eCommerce companies can gain a strategic advantage to compete in the 2020 marketplace by focusing on the essential factors that play a crucial role in eCommerce development. Due to advances in technology, eCommerce companies can track and measure every action driven by campaigns, and provide a connection to the right source, allowing brands to minimize risk, increase ROI, reduce cost and accurately identify which initiatives are performing well and which are not.
Looking ahead, projected growth in digital technologies – from connected devices, wearables, and virtual reality to 3-D printing and advanced machine learning – will empower consumers to seek even greater control along the path to purchase.
Companies are scrambling to adjust to the world that is getting borderless with markets opening up across different geographies. It is important to partner with a leading eCommerce website development company to get benefits from the latest trends.
Let us see how eCommerce stores need to rise in the global world:
Here are the latest trend of eCommerce development
Statistics indicate around a total of 258.9 million digital buyers in the United States in 2018 with an expected increase of over 307 million buyers in 2023, reaching 79.2 and 90.8 percent of U.S. internet users respectively.
eCommerce Statistics: Current and Future
- Global eCommerce sales in the retail industry are expected to reach $4.5 trillion by 2021.
- The year 2020 is likely to witness B2B eCommerce sales outpace B2C eCommerce sales. (HubSpot, 2018)
- 92 billion – the estimated number of global digital buyers in 2019. It’s expected to reach 2.14 billion by 2021. (Statista)
- 67% of millennials prefer online over in-store shopping due to convenience. (BigCommerce, 2017)
By the year 2040, it’s estimated that 95% of all purchases will be through eCommerce.
Product-Market Fit Varies by Region and Country
It is essential to understand geography to make strategic decisions on the product-market. There are several questions to ask before you target global markets such as understanding the need for the product and validating demand, as well as providing the opportunity for your offerings within new areas.
It is vital to gauge the importance of lucrative online industries based on region and align those verticals with your expansion plans.
Equally important is understanding the potential of each targeted geographies.
- Understand market segment and define geographic areas
- Define the existing competition in the local market
- Define the market’s potential
- Anticipate market share and selling price
Stay Focused on Localized Language and Currency
It is essential to go native with the site’s language to make or break global sales. Language plays an essential role in understanding where they shop and whether they buy. Localization can often imply that everything needs to be country-specific.
Getting heavily scrutinized areas of a site right is critical: headlines and product titles. Only after you’ve gained traction does full-scale translation using a native copywriter, and local idioms make sense.
Payment Preferences
When it comes to eCommerce, online payment options can be a big factor in buying decisions. However, it is often easily overlooked by many people. It is vital to take into consideration different aspects of buying habits. Without considering different factors, it might be not possible for companies to implement payment factors that might help the audience across the globe. While credit cards are number one, several digital payment systems like PayPal and Apple Pay are closing the gap. On the global scale, credit cards and those same digital payments also dominate.
For some, the differences in preference are small. For others, the gap is wide. However, while local differences in payment methods, language, and currency matter,
Here are top platforms to launch for your eCommerce site:
Shopify
One of the most widely used eCommerce platforms, Shopify is growing in terms of popularity, making it one of the most comprehensive platforms around. Shopify is an eCommerce platform that provides a point of sale feature to grow and transform your business.
Shopify provides a plethora of features that are easy to build and manage your online store. It provides themes by world-renowned designers to simply give your website looks at Shopify.
Shopify seamlessly integrates with 100+ external payment gateways from across the world right from bitcoin to PayPal.
- Inventory management
Manage the entire inventory with Shopify with an entire option to track stock counts, and stop selling products when inventory exhausts
- Product variations
Product variations, such as multiple sizes, colors, materials with its rates/pricing, SKU, weight, and inventory.
- Product organization
Organize products based on different elements such as category, type, season, sale, and more. Use smart collections to sort products based on vendor, price, and inventory level automatically.
- Multiple images
Add multiple images for your products to show off your product from all angles.
- SEO product tags
Optimize product pages for search engines with product specific meta tags, titles, and URL handles.
- Digital products
Customers can quickly order and download digital products right from the online store.
- Import/Export
Seamlessly import or export your products using CSV files or Shopify’s importer/exporter apps.
- Unlimited products
No cap or unlimited type of products you can sell in your online store.
Magento
Feature-rich eCommerce platform solution, Magento offers complete flexibility and control over the functionality of an online channel. Magento’s administration interface provides the option to tailor your site based on business requirements. Scalable and backed by a vast support network, Magento is the ultimate platform with search engine optimization, catalog management, and marketing tools that give merchants the ability to create sites that provide an unrivaled shopping experience for their customers.
Magento is open-source and can be downloaded and installed on its own servers. It comes with additional plans that offer hosted cloud versions.
However, it is a fairly advanced matter that is almost impossible to set up without technical knowledge. Magento doesn’t offer any custom designs for stores either, so you’ll have to shop for templates.
Magento has both free and paid with the Community Version free. Their Enterprise option, perfect for thousands of products and tons of traffic is expensive with prices ranging from $15,000 to even $50,000 a year.
- Marketing, Promotions, and Conversion Tools
- Site Management
- Catalog Management
- Catalog Browsing
- Product Browsing
- Order Management
- Checkout, Payment, and Shipping
WooCommerce/WordPress
Powering almost 30% of sites, WordPress is one of the most powerful tools in the internet era. It is straightforward to use with the ability to build a website of almost any complexity or magnitude. While closest to free, anyone can build a website on WordPress. However, making an eCommerce store is difficult. With the right plugin based on your requirements, this changes completely. And that’s where WooCommerce comes into play.
An exponentially popular plugin, WooCommerce gives you almost every feature you could need from an e-commerce store. For regular WordPress users, WooCommerce will be as easy to operate. Furthermore, it is effortless to build and design. Taking just a few minutes for installation, it has a wide range of features for the community. The setup wizard provides stores’ basic configuration and the room to explore.
The plugin is free for WordPress site. However, there are few moderately-priced extensions, but the core product costs nothing. The extensions are easy to use and enable as a regular WordPress plugin.
BigCommerce
BigCommerce is a robust eCommerce software containing a complete suite of features to build an online store. However, don’t just mistake it for a website builder. This eCommerce platform offers tools to streamline online business, allowing you to focus on what you do best. It has excellent features such as handling orders, products, and customers and in-built CRM, with different marketing tools, analytics dashboards, and free themes.
Construction and design might give a difficult time to non-tech savvy. But they have a seamless 24/7 customer support. Just on the lines of WooCommerce, BigCommerce provides its own tour/tutor system introducing several useful features, which we highly recommend.
- Manage orders and inventory
Powerful control panel to completely process and fulfill orders end to end from a single location.
- Accept payments from leading providers
BigCommerce doesn’t put any additional rates or costs for using your preferred payment gateway.
- Marketing features
The eCommerce website is search engine optimization friendly aimed to increase organic traffic.
- Optimized for conversion
Drive traffic and empower to get more sales out of the traffic.
Conclusion:
The eCommerce development landscape is changing at a rapid pace and it is important to ensure your site stays updated.
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About Author
Mr.Vivek Chaturvedi
Vivek Chaturvedi is the co-founder and CTO at Vidhema Technologies. He is responsible for the overall technical operations of the company and has played a major role in bringing Vidhema up from its humble beginnings and, with his immense energy and drive, transforming it into a globally trusted name in IT solutions.