Trendwatching.com, leading trend firm and publisher of Trend Briefings, declares that e-commerce is hotter than ever. Whether in mature markets, where consumer spending is shifting online, or in growth markets where rapid urbanization and increasing (mobile) internet penetration are unlocking new shopping habits, shoppers are “e-commercing” it up.
The May 2012 Trend Briefing notes:
- US e-commerce sales will grow 62% by 2016, to USD 327 billion (Source: Forrester, February 2012).
- European e-commerce sales will grow by 78% by 2016, to USD 230 billion (Source: Forrester, February 2012).
- Brazilian e-commerce sales will grow 21.9% in 2012 to USD 18.7 billion (Source: eMarketer, January 2012).
- Chinese e-commerce sales were CNY 780 billion (USD 124 billion) in 2011, an increase of 66% from 2010. E-commerce is expected to rise from 3% of consumption to 7% by 2015 (Source: IDC, March 2012).
- India’s e-commerce market is expected to grow to USD 70 billion by 2020, from just USD 600 million in 2011 (Source: Technopak Advisors, February 2012).
- Indonesian e-commerce sales are forecast to grow from USD 120 million in 2010 to USD 650 million by 2015 (Source: Frost & Sullivan, February 2012).
Now, consumers’ current “online” experiences are of course fundamentally different to those during the early dotcom boom: e-commerce is no longer just about choice, price, convenience, reviews and ratings, but also about everything that consumers look for in any purchase: status, the right product and a compelling experience.
Innovations are transforming e-commerce, and ultimately, reshaping shopping behavior. Both on and offline. Four themes jump out:
1 | e is for everywhere
For consumers who are constantly connected, buying online is simply another option, rather than a wholly separate and distinct medium.
2 | (m)etail
Going “online” now means immersing oneself in (and enthusiastically adding to) a rich, personalized, social web.
3 | e(asy)-commerce
All the barriers initially holding e-commerce back (e.g. correct fit, secure payments, convenient deliveries) have been significantly reduced, if not totally removed.
4 | oh, what a wonderful web
Consumer expectations at large are now set online. Endless choice, instant gratification, total transparency, seamless collaboration, the list goes on…