The world has rapidly evolved and is now riding up the wave of technological advancements. With the current global scenario pushing out a plethora of new technologies and machines, eCommerce is now more relevant than ever. eCommerce is a goliath industry and it is no surprise that it continues to surpass all expectations.
eCommerce is a medium or platform that bridges the customer with products, sales, and promotions of a company, online. It allows buyers and sellers to interact, disregarding more barriers than plague the new generation of customers.
The global sales for eCommerce amounted to 3.5 trillion dollars in 2019 and are estimated to grow up to 5.9 trillion dollars by 2023. It also provides many lucrative options for both business and their employees. It has also seen a growth rate of 265%, showing a promising, steady future.
From the best eCommerce hosting providers to web designers, the industry also opens up various career opportunities that are engaging and enhance global technology.
The industry shows no signs of decline, yet sees ever-changing trends that are customized to the unique, shifting needs of the internet audience. This is why many industry experts cannot contain their excitement and are looking forward to seeing what the future holds for eCommerce.
Future of eCommerce
Today, most businesses have understood the importance of an online business, in regards to the success of the company. The industry shows steady and massive growth, with no indicators of decline soon.
What’s interesting to note is that, while most industries only show a 5 to 10% growth rate in a year, eCommerce has broken the record by a long shot. The industry has grown to the extent where even the best eCommerce hosting platforms have had to constantly upgrade their systems to satisfy the needs of business owners.
Let’s discuss what the future could hold for eCommerce and the various industries linked with it.
eCommerce automation is one of the key aspects being optimized for the future of eCommerce. This extends to everything from marketing to warehousing, inventory, and beyond. Already, many platforms provide at least one automated element or process, like invoices or alerts and so on.
Automation is an essential feature of the future, as it creates seamless, non-redundant experiences for everyone involved in a process. It frees up time for the staff and money from the budget that could be invested into much greater innovations.
Though many software offers many automated services, the future of eCommerce will see harmonious automation through all the departments and functions of a company.
Shipping and Fulfillment
Shipping and fulfillment so far have been a pretty slow-moving trend, but comes with a lot of potentials. As more customers choose eCommerce as their primary mode of buying, there is an increased demand for fulfillment centers that can process and ship orders in the shortest time frame possible.
Today’s customers are spoilt for choice and expect very short delivery periods. This is why, across the globe, more investments are being made into Shipping and Fulfilment. Smart technology is slowly being incorporated and there are increased attempts at automating many slow functions in this department.
Environmentally Conscious Shoppers
With the world rapidly evolving, the customers evolve as well. But this evolution has undoubtedly put a strain on the world and its available resources. However, eCommerce is inching closer and closer to creating not only sustainable products but incorporating sustainable business methods as well.
Customers no longer look for the best product but also look at the environmental effect the product could have. This is one of the biggest reasons billions of dollars are spent on trying to attain sustainable practices through eCommerce.
The best eCommerce hosting services have also begun to invest in creating energy-efficient hosting systems with servers that don’t leave a huge carbon print.
These are some of the trajectories the eCommerce industry is inching towards and hopes to achieve soon. Going down the road, there may be many obstacles, but the future of eCommerce looks promising nonetheless!