The eCommerce industry saw a significant boost in popularity over the past couple of years. While the concept has been around for almost four decades, it’s only now that people realize the niche’s full potential.
Due to the unexpected circumstances that the COVID-19 pandemic brought upon the world, most people had to adjust how they did mundane tasks, such as paying bills and grocery shopping. Fortunately, eCommerce stepped in and provided a viable alternative to conducting these essential activities.
While it took some time for people to adapt to the current situation, today, many can’t imagine doing things without the help of eCommerce platforms.
In 2021 alone, eCommerce sales reached an astounding $5.2 trillion worldwide. However, the industry is still slated to grow by 56% in the coming years, with predictions stating that it will reach $8.2 trillion by 2026.
The last few years have been huge for eCommerce. In the previous decade, it has progressed significantly in volume and retail market share; now, more people are shopping online than in-store.
However, it’s not to say that there aren’t challenges. The biggest challenge is how retailers become profitable in an industry with significant investment costs & digital transformation.
As such, experts are adamant about how the eCommerce industry will continue to grow as it establishes itself as part of the “new normal.” Suppose you’re an industry business owner or an entrepreneur interested in trying your hand at the niche; these are some of the top ecommerce development trends you should be aware of in 2023 and beyond.