The rise in ecommerce is changing the retail industry
It's not a trend that took retailers by surprise – ecommerce has steadily made its way to the forefront of the industry as consumers have gone online in increasing numbers to research, compare and purchase products. For many merchants, this shopping preference was taken in stride, and companies adopted solutions and strategies to accommodate their Internet customers. For some brands, however, the move to the web has not been fully embraced, and these companies risk losing out on valuable business and customer retention. Fortunately, with the right solutions and enough dedication, merchants can get their operations online and running, giving them ability to be at the forefront of the industry and perhaps even outlast their competitors.
E-commerce continues to grow
Internet Retailer reported that research from eMarketer revealed that e-commerce is expected to continue to expand significantly across the globe in the coming years. This certainly isn't a surprise given the strong emergence of the channel in the recent past, but the estimated figures are good information that retailers may want to know. In the United States alone, the study predicts that online shopping will account for $395.28 billion in sales by the end of this year. That represents a 12.4 percent jump from ecommerce sales seen in 2012, the source noted.
On a global scale, eMarketer forecasts that Internet purchases will reach $1.86 trillion by 2016. Over the next two years, ecommerce will continue to strengthen, but it could see a slight slowdown in 2015 and 2016, the source explained. However, this small potential decrease will not hinder retailers' ecommerce strategies, especially as several regions across the world will experience an uptick in online shopping. These include China, the United Kingdom and Germany, among other nations.
Merchants must embrace ecommerce
As consumers throughout the world increasingly go online to browse for and purchase items from merchants, companies will need to adapt to this change and implement solutions that help them accommodate Internet shoppers, Business 2 Community reported. This not only includes having a strong online presence through a website and social media channels, but merchants should also consider integrating retail management software and point of sale systems that can accept and process payments made through the Internet. Adopting this technology is one of the best ways to cater to online consumers to boost retention, loyalty and revenues.
