014, China was the biggest eCommerce market in the world bringing in 426.26 billion dollars in sales, and is projected to remain the world’s largest retailer when 2015 comes to a close. The United States is the second-largest eCommerce market bringing in 304.91 billion dollars. The next largest retailer is the UK, with only 82 billion dollars’ worth of sales in 2014. This shows that China and the United states are taking complete charge over global eCommerce. The next largest retailer is Japan with 70.83 billion dollars, followed by Germany with 63.38 billion dollars, and France with 38.36 billion dollars.
As the U.S. brought in 304.91 billion dollars in 2014, the top ten US eCommerce Retail sites by revenue, brought in 151.9 billion of those retail sales. In the number one spot sits Amazon, which brought in 79.48 billion dollars, making it clear that they are the top online retailer in the Unites States. Apple comes in a not-so-close second, at 20.6 billion dollars. Apple may be far off from reaching the Amazon retail sales, but they are projected to stay a top leader in the years ahead. In third place is Walmart, which brought in 12.13 billion dollars, moving from fourth to third in recent years. Walmart’s online sales continue to grow at a typical steady eCommerce rate. Coming in at a close fourth is Staples, which brought in 11.23 billion dollars, followed by Sears with 5.7 billion dollars, Netflix with 5.5 billion dollars, Macy’s with 5.4 billion dollars, Office Depot with 4.3 billion dollars, CDW Corp. with 3.8 billion dollars, and Home Depot with 3.76 billion dollars.
As we can see, in 2014 eCommerce was record breaking, and is expected to grow even more by the end of 2015. In order for eCommerce to maintain a steady growth, companies need to continue improving the overall customer experience. Here are some of the major trends that will be responsible for your B2C growth and improvement:
Responsive Mobile Friendly Sites:
Mobile friendly sites have dramatically transformed the global eCommerce world. Customers are increasingly using all types of technology to buy online, especially their mobile devices. Companies, who deliver a simple site that is friendly to all device sizes will have greater success in their online sales.
When it comes to shipping most people will abandon their carts as soon as they get to the checkout process due to the shipping and handling rates. You have to govern a solution that prevents your business from losing money and keeps your customers happy at the same time. One way to do this is offering free shipping, which gives you a direct advantage over your competitors. If you can’t afford to offer free shipping on all orders, you can either slightly increase the price of your products, or you can offer free shipping on a minimum order amount, or amount of number of items in the customers cart.
Flash Sales have all types of benefits to eCommerce suppliers. Not only can they increase your profits, but they can also be used to clear out old product. Using Flash Sales also brings in new visitors and brings your old visitors back.
Online retailers are now personalizing their websites to increase their conversion rates and boost their AOV. By making your eCommerce website personal, you are automatically gaining customer loyalty, such as offering specific product recommendations to different types of customers.
Drop Shipping is a major advantage to online retailers. Instead of spending a vast amount of money for inventory, drop Shipping can have flexible locations, and allow you to have a wider selection of products, making it easier for the retailer to scale.