We live in a digital age, and that means more and more people rely on the internet to accomplish everyday tasks like paying bills, researching, and even shopping. eCommerce has grown significantly in the last decade, and despite economic uncertainty, it is slated to continue to grow over the next several years. This makes it a highly lucrative endeavor for entrepreneurs interested in capitalizing on one of the world’s fastest-growing industries.
eCommerce Growth by 2025: Important Statistics
In a Meticulous Research report titled E-Commerce Market – Global Opportunity Analysis and Industry Forecast (2018-2025), experts said that the global ecommerce market will have a compound annual growth rate, or CAGR, of 11.1% between 2018 and 2025. By 2025, the global ecommerce market will be worth $24.3 trillion. What’s more, as of 2018, 55.1% of the global population had access to the internet, and by 2025, some 61% of the world’s population will have access to internet-connected smartphones.
What Drives This Growth?
There are numerous factors driving the growth in ecommerce. Though the growth starts with the increased penetration of internet access and smartphone ownership, it will be fueled by consumers’ desire for instant gratification and convenience when it comes to online shopping. Technologies like artificial intelligence (AI), the “Internet of Things” (IoT), and the sheer accessibility of a huge variety of affordable products via the internet will coax more people to forego shopping in brick-and-mortar stores; instead, they will turn to the internet.
The Fastest-Growing eCommerce Categories
Though ecommerce growth is expected to remain strong across all industries and niches, it is the sporting goods, toys, and health supplements industry that is expected to grow the fastest per the Meticulous Research report. Consumers have become increasingly conscious of their health, and this drives them to shop online for sporting goods and toys that can facilitate healthy activities. eCommerce is also ideal for purchasing beauty products and health supplements since consumers can choose from numerous products that best suit their individual needs. In either case, ecommerce makes comparison shopping faster and far more gratifying, which will continue to fuel growth.
Can You Capitalize on the Rise of eCommerce?
Thousands upon thousands of new shops enter the ecommerce space each year. They range from general stores selling a bit of this and that to incredibly niche shops that cater to exclusive crowds. In either case, now is the perfect time for entrepreneurs who may otherwise be on the fence to capitalize on the ecommerce industry. In fact, in order to accommodate the incredibly large number of new online shops opening their virtual doors, the demand for order fulfillment and inventory management services has also skyrocketed. These companies exist to make running an online shop simpler, easier, and far more cost-effective, all of which can help you thrive in even the most saturated of industries.
eCommerce is one of the fastest growing industries in the world, and this is driving people from all walks of life and all corners of the globe to open their very own online businesses. Whether you sell t-shirts, baked goods, or even a lucrative line of small electronics, ensuring that you have the right order fulfillment partner and that you have meticulously planned your marketing will surely drive your success.