Developments in eCommerce
The developments in eCommerce have been significant in recent years, driven by an increase in demand and shopping trends on a global scale. This blog takes a look at some of the key trends, developments and what the future of eCommerce may look like.
Britain has the largest online shopping market within Europe, and is the third largest market in the world, behind the USA and China. Over 85% of UK retail purchases are made online. The market has seen continual growth year on year, accounting for over 19% of the total business turnover. This is forecast to continue to grow throughout 2019. Shoppers are savvier than ever, with online access for eCommerce orders 24/7, and the ability to compare deals and prices before making a purchase.
The trends in eCommerce have seen an increase in customer demands for one-day shopping, with the expectation to receive goods either the same or next day. An example of this is Amazon Prime, where you can order and receive goods within a matter of hours depending on your location. Drone technology has been a hot topic within the eCommerce market, however under 50% of UK residents would be willing to receive goods via a Drone delivery.
Industry reports suggest that the eCommerce market as a whole will stay on home soil when considering the impacts of Brexit. Consumers expect a quick delivery, therefore staying in the UK is cost effective and delivers consumer expectations. Goods may still be coming into the UK from the EU, however the processes of eCommerce fulfilment are set to stay within the UK.
Changing Face of the High Street
The developments in eCommerce have had a significant impact on the high streets in the UK. Trends such as Black Friday and Cyber Monday have reached the UK and EU from the USA, and have seen huge increases in online purchases throughout the month of November, especially in the run up to Christmas. This, along with general trends of being savvy shoppers, has resulted in the closure of high street stores. The continual developments in eCommerce have changed the high street as we know it. The big question is whether high street stores can adapt their business models to reflect the changes and to get shoppers back into their physical stores. Or will 2019 see further decline throughout the high street?
Another key development in eCommerce is digitalisation. Technological advances have changed the consumer experience, opening up a range of different ways to purchase goods. Mobile use for online shopping have seen a significant growth across all age groups, with 24/7 access across different mobile and tablet platforms. This has led to demands for eCommerce website development being at an all-time high.
Other digitalisation includes more advanced technology such as voice activated purchases, for example with Alexa and Google. Virtual reality is also entering the market, with the ability to show you what purchased may look like in your home etc. With these developments continuing to grow within the market, the eCommerce sector is set to continue to rise.
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