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The Rise of E-commerce

  • Hubtec Digital
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COVID-19 has driven unprecedented growth in e-commerce since customers have stayed away from physical stores. In the US, e-commerce grew by 44% in 2020. Online’s share of total retail sales has been on the rise for a long time. Mobile Ecommerce is up and poised for further growth. Ecommerce is the future. It’s going to be huge and isn’t a new trend. 

Let’s take a further look. 

Physical vs Online

Studies have shown that total retail sales growth in the US averaged around 4% per year. Ecommerce, on the other hand, reported an average of 15% growth per year and skyrocketed to 44% in 2020. There’s no doubt right now that the physical brick-and-mortar stores will fall out in favor of the online stores. The growth of online shopping is outpacing the physical stores and has been for a long time now. With COVID still around, people are preferring to buy things online and there are studies that they are going to stick with online shopping in the future. 

A survey by PYMNTS reveals that half of the customers that switched to online shopping will not go back to in-person shopping after the pandemic. 

Businesses are turning to online platforms to sell their products. You may have heard of Shopify, an e-commerce platform that hosts your online store and helps you process payment for the products you sell. Shopify reported a 86% increase in revenue in 2020, due to the global pandemic resulting in more shopping online. 

A strong e-commerce presence will be important for the future.

Ecommerce Automation

Ecommerce automation will be the key to growing an online business. Stretching from marketing automation to warehousing, every department of the business can be automated, to an extent. It will allow employees to free up time and resources for more important work. Supply chain management will also benefit from automation, which can be scheduled to have alerts for stock replenishment when it gets low. 

 

It will be helpful for e-commerce. The sky’s the limit.

Closing Thoughts

The future of e-commerce is extremely promising and full of exciting innovations for both businesses and consumers. It’s important to stay ahead of the competition. If you haven’t started with an e-commerce business online, get started with a company such as Shopify.
Whether you’re an entrepreneur or a CEO of a large company, keep your finger on the pulse regarding news on the e-commerce landscape. You’ll never know if something big will happen tomorrow.

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