I read an article/blog entitled “Future of Ecommerce in 2019: 10 International Growth Trends.” With the arrival of e-commerce, many consumers and businesses in the world are now able to compete, buy and sell in global markets regardless of language, culture and distance. This helps countries become known globally and grow economically. An entrepreneur can sit at his/her table and create a business all through e-commerce. You can buy almost anything online, just by clicking a button, it is one of the greatest trends in the 21st century.
“New studies projected that the worldwide retail eCommerce sales will reach a new high by 2021. Ecommerce businesses should anticipate a 265% growth rate, from $1.3 trillion in 2014 to $4.9 trillion in 2021. This shows a future of steady upward trend with no signs of decline. But, what’s even more interesting is the global eCommerce sales have been steadily eating up the worldwide retail market. In fact, by 2021, it will account for 17.5% of the total global retail sales.” (Future of Ecommerce in 2019: 10 International Growth Trends, Jan. 2019).
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I look at how much money e-commerce businesses are making, it is extraordinary; but what will happen to the brick and mortar stores? Online shopping is a brick and mortar stores greatest competition, yet I don’t think they are going anywhere anytime soon, at least not all of them. As a consumer I want to still be able to buy products at a physical store, you want to see and touch things to make sure it is good quality; I would never buy a car or jewelry online. I want to ‘have my cake and eat it too’ and I think most consumers have that with shopping in front of a computer/cell phone or driving to the mall (omni-channels). “As the lines blur between the physical and digital environment, multiple channels will become more prevalent in customers’ path to purchase. This is evidenced by 73% of customers using multiple channels during their shopping journey” (Future of Ecommerce in 2019: 10 International Growth Trends, Jan. 2019).
“Shoppers are increasingly looking for products online outside their home country. In fact, 57% of online shoppers reported having made an online purchase from an overseas retailer in the last six months. The average percentage of consumers who made overseas purchases by continent: 63.4% Europe, 57.9% Asia-Pacific, 55.5% Africa, 54.6% Latin America, and 45.5% North America.” It is great that you can purchase a product from a different country that you may not be able to find in your neighborhood store, but as I feel there may be disadvantages to shopping online domestically, I am more cautious of shopping outside of the U.S. because I would be unsure about the quality of the product, security issues regarding my credit card information, technical difficulties on their website and waiting for your delivery to get to you; since it is in another country it will take much longer to receive. I am kind of spoiled due to Amazon’s fast delivery, so the pain of tracking what I purchased and waiting for it to get to me is not what I want to do. Overall, I think e-commerce connects people and businesses globally and they are getting stronger every year; I can’t wait to see what’s next!
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