One of the ways in which the global pandemic changed consumer behavior was the rise in popularity of online shopping. While the world has moved on since the height of the pandemic, the global e-commerce market continues to develop. Here are just five trends impacting the world of e-commerce.
1. Mobile shopping
One of the e-commerce trends of note is a change in how people shop online. Indeed, shopping via a mobile device (known as m-commerce) is expected to double over the first half of the decade. Sales via m-commerce were worth $359.32 billion in 2021, and this figure is expected to reach $728.28 billion by 2025, as e-commerce firms and social media platforms make it easier for consumers to browse and buy items ‘on the go’ using their smartphones and tablets, rather than through a laptop or PC.
2. Subscription models
A further trend in e-commerce is the increased popularity of subscription-based models. These involve consumers paying a monthly fee to receive goods directly to their door. The advantage for retailers is the regular income, while consumers benefit from the added convenience of having items on repeat order. Research indicates that 15% of people who shop online have joined at least one subscription service.
3. Products bought online
When discussing e-commerce trends, it’s worth taking a look at the actual products that consumers are now regularly buying online. Popular categories for online shoppers include food, pet supplies, and luxury goods, such as jewelry. Instead of going to physical stores, people can now browse and shop for items such as Newman Bands easily from home, where they can compare styles and benefit from having products delivered to their door.
Consumers are now more aware of the environmental impact of their purchases, and this has had an impact on online shopping. Buyers, especially those in younger age groups, increasingly demand products that are sustainable, and e-commerce firms have the opportunity to satisfy these demands by looking across their operations and making changes, whether that’s introducing recyclable packaging or reducing water use, or switching to renewable energy. Added to this is the increased availability of social media and other online channels for firms of all sizes to promote their sustainability efforts and eco-credentials.
5. Regional growth
One of the e-commerce trends to note is the growth potential across different regions of the world. For example, in South Korea, online retail is expected to account for up to 45% of retail activity within five years, up from 37% today, while certain Southeast Asian and Latin American countries could see their e-commerce markets grow by up to 20%. It’s worth noting that some countries, such as South Korea, have well-developed e-commerce markets, whereas others, including some Latin American countries, are considered earlier-stage e-commerce markets.
Overall, the popularity of e-commerce may have dipped compared to the height of the pandemic when shopping online was a necessity. However, the market continues to grow and develop in different ways, offering opportunities for companies and consumers.