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Top 5 Trends In The E-Commerce Industry
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In 2022, the ecommerce industries list are expanding vigorously. The e com industry and its retail ecommerce sales are predicted to reach a whopping $5,542 billion. Quite evidently, the Philippines, India, and Indonesia are the fastest growing retail sales markets that bear home to the best top ecommerce industries. Whereas, China bags 50% of market penetration of online sales becoming one of the biggest ecommerce industries while the UK and South Korea follow further. Digital advancement is exploding globally. With that so is the ecommerce industry. The list of ecommerce niches and ecommerce opportunities are increasing by the day.
In the online industry, the ecommerce industry is showing the upward trend and will continue up scaling to match consumer expectations and technological enhancement. In this blog we will explain 5 examples of e-business, best ecommerce niches for smma, what industry is online selling, top 5 ecommerce products and the hottest ecommerce trends.
Here’s a handy guide to know the top 5 trends in ecommerce industry. A blueprint to offer you ecommerce growth sectors and industry leaders.
According to Statista, Amazon tops the market cap of leading ecommerce companies, whereas a host of other companies like Shopify, Alibaba, Walmart, eBay, booking.com, etc own a sizeable share too.
Top 5 trending ecommerce industries growth hackers
From Booking.com to Airbnb or from Amazon to Flipkart or, from Swiggy to Zomato; any niche marketplaces have considerably gained momentum in sales, market share, and vendor integration over the years. Earlier, the niche market was undeveloped and underrated. Now, it’s the trend, an integrated system. To illustrate further, let’s discuss the top 5 eCommerce niches that have the potential to grow and upscale in the near future.
Online Education
Covid – 19 has brought about a widespread cognizance of the online education method. There were nearly $200 billion global sales in 2019, E-Learning sales were expected over $370 billion in 2026, as per a Statista report last year. The closures of educational institutes and organizations during the pandemic, opened new, viable options for the world to advance technologically.
From UpGrad to Coursera, various eLearning platforms offered innumerable courses to upgrade one’s skillset. True School of Music, and Urbanclap, for instance, are online platforms for live music lessons. They have expanded to induce renowned musicians from around the world for online classes. these e-learning platforms were saviours during the pandemic. Amidst the crisis when conventional learning was no longer feasible, instructors and teachers globally were incubated, trained, and hired for carrying up the huge task of online education. And the eLearning marketplace offered jobs to teachers and a source of income was generated. Presently, instructors and teachers are teaching offline but the online mode is still a popular mode to improvise on one’s skillset.
The dynamics have changed in today’s world due to the closures of educational institutes and organizations caused by the influenza pandemic. As a result, schools and educational institutes have looked to e-Learning as a viable alternative to continue teaching in a safe environment. As a result of COVID19, online learning has grown in demand, providing a more significant opportunity for growth in this category.
The popularity of popular eLearning platforms is indicating a significant potential for growth. As an example, the online platform Lessonface, which offers live music lessons, invites world renowned musicians to teach classes. In the future of ecommerce growth, these brands are eagerly investing in their potential. The crisis is forcing teachers around the world to find a safe and sustainable income source while traditional learning is no longer feasible. There is no better place to do that than the eLearning marketplace. We recommend investing in the eLearning market due to its Compound Annual Growth Rate (CAGR) of 14% in the next five years. It is currently on the minds of teachers to find platforms through which they can register and start earning. Professionals are now able to earn sustainable revenue from online teaching, once regarded as an impractical alternative. One of the top 5 ecommerce industries to invest in is eLearning, thanks to its large market base (currently expanding).
Online education is a top trend that has picked up in the digital age. This industry has grown 900% globally. Coursera has 76 million learners and it offers 4500 odd curses. This boom is here to continue. With a Compound annual growth rate (CAGR) of 14% in the next five years, the eLearning marketplace is our best pick for ecommerce businesses to invest in.
E-Retail
The e-retail market comprises of companies like Amazon, Flipkart, eBay, etc. These companies have elevated the ecommerce industry to the highest level and still counting. As a result of a Statista report, global retail ecommerce sales are expected to reach $6.54 trillion in 2023, nearly doubling from $3.53 trillion.
A pandemic in 2019 caused Amazon’s first and second quarter revenues to spike to nearly $76 billion and $89 billion, respectively. The retail giant has soared to new heights despite the current crisis. eBay also experienced its highest growth in 15 years in the second quarter with a 34.6% increase.
Physical retail stores were shuttered during lockdowns, so retailers turned to sell online to increase revenue. In weeks, ecommerce businesses undergo digital transformation, a process that usually takes years. With restrictions being lifted, consumers have become habituated to this shopping behaviour. Since it is relatively safe and convenient, they will continue to order online. Entrepreneurs and businesses often turn to ecommerce retail when looking for business ideas. A retail marketplace online now seems like a good idea amid all the past crisis. The e-retail marketplace thus finds the second spot in the trend
Online Grocery marketplaces
E-Commerce grocery sales registered a considerable growth rate as compared to the past years. Retail giants like Amazon, Target, and Walmart are taking advantage of high consumer demand to fuel this rapid growth. Online grocery marketplaces aren’t a bad idea as consumers increasingly shop for essential groceries online. Online grocery stores like Zepto, Swiggy Instamart and Blink It are growing day by day.
In the pre-COVID era, most customers picked out groceries themselves merely because they preferred to physically see groceries before buying and partly because the delivery fee was too costly. As grocery retailers face the new ecommerce reality, COVID19 has altered consumer habits and priorities. Online retail marketplaces have grown tremendously and the graph keeps rising. Consumers now like the layout of easy approach personalised offers, an assortment of products, and comparisons. The “touch and buy” has been replaced by” click and buy.” A robust growth and integrated systems have strengthened the place of online retail marketplaces. Keep a close watch and grab the opportunity for a profitable investment.
Sales of ecommerce are increasing, and this trend continues after the pandemic. Grocery stores that can maintain their customers throughout the crisis will likely lead the industry in terms of customer retention and customer satisfaction. As online grocery niche grows, it is predicted to grow further. It would be a great business idea to start a hyperlocal grocery marketplace in such an environment.
A food delivery service
The service of ordering and delivering food has been popular among consumers for decades. Originally, restaurants took orders over the phone, but now we have marketplaces with instant delivery. Online food delivery giants like, Swiggy, Uber Eats, and Zomato dominate the online space with their established networks. With the convenience of ordering your favorite food online and receiving it within minutes, the industry dynamics have completely changed.
It is estimated that the online food delivery market will generate $200 billion in revenue by 2025, but there are many revelations left to be known. Due to its rapid growth, food delivery should be counted among the top 5 ecommerce niches. As a result of COVID, food delivery continued to thrive simply because the service is fundamentally essential and the ecommerce model is well-established. Changing the payment and delivery methods to contactless was the only major change.
New age models of the food delivery service have facilitated cloud kitchens and home cooks to plunge into the market and savour the rewards of tier taste. Modernization has also brought in a palateful of cuisines onto the plate. Specialty dishes, restaurants, and cloud kitchens have changed the horizon of this industry.
Due to the booming food delivery business, industry giants have acquired their rivals to maximize growth and expansion. Postmates – another popular food delivery marketplace – is currently in the process of being acquired by Uber Eats for a huge sum of money. It is a robust business idea with immediate returns to start a food delivery marketplace as big players expand can sound promising trend. So, indulge!
Hire or Rent
Our last business idea is an online rental marketplace – a booming business idea with huge potential. Niche markets offer entrepreneurs and businesses tangible business opportunities with substantial revenue streams. Statista forecasted that by 2021, the US equipment rental market alone will reach $59.4 billion, growing at a 6.1% CAGR.
Similarly, Uber, Ola, Rapido and Rent the Runway are leading the global ride-sharing market or clothing rental market, respectively. According to forecasts, the global ride-sharing industry will grow by over 50% by 2021, reaching $117 billion. Another reason for the continued growth of the online rental market is the appearance of new services, such as:
- High-end fashion couture on a rental basis
- Gym equipment and space on hire
- Gaming equipment on hire
- Home fixtures and furniture
Rental products (such as treadmills, and other equipment) are more likely to be rented by people who are confined to their homes and reluctant to go outside. A new generation of rental marketplace businesses has been able to capitalize on the pandemic. With the current global economic crisis, renting is actually a smart choice with many benefits.
There are several niche-based rental ideas online that are either unexplored or don’t have a dominant leader. Therefore, businesses that identify their niche rental business quickly may be able to gain fruitful results from their online marketplace.
FAQS :
- What industry is ecommerce? Or what industry does ecommerce fall under?
The ecommerce sector comes under the electronic sales category, It refers to the organizations and individuals that carry out buying and selling of goods and services on the web.
- Which is one of the main sectors of ecommerce?
In the ecommerce sector the B2C ( Business to Consumer ) and B2B ( Business to Business) are the two main sectors. They provide a wide range of e- commerce opportunities.
How will ecommerce evolve in the future?
There is a constant change in the future of ecommerce. There are a few recent trends that have been changing and evolving. These trends will help you understand what is the best ecommerce industry for you and your business.
- Online shopping is made more realistic with augmented reality.
- As voice search becomes more popular, it will increase in volume.
- The use of artificial intelligence helps shops better understand their customers.
- Individualization creates individualized experiences through on-site personalization.
- In order to create personalized experiences, big data plays an important role.
- In order to improve the shopping experience, chatbots are used.
- The mobile shopping trend continues to grow.
- A variety of payment options are available.
- Ecommerce powered by APIs and headless platforms allows for continuous innovation.
- A video has a positive effect on customers.
- Customer loyalty is built on subscriptions.
- It is becoming increasingly important to be sustainable.
- Conversions should be optimized through digital strategies.
- In the B2B sector, things are changing and growing.
CONCLUSION
The entire world has been set to stage online. It’s for you to choose. Make your choices wisely. Ecommerce is here to stay and how… Our Top 5 trends of the ecommerce industry can give you great insight. Now you know which sector is playing its A-game and whos nailing the numbers. Plunge into what interests you!
Hence, ecommerce is experiencing a lot of changes these days.
Because technology and people are always evolving, we will always be looking to the future as ecommerce brings it all together. The one thing that is certain is that it is never too late to learn something new and evaluate whether or not it is right for your company.
When consumers are in control, ecommerce businesses can customize the journey ahead.
Khushi Kochar
- February 9, 2023
- 9:00 am
- No Comments
