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In 2020, e-commerce revenue in Europe was estimated at 425 billion dollars. According to estimates, revenue will continue to grow, reaching 569 billion in 2025. If your business has not yet taken advantage of what e-commerce has to offer, you’d be wise to reconsider, as the prospects for 2023 seem to be excellent, as proven by the following trends.
The role of omnichannel
The omnichannel purchase practice is extremely popular. 56% of people who purchased products from a physical store, used their smartphones to search for products or do market research while at the store. This means that customers want to be able to do their research online, even if they already are at a store, considering making a purchase.
Based on this behavior, it is preferrable to create a consistent customer experience across all touchpoints for omnichannel retail. These touchpoints can include telephone calls, online visits, purchases on mobile devices and in-person interaction. To make a purchase, customers may contact brands through any or all these channels, so their experience must be unified.
Mobile commerce
Technology is developing and this translates into an increase of mobile commerce transactions. Today, there are 7.26 billion users of mobile phones worldwide, including smartphones and conventional phones. This means that 91% of global population owns a mobile phone. Furthermore, according to estimates, mobile phone users will reach 7.516 billion by 2026. For e-commerce retailers, this means that more and more consumers will be able to purchase products or services on their mobile devices, preferring mobile commerce as a sales channel.
Global mobile commerce sales are expected to reach 4.5 trillion euros by 2024, amounting to approximately 69.9% of the total e-commerce sales. Therefore, given that half of online traffic occurs on mobile devices, it is vital that you ensure your site is optimized for mobile phones.
Social commerce
Social media popularity increases year over year. 59% of people use social media platforms. It was predicted that such platforms will generate 1 trillion euros in global sales by 2022, and this number is expected to increase by 2.9 trillion euros by 2026. The most popular social media platforms for social commerce are Instagram, Facebook, TikTok, Pinterest, Snapchat, and now Twitter. If your e-commerce business is not yet using one of these social media platforms, now is the right time to drive your sales.
