The guide outlines e-commerce growth projections and emerging trends, including mobile commerce, social commerce, and AI in e-commerce.
ATLANTA GEORGIA. May 1, 2023 /PRNewswire/ — Nexcess, the premium hosting provider optimized for WordPress, WooCommerce and Magento, today released a comprehensive report on the Global State of Ecommerce, detailing growth projections for the US, Asia , South America and the UK.
The report also outlines how ecommerce store owners can expand their audience, capitalize on growing ecommerce trends, and optimize their online presence.
The growth of global e-commerce driven by the pandemic
With e-commerce projected to reach $8.1 trillion by 2026, it has become easier and more accessible for anyone to enter the market with an online store of their own.
Accelerated by widespread lockdowns, ecommerce sales grew 77% year-over-year in the first few months of the global pandemic.
The United States boasts the second largest e-commerce market, second only to China, while Singapore has become the fastest growing e-commerce market in the world.
AI and evolving ways to shop online
Looking ahead, social commerce is projected to triple its share of sales by 2025. Nearly a third of Millennial and Gen Z consumers are seeking more augmented reality (AR) and virtual reality (VR) technology in their shopping experiences online.
And more than half of Gen Z consumers find influencer recommendations highly influential in their purchasing decisions, a marked difference from 0% of Baby Boomers.
“With the digital landscape evolving along with consumer habits, it’s critical for online store owners to keep up,” says Terry Trout, SVP of Marketing.
“At Nexcess, we pride ourselves on helping organizations of all sizes start, run and grow their businesses online, and we’ve been doing so for 23 years.”
With a variety of offerings ranging from enterprise level to SMB to entry-level markets, Nexcess supports over 500,000 sites and stores worldwide with fully managed hosting for WordPress, WooCommerce, Magento, and more.
“It’s intriguing to see e-commerce growing across the board, and in ways we haven’t seen before. We hope that shedding light on the expanding e-commerce landscape will inspire more transformations to come. At Nexcess, our goal is to help online business owners dream big and do more online,” adds Trout.
Drastic growth in mobile purchases and conversion rates
In terms of consumer trends, mobile e-commerce has grown 88% since 2015.
Consumers are spending more time shopping on their mobile devices and are also more likely to buy, with average eCommerce conversion rates growing at 3.65%.
The top factors influencing a purchase decision include free shipping, followed by discounts and reviews from other buyers.
To learn more about the global state of e-commerce, emerging trends, and how online store owners can take advantage of and stand out in the evolving e-commerce marketplace, visit Nexcess.net or read the full report: Mind-Blowing Ecommerce Statistics to Pay Attention To in 2023.