E-commerce: A brief look into it21 July 2022
Web Development E-Commerce Development
E-commerce platforms have taken the digital economy by storm, experiencing exponential growth since COVID-19 first struck in 2020. In the first half of 2020 alone, e-commerce platforms experienced a 23% growth in total web visits via desktop and mobile, signifying strong consumer engagement in e-commerce retail.
From January to June 2020, iPrice recorded that Singaporeans spent an average of $113 SGD online during this unprecedented time.
There is no doubt that COVID-19 has heavily impacted consumer behaviour, with reports from Accenture in 2020 witnessing a rise of 161% in online revenue in restaurants and delivery and online transactions by 212%.
It is not surprising to see this sudden change during the pandemic.With lockdowns becoming the norm, many businesses and consumers have ‘gone digital’, raising e-commerce’s share of global retail trade from 14% in 2019 to 17% in 2020.
The most notable factor that makes e-commerce appealing to shoppers and businesses is convenience. Customers can make purchases from the comfort of their own home or office without going down personally to collect the item.
It is particularly beneficial for businesses with niche products, as the web has become a perfect place to advertise and sell their products. This helps them cut down on resources by not needing to invest in a physical shop, allowing them to invest it in other aspects of their business.
Many customers tend to use e-commerce websites to source rare items, the kind that would not be in brick-and-mortar stores. E-commerce offers them a wider range of products without worrying about the availability of customers, allowing customers to clear their carts.
As of now, the industry shows no signs of stopping. Based on a report about eCommerce from Statistica, it is estimated that the revenue raked in by the industry will increase from 7.29 billion USD in 2022 to 11.45 billion USD in 2025. It’s no wonder that so many companies are hopping onto the e-commerce hype train!
If you are unsure of where to begin, feel free to contact our digital consultants at Websentials to kickstart your e-journey!