The United States is one of the second largest market for ecommerce in the world with the revenue of US$432 billion in 2020.
Over the years, this industry has seen significant increase in the adoption of internet and pandemic has influenced positively towards its growth. According to US Census, the ecommerce sales has increased by 13.7% for the FY2020.
Let’s discuss what ecommerce is and some key trends that are driving the market with key trends.
Ecommerce Key Trends:
Technology plays a vital role towards the swift acceleration- mainly mobile-commerce. A study by Oberlo shows that, 75% of the individuals has chosen mobile shopping mainly for their convenience, flexibility and time.
AUGMENTED REALITY AND AI
Augmented reality is changing the game on how ecommerce business functions. With the help of AR, customers are able to make precise decisions and reduce the return rate for the vendors. Moreover, statistics shows that 35% additional shoppers would be shopping online if they could virtually try on a product before buying.
While m-commerce and augmented reality plays a vital role from storefront, backend operations with Artificial Intelligence (AI) needs to be integrated to provide seamless experience for the customers. Enabling AI will assist in capturing continuous data on how customers surf on your website and intelligently suggest personalized suggestions for better shopping experience. This will also help ecommerce businesses to reduce bracketing and shopping cart abandonment.
Another key trend that ecommerce is seeing is a shift towards creating brick and mortar shopping experience virtually i.e. similar to how sales associates assist in-store, chatbots enable the same online. By 2020, 78% of the businesses have already incorporated these technologies for increased conversions. Chatbots are currently a huge thing today and drastically changing the buying behavior of online shoppers. They are becoming more intuitive and more prevalent in the upcoming years to rule the ecommerce industry.
Ecommerce V/S Ecommerce Marketplace
Ecommerce website is an online store with a single vendor selling his/her products or services to multiple customers. In this case, the sole responsibility is on the vendor to generate sales, promote brand awareness, logistics or capture leads through marketing.
This is because, there are only 2 exclusive parties involved in the whole process i.e. buyer and seller.
The marketplace is a platform with robust capabilities set-up for a vendor to start selling online. The vendor need not worry about the up-time and on-going website maintenance as its taken care by the marketplace platform.
Below is a table that illustrates the differences between ecommerce and ecommerce marketplace.
If we have a look at the table above, it clearly shows that it’s easier and beneficial to start selling on an marketplace or several marketplaces than building a website. Let’s look at the benefits a seller can get.
Benefits Of Choosing Ecommerce Marketplace
1. Provides additional channels for the business to sell products
2. Convenient medium to compare products with competitors performance and pricing
3. Build a trust factor with already existing customer base
4. Marketplace offers new trading partnerships
5. Higher product and brand visibility and faster time to market
The marketplace shouldn’t limit your business with just these basic benefits. Scale up your business beyond the basic advantages that ecommerce marketplace offers you.
TurtlesEgg.Com a new socially responsible marketplace goes a step further in enabling vendors to succeed through its unique vision of “Together We Win”.
Turtles Egg treats vendors and customers the same. Grow your business by leveraging additional key and unique advantages from TurtlesEgg Marketplace.
1. Bold Promotions of Brands And Businesses In Social Media
2. Personalized Dashboard
3. Live Chat With Customers Pre and Post Sale
4. Customizable Micro-site with own URL
5. Sales Tax collection and filing in all 50 states
So all in all, sign up to an ecommerce marketplace platform to grow your business with minimal risk. Whereas, start your own ecommerce store to avoid commission fees and complete authority over your domain. However, this is time consuming and complicated process- especially if you haven’t created your market and brand.