Growth of Online Shopping
Since its advent the growth of online shopping is remarkable. It’s not just the increase in online shopping industry growth that has motivated the buyers to prefer online shopping but there are several other factors as to who have contributed to the online shopping growth rate. The major reason is the constant effort of The E-Commerce stores to take the online shopping growth statistics to the new heights and as we can already see and observe they are making remarkable changes in the way people shop. Although the online shopping industry growth is already remarkable yet the experts are expecting a new wave that shall bring an online shopping boom like never before.
Online Shopping Growth Statistics
According to the online shopping growth statistics, more people are shopping online than the people were shopping from offline stores. The rate is expected to vary by 7% and the gap is expected to increase abruptly within the coming years due to several reasons that we will discuss in the article ahead. However, you can infer from the gap that this is going to be the biggest market for shopping in the future. There will be a time in the coming decade that there hardly will be any person in the well-developed countries who haven’t shopped online.
Reasons for Online Shopping Boom
Several reasons are contributing to the widely expected notion that a wave of online shopping boom is coming which is going to bring a big change. Some of the reasons are mentioned below:
1. Young generation and Online Shopping
As the world is changing so are the young people. The people who are age 20 to 25 have access to the technology that no previous generation has had and they are more adaptive towards the changes in the living and shopping patterns. As the generation born after 1997 is emerging at the stage of financial independence, there is a likelihood that they will prefer online shopping over offline shopping and then the growth of online shopping will experience a hike. People of this generation have access to the technology and payment methods that the older generations had never experienced. Moreover, they spend more time on their day like at least 8 to 10 hours using their mobile phones. As this generation spends considerable hours using their mobile phones they are likely to watch advertisements and Instagram posts that influence them to shop online for branded clothes and other certain products.
2. Online Shopping Industry Growth
The online industry for shopping strives to invade the entire internet. No matter what application or what website you visit, some ads try their level best to attract you to a shopping website. There are so many forms of online shopping portals that it is hard to identify a web module that does not have an online shopping feature. From applications to social media pages it feels like everyone is trying to sell something. As this internet invasion by online stores has a great influence on the buying behavior of a customer, the number of people who shop online are considerably increasing contributions to the growth of online shopping.
3. Social Media Pages
Most of the time of youngsters is spent on social media pages like the ones you see on Instagram and Facebook. There are a lot of social media pages that work hard and try their level best to attract customers so that they purchase their social media page. They don’t have to invest or work very hard to do it as the audience that they want to target is already around all they have to do is capture their attention.
4. High Level of Convenience
As people now have access to the most convenient payment methods more than ever in history people have come to use them and make a purchase that they can receive at their doorstep. As the lifestyle requirements of people are increasing, they are working harder to meet the standards of the society leaving them less time for things that are either less important or can be done in a way that requires minimal time and effort. Online shopping provides them just what they want, that is to get the best things delivered to them internationally, within less time and at a high level of convenience.
5. Financial Saving
To attract customers from all over the world online stores provide certain deals and discounts on the products that they offer to the customers who wish to purchase from them. Although the deals and discounts are already a very big incentive for the customers to prefer online shopping over offline shopping however there is another thing that contributes to the financial savings other than the deals and discounts. It is the fact that some products are expensive in certain regions of the world however the same product is sold at significantly fewer prices in some other regions because they are rich in the resources that are used to produce that product. Online stores provide the customers complete access to the product from the countries that sell them at insignificantly low prices that is why the customers are inclined to purchase those products from them instead of purchasing those products from the local retail stores.
Now that you are aware of the expected online shopping growth rate then you should prepare to shift to your offline retail store do e-commerce store so that you can take advantage of the upcoming online shopping growth rate hike. All the factors are contributing towards a boost in online shopping and therefore there will be a time that offline retail stores will be minimized if not extinct from the world. For anyone who is doing any business or dealing with any kind of product, it is a good opportunity to shift to an online module now to get maximum advantage of the upcoming opportunities that e-commerce has to provide. Adapting to technology is the new requirement critical to survival in the international and now even in the local markets.