Ecommerce Forecast: Online Shopping to Grow Dramatically
In the US, the ecommerce forecast looks good. ComputerWorld reports that online shopping is likely to grow by between $20 billion and $30 billion per year. This means that by 2012, ecommerce shoppers could account for between $215 billion and $335 billion each year.
Much of this growth has to do with the fact that even when the US economy slows, online shopping continues to grow. ComputerWorld reports that this has to do with the fact that online shopping is often done by those with higher incomes. The affluent are less likely to be impacted by adverse economic conditions.
Challenges to etailers
Even with the ecommerce forecast looking so favorable, there are plenty of challenges for etailers. ComputerWorld reports that online shopping is becoming more seasonal. More ecommerce shoppers are making many of their online purchases during the holiday season. Additionally, online shoppers spend less time browsing on ecommerce Web sites. It is important for etailers to design ecommerce Web sites so that customers will find them useful, prompting return purchases.
Items that can make ecommerce Web sites more attractive in terms of online shopping include:
- Product images
- Accurate product information
- Payment option flexibility
- Lower shipping costs (including offering free shipping)
- Flexible return policies
- Personalized product recommendations
Tags: eCommerce, ecommerce forecast, ecommerce shoppers, ecommerce Web sites, etailers, online shopping, payment options, US economy
Posted by Miranda | February 7, 2008
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Kelly Rusk February 8th, 2008
I think as eCommerce continues to grow, consumers will continue to get more sophisticated and less tolerant of bad ecommerce sites (which sadly, there are a lot of).
And by bad, I don’t mean just technically, but from a usability perspective –i.e things like burying shipping info. It’ll be interesting to see where it goes for sure!
Tommy February 8th, 2008
I would add that for more complex products that require assembly/set-up, etailers have to bridge the gap between online and out-of-the-box experiences by disclosing everything about the product and what you get with your purchase.
Adam Creare February 11th, 2008
I think the most influential factor towards E commerce growth is that due to its popularity and consistently good press and media, online shops are gaining the trust of the average consumer - something that can take a long time to acquire. People are always apprehensive about giving their bank details to websites online, especially if the site is unheard of.
A lot of this is down to positive publicity and reputable etailers such as Amazon and Play.com as market leaders.
Miranda February 11th, 2008
All of you make great points. I agree that ecommerce shoppers will become more sophisticated — and they will also want more in-depth information. Part of trust is including the details of EXACTLY what one can expect when the product shows up. And while many are more comfortable sharing their information, I think it would go a long way toward helping customers feel more secure if there were more sites offering third-party payment methods.