- World retail e-commerce is predicted to reach $4.9 trillion in 2021
- The U.S is the country with the greatest number of e-commerce sales
This year has been the catalyst for the ecommerce industry to grow successfully. Even though online retail stores have always been popular, they have only been accustomed to consumers who are tech savvy or who are used to doing everything through digital technology. However, given the current global situation with the COVID-19 pandemic, it has expanded rapidly and has even attracted a much wider demographic.
According to research carried out by the CRM platform Salesforce, 45% of small and medium businesses are preparing for the future crises by digitising interactions with customers. Research has also shown that 55% of these businesses believe that technology drives their customer interactions.
E-commerce has turned into a giant industry and it is predicted that by 2040, 95% of shopping will be done online. It is also expected to be an industry worth $4.9 trillion in 2021. Numerous countries in Asia are currently moving towards the lead for the largest e-commerce sales, this after the USA and then Western Europe.
Many small businesses are choosing to start up online, knowing that the world is transitioning to everything digitally. Head of Private Banking at Caye International Bank, Luigi Wewege believes that there will be many changes and trends that will shape the world and the interconnected global economy that comes with it.
The financial services expert who is also the founder behind the Luigi Wewege Foundation, has predicted the following top e-commerce brands to look out for in 2021.
Top e-commerce brands to look out for in 2021
Luigi Wewege has predicted that the online brand John Paul Mitchell Systems will have continued growth and major success in 2021, because of the custom commission structure which currently fits with the ongoing situation, and it has the potential to be normalised as a long-term trend.
The company pays commission to hair salons when customers book through the online system. The salons are given a unique URL link and code, where they can track the orders and get paid. The brand has sold more than 2 million goods in the duration of about 2 years through their platform.
Wewege stated that, “It is similar to an affiliate link for when customers book accommodation for travel, only it’s now focused on an industry that is always successful and is seen as a necessity to customers, rather than a luxury.”
The digital banking guru also believes that the health-conscious e-commerce brand imaware has the potential growth to expand and has already been praised as trustworthy by many publications such as Forbes, Business Insider and People. This start-up company focuses on selling medical kits that can prepare customers for all kinds of future crises. Luigi explained, “Trends are constantly changing, however after what we have faced this year it has shown that customers have switched their preferences and are mostly focussed on necessities such as health related products.”
Another market that has been booming during the pandemic is the skin care industry. Many major brands have chosen to go online to continue their sales and not to be damaged financially by the closures of their stores in many shopping malls around the world. However, due to now everything done online and rules such as social distancing have taken place, Luigi Wewege believes that it has given the opportunity for businesses such as Curology to help with the high demand that customers have.
Curology is an online startup company that has teamed up with dermatologists in order to create a specialised skincare routine for customers who order through the website. Luigi stated that, “people are always in need of skin care products and this is an easy system where they can get professional advice as well as a product that is tailored to their needs. This guarantees satisfaction, resulting in a strong financial gain for the company.”
Another long-term e-commerce trend that is growing rapidly is cyber security. Fraud, identity theft and even hacking all pose as threats to both businesses and customers, which is why financial services leader Luigi Wewege has predicted that the company ImmuniWeb will be in the lead as one of the top brands in 2021 for e-commerce.
The company already has an estimated revenue of several million and offers services that are valuable to businesses such as Penetration Testing, Dark Web Monitoring, GDPR & PCI DSS Compliance and Security Monitoring.
Major e-commerce brands that will continue to be successful
As for existing major e-commerce brands, the private banking expert stated, “Amazon will continue to stay on top because it already has a platform that consumers are familiar with globally, and many small businesses have gained financial stability by using the ecosystem structure it has.”
According to research carried out by Episerver, 23% of Amazon customers browse on the platform first to get inspired for when they do not know what to purchase yet. There are over 2.5 million sellers that use the marketplace on Amazon, and many of these are still active today. It has been recorded that on average, small and medium sized U.S businesses have sold over 4,000 items a minute.
Luigi also stated that, “Many entrepreneurs are now choosing to use drop shipping and platforms such as Shopify in order to build their websites.” The e-commerce platform is ideally designed for small to medium sized businesses that rely on guidance for when building a website. Many small businesses have struggled with the global economic crisis that has been the result of the current coronavirus pandemic, which has made the move to digital platforms to survive.
Luigi Wewege believes that all types of businesses should look forward and continue to adjust to the digital world, rather than seeing it as a temporary option.
Resources:
https://letstalkaboutmoney.com/ecommerce-statistics/
https://www.salesforce.com/eu/resources/research-reports/
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