If you’ve driven by a shopping mall recently, you’ll see that the retail experience isn’t what it once used to be. Ecommerce has captured the consumer in the last decade: there are more than 150 million Amazon Prime members in the United States. That’s a whopping 51% of all U.S. households - for many shoppers not being an Amazon Prime member just seems absurd.
Shopping online is now so ubiquitous that it’s time to take the ‘e’ out of eCommerce. The global pandemic has pushed online purchasing past modern-day convenience into the realm of necessity. The term eCommerce has become redundant – it’s just commerce.
The eCommerce platform revolution will reach a tipping point in 2020, driven by buyers seeking the easy, familiar, and competitively-priced marketplace experience. McKinsey predicts that in the next five years, platforms could account for more than 30% of global corporate revenues. And it’s not just B2C-- B2B merchants are turning to online platforms as well.
The top 100 online marketplaces already sell $1.8 trillion each year. The businesses that are taking the lead in this new digital ecosystem-driven economy are seeing nearly double the revenue growth of the companies that play it safe. And while the opportunity is ripe, there isn’t much time left to become an early adopter.
Global online shopping market size is predicted to hit 4 trillion in 2020. In the US alone, we’re expecting to have 300 million online shoppers in 2023. That’s 91% of the entire country’s population!
Online is the new normal. A post-pandemic world is showtime for pure eCommerce platforms that don’t have the expense of a brick-and-mortar and which are nimble enough to get customers what they need quickly and with zero hassle.
Digital is no longer the new thing - it is THE thing.
