According to Statista, the number of digital buyers globally has climbed from 1.32 billion in 2014 to 2.14 billion this year during the previous seven years. There are several grounds to anticipate that 2022 will be a year of sustained retail digitalization, owing to these and other causes.
Merchants in the United States are stepping up their expansion efforts
Despite having the world’s second-largest eCommerce sector, there is still significant space for expansion. Online retail sales in the United States account for only 7.5% of total retail sales. Recognizing this possibility, 40% of US eCommerce businesses want to extend and strengthen their presence in their home market this year.
The United States is the only industrialized economy forecasting double-digit (16%) eCommerce growth this year. According to Statista’s National Digital Commerce Report, the US eCommerce business will generate $875 billion in sales by 2022. By 2025, this figure will have risen to $1,330 billion.
The companies surveyed are significant not merely for their combined desire for investment. They’re also noteworthy for their perception that, while hazards and obstacles exist, they’re not very dangerous.
Creating new revenue sources
US eCommerce companies are anticipating more than just increasing market penetration. Many intend to generate new revenue streams by low investment business articles model innovation. For example, 45% of US retailers claim they are investing in embedded finance. Half think they will increase their reliance on subscription models. Businesses see both as important income sources in addition to their established strategies.
Personalization and hybridization of buying are also important priorities for US companies. Both are seen as reliant on investments in Artificial Intelligence (AI), Augmented Reality (AR), digital payments, and social commerce. As a result, 42% of US merchants are investing in AI, VR, and AR.
Another hot subject is social commerce, which is predicted to be one of the sector’s hottest trends in 2022 by 67 % of merchants in the United States and 50 percent of merchants in Europe. As a result, slightly more than half of US merchants are investing in expanding their social commerce presence.
The future of trade is also on everyone’s mind. More than a third of US businesses are actively prepared to capitalize on the hybridized metaverse possibility by incorporating digital inventory such as NFTs and virtual items into their product offering.
Payments are made
However, futuristic retail malls aren’t the only way to generate cash. There’s also a lot of low-hanging fruit to be obtained. Half of the brands in the United States said they are investing in new and enhanced payment technology and partnerships. Merchants should be able to increase sales at the digital checkout by focusing on optimal payments.
It will also aid in the prevention of fraud and chargebacks, which will benefit the bottom line. Although it’s worth noting that payment optimization appears to be less of a priority in the United States than it is in Europe, where 68% of merchants plan to increase their payments optimization efforts this year. Is this a chance that has been passed up?
Getting a leg up on the competition in a booming market
Up to 70% of eCommerce will be performed on marketplace platforms by 2025, according to McKinsey’s 2021 Global Payments Report. While European retailers are concerned about increased competition, US retailers see it as an opportunity to grow their market.
In fact, by 2022, half of all non-marketplace brands in the United States aim to sell more items on marketplace platforms. After all, the United States is the birthplace and leading market of the Western world. And Amazon isn’t the only game in town: US shoppers frequent Walmart.com, eBay, Target.com, Wayfair, and Etsy, among other popular marketplaces.
Over 65% of European customers prefer to purchase on marketplace websites or platforms, thus the US is undoubtedly correct to feel encouraged by their marketplace edge. The fact that six of Europe’s top ten most popular marketplaces are owned by American corporations only adds to the allure of having a marketplace presence for enterprises looking to grow and expand in the region and the Uk.
Tips for a better e-commerce experience Promote yourself on social media
One of the most successful ways to promote e-commerce bargains is through social media networks. Most social media users view this area to be a community, and a company with a strong social media presence is more likely to attract new customers.
Ensure a good mobile browsing experience
On only one hand, mobile phones have become the most convenient method to shop and browse the market. Mobile commerce is expected to account for 44 percent of all e-commerce in 2024, according to Insider Intelligence.
Expect an increase in traffic
The increasing quantity of digital sales will result in more traffic to your website. Take care of the servers and speed up the sites to minimize poor loading times, which can lead to a loss of visitors.
Enhance the experience of checking out
Converting clients who have added products to their cart requires a seamless checkout experience. Easy checkout alternatives like guest purchases and “one-click” buying might enhance sales since shoppers frequently make impulse purchases owing to enticing discounts.
The US eCommerce had reached great growth for many years. Taking advantage of the e-commerce boom requires a combo of marketing and technological initiatives. Additional money may be generated by investing in social media promotion and social commerce. The bounce rate may be reduced by optimizing the store and improving the checkout experience.