6 stats on this year’s significant eCommerce trends
eCommerce is rapidly evolving. Since 1997, when only one company in the world had achieved a million dollars in online sales, eCommerce has become an integral component of every serious retailer’s marketing strategy. Staying ahead of the curve is vital. With that in mind, here are six eCommerce trends to watch in 2019.
1) Global eCommerce sales are expected to grow from $2.8 billion at the start of 2019 to $4.5 trillion by 2021.
What that means: Retail is in flux. Although eCommerce currently accounts for only about 11% of U.S. retail sales, that percentage is going to grow. Moreover, there will be greater integration between eCommerce and traditional retail as more digitally native retail brands like Warby Parker open brick-and-mortar outlets while traditional retail outlets like Walmart step up their online presence. The lines between retail and e-tail will continue to blur, and brands that enable consumers to migrate from one to the other with the least friction will thrive.
2) 44% of consumers report being frustrated when companies fail to deliver personalized shopping experiences.
What that means: The old “If you build it, they will come” approach to eCommerce is dead. Today’s consumers are tech-savvy enough to know what’s possible in eCommerce in 2019. Amazon has conditioned users to expect, at minimum, recommendations based on their prior purchases and browsing history. So brands need to start customizing their approach for their customers. It’s as simple as that.
3) 33% of consumers cited lack of personalization as their reason for abandoning a business relationship last year.
What that means: Just to reinforce point No. 2: Consumers aren’t just voicing their frustrations over lack of personalization, they’re acting on them. One in three customers who took their business elsewhere in 2018 did so because they were put off by lack of personalization. One in three. This is not a coming trend. It’s happening now.
4) 60% of consumers say they would be likely to spend more with a retailer that was more digitally innovative.
What that means: Just what it says. If you use available technology to offer your customers a more creative, engaging shopping experience, they’ll be inclined to spend more on your brand. What form that innovation takes—whether it’s video content or augmented reality or something else — depends to a large extent on your brand. But if you don’t offer some form of digital innovation in 2019, your competitors will pass you like you’re standing still — because you are.
5) Current eCommerce website bounce rates range from 20% to 45%.
What that means: Depending on the type of business you’re in, the number of visitors who don’t make it past your site’s landing page ranges from one in five to almost half. That’s a lot of missed opportunities. Anything you can do to chip away at that number, such as reducing load time or improving your site’s navigation, increases your odds of converting visitors into customers.
6) Global IT spending will increase by 3.2% in 2019.
What that means: Not much in and off itself. Is anybody surprised that investment in information technology continues to climb? What’s interesting is where much of that increase will come from. “Spending is moving from saturated segments such as mobile phones, PCs and on-premises data center infrastructure to cloud services and Internet of Things (IoT) devices,” says John-David Lovelock, research vice president at Gartner. “As digital business and digital business ecosystems move forward, IT will be the thing that binds the business together.”
With more and more consumers expecting all commerce experiences to be frictionless, it becomes that much more important to make those IT bindings seamless and invisible. Consumers want to consume at the speed of thought — and innovations like headless Commerce platforms allow companies to achieve that in 2019 and beyond.