Here’s a bold statement:
Companies which fail establish online ecommerce presence or adapt to this and lucrative sales channel will be doomed to failure. This is no exaggeration.
Revenue from the global ecommerce industry comfortably crossed the $22 trillion mark in 2016. That’s actually larger than the annual GDP of the United States, which currently stands at $18.6 trillion. In 2017, online ecommerce is projected to grow in excess of 8%. More significantly though, retail ecommerce account for 14.6% of worldwide retail sales – that basically translates to one in seven of all transactions.
In the U.K., people spent about £133 billion online on various products and services this year. By 2019, analysts predict that ecommerce will account for 19.3% of all online retail sales. That’s right – one in five people will be doing their shopping online. Let that sink in for a moment.
The figure is expected to accelerate even more in the coming years as millennials join the workforce and start spending their money. Unlike their parents, millennials practically grew up on computers, and are far more comfortable spending money online.
It is the height of negligence for business owners and senior executives to deprive their companies of the awesome economic potential of ecommerce. And this is not limited to tangible goods. Ecommerce can be, and has regularly been, used to market digital products and services. Heck, escort services get the bulk of their customers from digital properties and online marketing. Music streaming services like Spotify and iTunes are on the verge of destroying decades-old music delivery and discovery model (yes, the album format will likely be extinct in several years). Even plumbers are booking appointments from their websites!
There has been a radical paradigm shift in the way we live and do business. While colourful flyers, Yellow Pages listing and classified newspaper ads were proven marketing methods in the old economy, businesses need to adapt and familiarise themselves with the new digital economy to survive.
So, regardless of your type of business, give us a call today. Our ecommerce specialists will work with you to create ecommerce-friendly websites and develop lucrative digital marketing strategies that will make your revenue soar.