The eCommerce Boom: Latest Statistics
Now days, more than ever its Prime time to go digital. We have learned over the last few years one thing about retail that has become abundantly clear: selling your products online is not just a trend; it’s a necessity. The COVID-19 pandemic accelerated the shift toward eCommerce, and the latest news and statistics only reinforce the idea that now is an excellent time to dive into the world of online selling. In this blog post, we’ll explore why this is the case, and how SKULabs can be your trusted partner in this eCommerce journey.
According to the U.S. Department of Commerce, eCommerce sales in the United States grew by a staggering 44% in 2020 alone.
The global eCommerce market is projected to reach a whopping $6.4 trillion by 2024, demonstrating its resilience and long-term potential.
Additionally, on 9/13/23 it was reported that online prices have plunged more than 3.2% in August 2024, marking the largest annual drop in 40 months. This is proving that inflation is cooling across the US economy, and moving back towards normal levels following the aggressive interest rate hikes from the central bank, and supply chains being bottlenecked from lack of import/export availability. Product is now more available and affordable to wholesalers.
Broadening Consumer Demographics
Over 2.71 billion people worldwide are expected to buy goods and services online in 2024 and rising to 2.77 billion in 2025, showcasing the widespread adoption of online shopping.
Millennials and Gen Z, the largest consumer demographics, increasingly prefer online shopping, with 67% of millennials and 74% of Gen Z consumers choosing to shop online for most products vs department stores.
With that in mind, it’s not just the millennials and Gen Z who are shopping online; older generations are also adopting digital buying habits, greatly spawned out of necessity during the pandemic and now becoming the marketplace of choice. The inclusivity of the digital age means that everyone, regardless of age, gender, or location, has access to online shopping. With this widened audience base, businesses have the potential to tap into a more diverse clientele and a global customer base.
Dialing in to the Mobile Market: The Surge of mCommerce
Mobile commerce, often abbreviated as mCommerce, has witnessed a significant surge in recent years, becoming an integral part of the modern shopping experience, with mobile sales accounting for more than 60% of total eCommerce sales in 2023. The proliferation of smartphones, coupled with advancements in mobile internet technologies, has provided consumers with the convenience of shopping anytime, anywhere. According to various market studies, an increasing number of consumers now prefer to shop through mobile apps or mobile-optimized websites, driven by factors such as easy to navigate user interfaces, personalized recommendations, secure payment gateways, and instant notifications on deals and discounts. Furthermore, the integration of augmented reality, voice search, and one-click payment systems in mobile commerce platforms has not only enriched the user experience but has also played a pivotal role in its accelerated growth. This trend suggests that businesses must prioritize mobile strategies to capture and engage this growing audience effectively.
An easy-to-navigate, mobile-optimized online store is essential to capitalize on this trend.
Why Now is the Best Time to Sell Online
Reduced Operational Costs
Physical stores come with overhead costs – rent, utilities, and in-person staff, to name a few. Operating online significantly reduces these expenditures, allowing businesses to invest more in product development, marketing, and customer service.
The pandemic not only forced consumers to shop online for safety reasons but also habituated them to the convenience and flexibility of eCommerce. There is a sustained demand for online shopping that is unlikely to wane any time soon.
Lower Barriers to Entry
Building an online store is now more accessible and cost-effective than ever before. Platforms like Shopify, Amazon, WooCommerce, and BigCommerce have simplified the process making it easy for companies of all sizes to broaden their clientele.
Dropshipping and print-on-demand services make it possible to sell products without holding inventory. While the revenue margin is not as high, it is an easy way to break into the market, establish a brand, and ultimately escalate to an in-house operation.
Inventory management and order fulfillment softwares are readily available and more competitive than ever to help automate most of the legwork to help keep you focused on growing your investment. Whether you are starting up your online auto parts store, vape store, t-shirt sales, electronics, or anywhere in between, solutions like SKULabs can help take the burden off of the day to day operations by keeping your inventory and order management under control as you focus on growing your business.
Going Global: Diversify your revenue Streams
Selling online offers a ton of benefits, chief among them being the ability to tap into a significantly larger customer database. Unlike brick-and-mortar stores constrained by geographic location, the digital realm knows no boundaries. By establishing an online presence, businesses can instantly reach a global audience, unlocking the potential to connect with customers from diverse regions and backgrounds. This expanded reach not only increases sales opportunities but also fosters brand recognition and loyalty on a broader scale. Moreover, the online environment allows for precise targeting and personalized marketing strategies, enabling businesses to tailor their offerings to the unique preferences and needs of individual customers.
Beyond broadening customer reach, selling online offers the advantages of cost efficiency, 24/7 accessibility, and the flexibility to adapt quickly to market trends – making it a pivotal tool for modern businesses aiming to thrive in an increasingly digital world.
SKULabs is your ultimate ally in streamlining and optimizing your eCommerce operation. They were born out of necessity from a top 5 Amazon Seller. They have a well rounded team of eCommerce industry experts, warehouse consultants, programmers and an award winning support staff. With its robust inventory management, order fulfillment, and multi-channel integration capabilities, SKULabs simplifies the complex tasks that come with running an eCommerce business. It ensures real-time inventory accuracy, efficient order processing, and centralized control over multiple sales channels, saving you time and reducing errors. SKULabs also empowers data-driven decision making through insightful analytics and reporting tools, allowing you to fine-tune your strategies tailored for your company’s needs. Whether you’re a small business or a large enterprise, SKULabs scales with you, making it an invaluable asset for anyone seeking to navigate the eCommerce landscape with ease and efficiency.
Connect with SKULabs Today
Now is the perfect time to discuss how we can help you automate your day to day processes and let you focus on the more important aspects of your business!
Chat with one of our experts today.Schedule a meeting or give us a call at 1800-243-2986 to learn more.