The introduction of the commercial internet in the 1990s paved the way for a new form of shopping. Hundreds of companies decided to sell products on the World Wide Web, thus making the products available to the huge online audience.
The growth of retailing eCommerce sales worldwide has been huge in recent times. According to Megan from Subscriptionly, the total amount of money spent on these sales is only going to grow.
As you’ll see in the infographic below, In 2014, there was a 26.3% growth, and the eCommerce sales were worth $1.136 trillion. The following years saw the sales jump up to $2.842 trillion in 2018, with an annual growth of more than 20% in 2015, 2016, and 2017.
The $3.453 trillion is the amount which will be spent in 2019, $4.135 in 2020, and $4.878 in 2021, with 18% growth in the same years.
Now it’s time to take a look at a trend that helps the growth of eCommerce.
Personalization
Customers worldwide think that personalization is of utmost importance. This is shown by the fact that 41% of consumers have switched companies because of poor personalization. According to a report by Accenture Research, three in five people who were involved in the survey are more likely to shop at a store that offers them personalized choices.
About 48% of consumers tend to spend more when their experience is personalized, which shows that it is important to consumers and that it affects the amount of money they will spend.
Another important factor is the content: 74% of people hate it when irrelevant content is shown to them in online stores.
Let’s take a look at several case studies which show how important personalization really is to consumers.
- According to research and advisory company Gartner, companies who successfully handle personalization in eCommerce are going to experience a 15% profit boost by 2020.
- Very.co.uk delivered weather-sensitive personalization which reportedly increased its revenue by £5 million.
- At Home in the Country showcased recommendations below the products browsed by users, which eventually led to a 13% increase in revenue.
Willing to find out more? Take a look at the infographic below to find out more stats and trends which are going to define the future of the eCommerce industry.
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Alex Slichnyi, community manager at Btcman.io, is an avid learner of all things IT. He is a savvy SEO specialist who loves traveling because it allows him to experience hands-on the many facets of life. This hands-on approach can be seen in his work, which is meticulously crafted with daring vision by an open, yet methodical mind that likes to probe, test and improve. Communicating and learning are Alex’s core values that drive him forward.
