It’s no secret that eCommerce is becoming a leading channel in the commerce industry. What started as the wishful thinking of someone who slightly enjoyed their time at home more has turned into a mainstream commerce medium.
Have jaws dropped? Absolutely not, because eCommerce has allowed companies to provide faster service, easier accessibility for consumers, and a lot of savings. But more than anything, it has opened an unlimited number of doors for the commerce industry to improve and evolve.
Global eCommerce Market at a Glance
In the last couple of years, eCommerce has advanced through its overall market share. By 2019, the eCommerce market size rose to an impressive 13.8%, thanks to the innovative initiatives of online retail industry giants.
It was a slow and steady run; however, the COVID-19 outbreak has altered the dynamics of the entire commerce market. “Stay at home” practises caused a shift towards online shopping, pushing eCommerce market share to new heights. As more and more users turn their heads to online shopping platforms, the question remains: what is the market size for eCommerce?
The answer is simple, but complex at the same time. It’s simple because eCommerce trends are thriving more and more each day, and the global eCommerce market size is expected to grow in the following years as well. However, there has been a decrease in the overall growth rate of eCommerce market share; you don’t need to be Einstein to know that growth is certain. On the other hand, it’s difficult to answer, because how the eCommerce market size will grow is a topic full of riddles and unexpected twists.
If we go by numbers, the eCommerce market size increased to 19.6% in 2021, scoring a 6% jump in only two years. Of course, most of this growth can, and should, be attributed to the pandemic; but it’s safe to say that there’s an inevitable growth of eCommerce.
In fact, estimates for 2022 point towards a 21% market size, which means that for every dollar to be spent in 2022, 21 cents of it is expected to be generated through online sales. But before giving the final verdict on eCommerce market share, there are some other elements to be considered.
Factors to Consider for eCommerce Market Share
For starters, no one could’ve ever guessed that we were going to make face masks a part of our street-chic fashion. Yes, the pandemic was a dramatic event that no one saw coming; and to be honest, it has been a major game-changer in the commerce industry. To have a better understanding of eCommerce market share in 2022, two prominent actors need to be addressed: online shopping and mobile apps.
The Hegemony of Online Shopping
Before the pandemic, online shopping already had a steady increase in the eCommerce industry. But when the last store on the streets was closed, online shopping took the industry by storm. Thanks to the leaps and bounds of online shopping, eCommerce market share increased gargantuanly. Within less than two years, every business incorporated its business model into a digital platform.
But one thing to bear in mind is the unpredictable nature of the online shopping environment. Of course, the pandemic is said to be slowly coming to an end, and such a majestic turn of events is not expected to happen soon. But who knows? Yes, there’s an expected growth for eCommerce market size, but one thing the pandemic has taught the business world is the factor of unpredictability.
Therefore, it will be essential for businesses to be willing to adapt and incorporate change in a quick manner in 2022.
The Dawning of the Age of mCommerce
Another aspect for businesses to be wary of is the rise of mobile apps. Yes, consumers now would like to order a nightgown while watching an episode of “Emily in Paris” at the same time, on the same device. The shopping experience takes its food from the ease of accessibility and fast transaction opportunities, features that mobile apps are all about. Therefore, it’s essential to consider the power of mobile phones when making decisions towards eCommerce market size in the following years.
mCommerce is becoming the new façade of eCommerce trends, and the numbers are convincing. In fact, mCommerce transactions scored slightly below 700 million dollars worldwide in 2019, and its overall share within the eCommerce market is exponentially increasing each year.
It benefits both the consumer and eCommerce platforms because it enables a higher engagement rate and mobility. Also, it remodifies the essentials of supply chains by introducing consumers as a more prominent actor. Really, if you’re not one touch away, then you’re falling behind in the commerce industry.
Reach Your Potential in the eCommerce Market with an App
Are you a business that will step into the eCommerce industry and make a share for yourself? Or maybe your business needs new opportunities to grow in the eCommerce market. Either way, the direction is becoming clear: you need to create a mobile platform to increase your eCommerce market size.
The world is going mobile. Most aspects of our daily lives are bound to our smartphones, and consumers are quickly leaving non-mobile platforms behind. One thing to highlight here is the power of social media. Social media users worldwide are nearing 4 million, and the overall internet penetration of businesses is growing.
A few years ago, the entertainment value of social media used to outweigh its business aspect, but the tables have turned. eCommerce platforms are creating strategies to enlarge and retain their consumer base. One of the most common strategies is to reach new audiences through social media channels and redirect consumers to the mobile app of the business.
In the United States, 31% of retail eCommerce sales came from mobile transactions and mobile shoppers are observed to spend twice the amount of time as other customers. What’s more convincing is that the conversion rate from mobile apps is three times higher than other digital platforms. Numbers speak for themselves, and in the world of eCommerce, mobile apps are taking the lead position.
Get Your Mobile App Started With Mowico
Take your business to new horizons by creating a mobile app. You might be worried about the workload of coding the app or how to incorporate your entire business into a mobile platform. But with Mowico, there’s nothing to worry about.
Mowico is a no-code app builder that allows eCommerce businesses to transform their digital platform into a mobile app. Within only a couple of hours, you can carry the content of your website into the mobile app and manage the rest of the process through a simple drag-and-drop method. And never mind the compatibility issue, because Mowico allows you to work with more than 60 eCommerce platforms.
You can start your free trial right away! So don’t take your time any longer and enrich your business model with Mowico.