Ecommerce is surging. Fitting comfortably into developments like voice search and mobile-optimized websites, the practice represents almost 10 percent of retail sales and will continue to grow. Here are trends for 2018 and beyond that retailers should be aware of– and prepare for.
(Source applies to any above where source is missing.)
The Size of Ecommerce
- Ecommerce is expected to hit $4.5 trillion in 2021. [source]
- In the US alone, ecommerce represents almost 10 percent of retail sales– a figure that is growing by nearly 15 percent each year. [source]
- Social shopping will have a massive impact in 2018, according to Jason Stokes, CEO of Shopify Expert Eastside Co.
- Approximately 40% of millennials have used a voice assistant prior to making a purchase. By 2020, this number will pass 50%. [source]
Where We’re At With Mobile
- 125 Million U.S. consumers own smartphones.
- 50 million U.S. Consumers own tablets.
- By 2020, video will make up 80% of all online consumer Internet traffic.” [source]
- 62% of smartphone users have made a purchase online using their mobile device in the last 6 months.
- One third of all eCommerce purchases during the 2015 holiday season were made on a smartphone.
- 80% of shoppers used a mobile phone inside of a physical store to either look up product reviews, compare prices or find alternative store locations.
B2B Ecommerce: A Trend That’s Growing Fast
- By 2019,B2B firms will spend more on eCommerce technology than online retailers do.
- 56% of B2B buyers expected to make half or more of their business purchases online in 2017, up from 30% in 2014. [source]
- The US B2B e-commerce market could reach $1.1T and account for 12.1% of all B2B sales by 2020, and over $6 Trillion worldwide. [source]
- 56% of B2B buyers expected to make half or more of their business purchases online in 2017, up from 30% in 2014.
- The average age of a B2B buyer/researcher is now under 35 years old.
- 89% of buyers search online in a B2B purchase process, with 74% doing so for more than 50% of their purchases.
- 71% of B2B researchers start with generic unbranded searches and average 12 online searches before engaging with a specific vendor’s site. [source]
Alibaba vs. Amazon
Amazon and Alibaba are blurring the lines between B2B and B2C marketplaces. They’ve become “the Google of shopping”, with a staggering dominance of their respective markets.
- In October 2017, Amazon launched Business Prime shipping, a paid annual membership program for businesses in the US and Germany.
- Amazon business has amassed over 1 million “Amazon Supply” subscribers in 5 years.
- Amazon Business, the marketplace where Amazon combines more than 30,000 sellers (and itself), had $1 Billion in sales in its first year and is growing 20% every month.
- Alibaba generates 80% of all online sales in China (yes, 80%) and is, at its core, a B2B portal for connecting Western businesses and Chinese manufacturers. [source]
Make sure you stay up-to-date with all the latest AdTech, MarTech, Data and Datorama-related news by following us on Twitter, Facebook and LinkedIn.