According to market research firm eMarketer, global e-commerce sales will reach US$6.169 trillion by 2023. The trend of e-commerce is attracting more retail businesses to open online stores, launch OMO business models.
Washington, D.C. (The CTP News) – The global e-commerce market is growing rapidly! The popular Double 11 shopping festival has just ended, followed by Double 12 and Christmas. Many retailers are busy arranging goods and preparing to launch online activities, hoping to harvest higher turnover before the end of the year, while consumers are waiting for more discounts and offers from online events.
Global e-commerce is rapidly rising
Will the world rely more and more on e-commerce? According to Euromonitor’s report, the annual growth rate of global e-commerce in 2020 has reached 26.94%. eMarketer predicts that the global e-commerce market will continue to grow. By 2023, global e-commerce sales will reach US$6.169 trillion, accounting for more than 20% of total global retail sales.
Ten years ago, buying toilet paper in an online store was a seemingly lazy thing, but today, it is a very common shopping behavior. Affected by the trend of e-commerce, some well-known mass merchandising and retail industries have switched to online stores and launched the online merge offline (OMO) to provide services to customers online and offline to increase the number of contacts between stores and consumers. The following are examples of recent highlights.
Carrefour is a large French retail group with brick-and-mortar stores, including hypermarkets, supermarkets, and convenience stores. Since 2018, the Carrefour Group has accelerated its digital transformation and encouraged customers to use shopping apps and Quick-Commerce services. Its e-commerce sales in 2020 have reached 2.3 billion euros, and it expects to reach 10 billion euros in e-commerce sales in 2026.
The Japanese clothing brand UNIQLO has been broadcasting live since 2020. According to UNIQLO’s questionnaire survey, 55% of consumers who have watched UNIQLO’s live broadcast will go to the brick-and-mortar store to spend, and 31% of customers will go to the official website order. Consumers can receive the latest product styles and activities through the live broadcast, increasing their willingness to shop.
tokuyo, a massage product brand from Taiwan, has introduced 91APP’s e-commerce system in 2020, making the official website and APP an important sales channel and promoting it with key opinion leader (KOL). The online sales service was launched less than a year ago, which enabled the official website and APP to achieve a single monthly sales record of over 20 million Taiwan dollars. tokuyo’s goal next year is to make e-commerce revenue account for 30% of overall revenue.
As the Internet becomes more developed, e-commerce has become the development trend of the retail industry. In the future, it is estimated that more and more retailers will use the e-commerce system, so its online stores and brick-and-mortar stores will become mutually assisting roles. When there are more and more online stores, how to increase customers’ willingness to spend through online marketing will be a significant test.