The Online Shopping forecast across the world is taking huge steps forward this new year and in the future. This is good news for business people who are planning to go into online retail business, and want their company ecommerce website built.
US and UK ecommerce sales sales forecast in 2020
It’s interesting to look back at the growth of online sales and think forward to how much further they can grow at the expense of traditional channels. The overall percentage of Ecommerce retail sales are perhaps, surprisingly small at around 10% of sales in the US and 18% in the UK, but with sustained growth. The latest ecommerce growth forecast from eMarketer suggests that globally ecommerce sales will increase to 16% of all sales in 2020. This is an increase of 19%.
The projection above shows the growth in digital buyers and shows that growth rates for ecommerce are being sustained.
Global online buyers estimate from 2018 to 2021
The trend for ecommerce sales worldwide since 2018 has a huge huge potential with the growth of online buyers almost doubling year by year! Check out this information from statista on the estimated purchase of goods online worldwide. The number of purchases of people who are going to make a purchase online by 2021 would have reached 4.8 trillion. Doubling the amount for 2018. Which means that businesses who have an ecommerce store will have gained more sales than those who doesn’t have an online presence.
In 2018, an estimated 1.8 billion people worldwide purchase goods online. During the same year, global e-retail sales amounted to 2.8 trillion U.S. dollars and projections show a growth of up to 4.8 trillion U.S. dollars by 2021.
46% of Aussie small businesses going online
Down under, almost half of Australian small businesses are predicted to go online in 2020, leveraging the upwrard trend of more and more people preferring to make a purchase online.
Almost half of Australian bricks and mortar small business owners (48%) predict their business will operate entirely online in the future, with more than a quarter (26%) of these businesses foreseeing this happening in the next three years.
Regardless of their future form, 46% of all small business operators predict online channels will account for at least half of their sales in three years’ time, according to this year’s The Economy of Shopping Small report, commissioned by American Express.
Online Small Businesses have strong gains
Small Business Saturday posted a record breaking $3.6 billion dollars that was fueled by strong gains from both large and small retailers alike,” said Vivek Pandya, lead analyst at Adobe. “The weekend between Black Friday and Cyber Monday is emerging as a truly lucrative period for online commerce. With a projected $7.6 billion generated over Small Business Saturday and Super Sunday, consumers are taking advantage of post-Black Friday deals and are accelerating spend in the run-up to Cyber Monday.”
Retailers experienced significant revenue growth of 43% when having an ecommerce shop
More and more retailers and small business go online to expand sales and customer base. And we can’t help but be encourage by this trend. The world is going to go cyber sooner than later. In fact it already has.
Forty-three percent of business owners who sell products online say they have experienced significant revenue growth, according to a recent poll, echoing a predicted trend toward increased sales beyond brick-and-mortar locations.
The poll of more than 2,400 business owners conducted by Insureon and online small business directory Manta also revealed that 38% experienced a moderate revenue increase because of online sales, while only 19% did not experience any change.
Of the 29% of small businesses that reported selling products online, 66% use their company website for sales, while 24% sell products on Amazon, and 22% use eBay.
The Perk Online shopping brings to Customers
In today’s world, people have become so used to go online to shop for products they need. They don’t need to go through a lot of frustration in order to shop online. They can easily access online stores through their personal computers or mobile devise and order what they want. The ordered products would be delivered to the doorstep as well. Here is a list of some advantages online shopping have over offline shopping.
- It saves time. You don’t have to dress up and spend a penny just to out and buy an item you need.
- Saves you transportation expenses
- You can do the shopping anytime you want.
- The products are relatively cheaper online because retailers does not have to pay for physical store rent or showrooms to display their products
- No more waiting on long lines. This is the best reason I like. I hate waiting on queues.
- Able to avoid the crowded stores. This is the second thing I hate about shopping offline.
- Easy to search for the product you want.
If you are a businessman looking to expand or start a business, especially retail business, this information is for you. Take advantage of the growing number of people around the world going online. Your neighbors are going to eventually have online access and may become your online customers!
NOW is the best time for you to have your ecommerce store created. If you want to know more about which ecommerce system to use, we can help you with it. Or check this article:
An ecommerce website development is totally necessary in today’s economy. If you do not have an ecommerce yet for your company, you are probably losing on potential online sales.