5 Key Consideration From Latest Digital Commerce Growth Statistics

In an interview, Bob Willet said, “The sooner we drop the ‘e’ out of ‘e-commerce’ and just call it commerce, the better.” The statement to an extent portrays the exponential rate with which the digital commerce industry is making space replacing the traditional love for brick and mortar stores.
According to a report, the digital commerce industry is showing steady growth rate by taking a leap from $1.34 trillion in 2014 to $2.84 in 2018. Not just this, it is anticipated that the same will reach $4.88 trillion in 2021.

Amidst the Hustle

With 4.1 billion people out of 7.6 billion of the world’s population using the internet, the market indeed has a great scope. However, at this point, the major question arises linked with ‘What’s driving the trend?”

It’s the experience!!

Be it B2B or B2C, both the industries are considering online purchase for the ease of experience and the liberty to make a purchase. Having said this, the need of the moment for eCommerce merchants is to serve unbiased and seamless experience to their target audience.

Increasing Merchants and The Ultra-Competitive Industry:

While the market has immense potential for growth, the responsibility here falls on the merchant’s side. And with these responsibilities comes the need to make some big decisions.
Those able to make these decisions flawlessly, succeed, and rest have to struggle to make their space.
This is exactly what the brands and enterprises do to actualize their ecommerce dreams. It includes;

• Understanding your industry
• The target audience
• Analyzing the current state
• Foreseeing the future
• Bridging the gap

The crux isn’t doing new commerce, it’s about making it more user-friendly by bridging the gap.

As it can be seen, there are good number of participants from different industries. While the clothing industry has maximum participants, followed by electronic and shoe industry. Despite so many e-tailers in each segment, there’s something that makes them distinct.

Wondering What??

Well, besides their product and delivery cycle, it is the design, UI, ease of access, and the overall shopping experience. Having said this, the key to surpass hurdles of ultra competitive market is in the decisions you make.
Here are some key considerations to have so as to boost your commerce vision like known brands and enterprises:

Live Your Idea:

If you haven’t visited the Eiffel Tower, you can’t express the extravagant beauty it holds. The same goes for your e-tailing idea. Before you even start the development stage, it is important that you closely analyze it, do the market research, learn about the behavior of your target audience, see what they have, for now, get acquainted with their dissatisfaction, and find the way to serve them with that they need. It can be anything varying from product quality to delivery time or from design to buying journey/payment method. Simply wear their show and prepare your plans.

Platform and a Partner: 

This comes second in your list. There are a large number of digital commerce platform providers in the market. With each of them claiming to be the best, it undoubtedly is a tough decision to make. However, in a recent report Quadrant claimed Magento to be the global leader in eCommerce solutions. You can give it a look to see if it matches your needs. Also, when it’s about Magento, you can always find Magento solution partners easily. They have proven expertise and experience in crafting commerce solutions for not just brands but also startups.

Experience Before You Go Live:

Once you are done with choosing the partner and the development process is at its last stage, you need to start experiencing it. Having said this, you need to now experience the shopping experience, the design, interface, and other crucial elements. While this all might sound simple, but it has to be done from a user’s perspective. The entire process is executed to understand a buyer’s journey and will help you earn the loyalty of your target audience by giving them a seamless shopping experience.

Series of Tests:

No matter your chosen commerce partner will be doing his part, but it also is your responsibility to test various aspects under different scenarios. Organizing a range of tests helps you ensure that the first impression in front of your audience is flawless.

Enhance Your Reach:

Last but not least, once you are live with your online store, have a plan to attract and engage your target audience. With so much of competition in market, it is vital to define the way you approach your audience. Remember, it’s not what you do, it’s about how you do.
Digital commerce industry has an immense scope. All you need is a distinct approach, which matches the expectations of your target audience and a technology partner to help you build a flawless platform. The experience plays a crucial role in defining the future of your commerce. Ensure that you serve it seamlessly.

Contact us If you are looking for Best Magento Development Agency. You’d like to learn how we can help you multiply your Digital Commerce growth by offering strategy, creativity, technology, customer experience, managed services, and conversion-optimized digital marketing with data-driven marketing analytics.