Several factors have contributed to the rapid growth of online commerce, including the rapid adoption of smartphones and easy access to technology.
Since its genesis in the middle of the 1990s, eCommerce has grown by double- or even triple-digit percentages every year. With all signs pointing to it continuing for decades, this increase has tremendous technical ramifications for application and deployment architecture. For example, in a 2013 analysis, Morgan Stanley predicted that between 2012 and 2016, the share of global retail sales made online would increase by 43%.
The following are the factors of this expansion:
- Increasing use of technology
- Internet use
- Internet-enabled devices
- Inherent advantages of eCommerce
- Price advantage
- The convenience of buying through mobile
- large selection of products
- technical developments
- Improved integration with the physical world Maturity of e-commerce options
Statistics on eCommerce trends in India
Most of the top eCommerce website development companies in India are expanding their reach for further reasons, as the scope here is very wide. So let’s glimpse some of the major statistics on eCommerce.
- It is predicted that Indian e-commerce will grow by 21.5% by 2022, reaching US$ 74.8 billion.
- By 2030, US$ 350 billion is expected to be generated.
- By 2024 and 2026, respectively, it is projected that India’s e-commerce market will reach 111 billion and 200 billion US dollars.
- There were 830 million internet connections in 2021 due largely to “Digital India” efforts.
Top Reasons Behind The Growth of e-commerce
E-commerce is probably something you are somewhat familiar with as you probably use it to pay for goods and services online. You might have made an eBay purchase or paid for a streaming platform membership. There are many explanations for why the e-commerce sector is expanding so quickly. Let’s examine a few of them.
Since the introduction of tablets and smartphones, consumers may purchase from any location. Some people may even turn to mobile shopping to fill the time while riding a bus or train. According to statistics, mobile e-commerce is rapidly expanding. The amount spent on mobile devices in America increased from 3 billion in 2010 to 31 billion in 2016. This development will probably continue. Mobile apps are now frequently offered by e-commerce companies to give customers the best shopping experience possible.
People can easily make purchases from overseas thanks to e-commerce. Many websites promise to deliver their goods and services anywhere in the world. For instance, the UK-based apparel retailer ASOS now provides free shipping anywhere. Markets all across the world are seeing the emergence of e-commerce companies. By 2020, the e-commerce market in Indonesia is expected to reach $130 billion, rising by 50% annually.
According to a report, 70% of American consumers like online shopping. This is because online shopping and searching are popular choices for consumers. Another benefit of e-commerce is that it takes less time. Nowadays, customers may purchase from anywhere and quickly and effectively locate the necessary items.
More goods and services
E-commerce businesses are growing more and more numerous. With new web tools, starting one’s e-commerce firm is now simple for anyone. Online shopping is becoming increasingly popular, making it a profitable company strategy. The success of an online store depends on choosing the best e-commerce web hosting company. For this reason, you ought to read this Cloudways review before deciding.
E-commerce has enabled us to access services and goods we may have never seen. For instance, millions of individuals pay Netflix a monthly fee to access videos. Spotify provides a similar music service. Companies will probably find customers prepared to buy as long as they can effectively advertise themselves. E-commerce is at the vanguard of the new consumerism that the Internet has produced.
Ecommerce offerings are becoming more mature.
Since the start of modern eCommerce in the middle of the 1990s, we have come a long way. Early in the development of the Internet, e-commerce was hampered by a lack of Internet-capable hardware, sluggish connection speeds, a lack of standardization of web browsers, and low levels of public awareness. The tipping point came in 1994 when Americans started to purchase personal computers and connect them to the Internet for the first time. Beginning in early 1994, Netscape, the first widely used web browser, eventually included support for Security Sockets Layer (SSL). Despite being slow, dial-up Internet was still faster than nothing.
As the saying goes, “Money follows eyeballs,” and e-commerce started developing alongside and far faster than Internet use. Established shops and business owners of all stripes started investing as customers started using e-commerce. For instance, eBay and Amazon.com were established in 1995 and 1994. Around the world, this development and investment cycle has been replicated since the general public’s access to the Internet.
Ecommerce expenditures have produced both minor advancements and significant innovations, such as:
- Improved functionality brought on by new features and tools that simplify shopping.
- A more tailored shopping encounter.
- Utilizing social media to both directly affect sales and conduct business.
- Rich user interfaces are available on various device types.
- Control shifting from IT to business.
- Upgrades to the underlying technology that enhanced availability and performance.
- Policies that cater to customers, such as free delivery and hassle-free returns.
- A closer connection to the physical world, such as in-store returns or public kiosks
Even though invention is always a wonderful thing, complexity has suffered. Large e-commerce development platforms frequently have more than a million lines of source code. You must integrate or provide solutions for management, monitoring, product suggestions, ratings and reviews, load balancing, delivering static content, load testing, and more. You require many goods or services, each with a different lifespan and set of SLAs. It takes a lot of effort. However, these technologies and newly discovered applications have sped up the global acceptance of e-commerce.
If you intend to start your marketplace, you can approach an eCommerce development company in India, as their price structure is much better than others. However, before making any conclusion, conduct in-depth research on your chosen market niche or product.
Author Bio: Ekta Patel is the lead content writer and a digital marketer at Selected Firms – a B2B Marketplace for Finding World Class Agencies. She is a Skilled Digital Marketer with 7 Years of experience in eCommerce, SEO marketing, Google AdWords, and social media content building. Previously worked as a developer in a Florida-based web design company, she transitioned into a digital marketer and has created quality content for the company’s websites/apps, blogs, and case studies. In addition, she has profound experience working for IT organizations and is responsible for introducing the latest eCommerce trends to the team.