Exactly as predicted by e-gurus 15 years ago, e-commerce is hotter than ever. Whether in mature markets, where consumer spending is shifting online, or in growth markets where rapid urbanization and increasing (mobile) internet penetration are unlocking new shopping habits, shoppers are ‘e-commercing’ it up.
Some obligatory stats:
- US e-commerce sales will grow 62% by 2016, to USD 327 billion (Source: Forrester, February 2012).
- European e-commerce sales will grow by 78% by 2016, to USD 230 billion (Source: Forrester, February 2012).
- Brazilian e-commerce sales will grow 21.9% in 2012 to USD 18.7 billion (Source: eMarketer, January 2012).
- Chinese e-commerce sales were CNY 780 billion (USD 124 billion) in 2011, an increase of 66% from 2010. E-commerce is expected to rise from 3% of consumption to 7% by 2015 (Source: IDC, March 2012).
- India’s e-commerce market is expected to grow to USD 70 billion by 2020, from just USD 600 million in 2011 (Source: Technopak Advisors, February 2012).
- Indonesian e-commerce sales are forecast to grow from USD 120 million in 2010 to USD 650 million by 2015 (Source: Frost & Sullivan, February 2012).
Now, consumers’ current ‘online’ experiences are of course fundamentally different to those during the early dotcom boom: e-commerce is no longer just about choice, price, convenience, reviews and ratings, but also about everything that consumers look for in any purchase: status, the right product and a compelling experience.
So, time to learn about and profit from the latest innovations that are transforming e-commerce, and ultimately, reshaping shopping behavior. Both on and offline.
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