E-commerce is an immensely popular platform in times to come. In 2020, the growth trends in this ever-expanding sector seem not to stop. The e-commerce industry is constantly shifting to meet the needs of people in every corner of the globe. Global e-commerce company Amazon has gained the first position, with Flipkart as its competitor.
Offline retail outlets are going out of profits. The challenges in the worldwide retail market have seen a steep increase with the increase in global e-commerce sales. It is sure that E-commerce can’t grow alone unless supported by some of the third-party supporters. For all these types of e-commerce business, there are a few platforms like kart.in which supports them with the reviews of various products.
Let us take a sneak peek into the international growth trends in E-commerce 2020.
- The future of E-commerce is exciting in 2020, although there is stiff competition with the online market flooded with product selling websites. It seems that the e-commerce industry has hit the ceiling, but analysts believe that there is more room to grow.
- By the year 2019, the market share of e-commerce websites has reached the US $ 560 billion globally. It is expected to increase by 17.8% every year. So, by 2020 it is estimated to reach the US $655 billion. The sale of apparel and accessories shows a high growth rate on e-retail.
- The success of e-commerce has led to the diminishing of geographical boundaries. It has resulted in a positive impact on the online industry.
- The future of E-commerce depends on mobiles. Mobiles are the devices that are preferred to make a purchase. Nowadays, the websites are being designed and built with mobile users in mind. A survey reveals that mobiles will be used to make 45% of all commerce decisions in 2020.
- Important aspects like digital payments and returns are simpler in the 21st century with step by step procedures. Money transactions are safer if necessary precautions are taken care of.
What are the factors that are responsible for the growth rate of the online market in 2020?
- The Internet has penetrated every part of the globe with the falling cost of broadband. People in remote areas are actively participating in online purchases of gadgets, apparel, and accessories. Their curiosity and concern are sure to make online business prosperous.
- There is an increased number of internet users who are responsible for the success of e-portals. Websites have done trust-building in these years with reviews from buyers across the globe. There are websites that post genuine reviews about the best products in the market. Online purchases are cost-efficient and many genuine discounts end up in saving you a lot of bucks.
- Comparing products on several websites allows the user to get a clear picture of product ratings and prices.
Going by the data of year 2019, We can predict that the ecommerce industry is here to stay and it’s going to rise more in coming years and there’s no sign of any slowdown yet.
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