We are living in the era of e-commerce. The global eCommerce market has come to our doorstep. It is the transformation of commerce that relies on the internet in a broader sense. The e-commerce industry and its effect on the world today have a great impact on business. We don’t need to make our way to the physical shopping mall.
This $26.7 trillion industry shows no signs of slowing down, and companies who position themselves effectively should expect significant revenue increases. Whether your company is new to the global ecommerce market or has been there for a while and wants to increase sales, you must constantly assess and rethink your methods.
Pay attention to local markets and specifics, select the proper ecommerce partners, and establish local trust. These are the keys to providing an exceptional client experience, which will increase sales and income.
This has been a great scope for the marketers as well as the customers to be visible, accessible, and flexible to each other. This article intends to describe ways to make global e-commerce easier for everyone.
Global ecommerce market boom
We know how can e commerce improve the economy of a country. The online platform has brought them close to each other. Anyone can shop online on his mobile or computer browser very easily. And the most attractive thing is, as the buyer, you will have many options to choose from and find how e-commerce has affected the global market.
According to the source, consumers worldwide shopped in 2018 on the web $2.86 trillion, up from $2.43 trillion in 2017. Global e-commerce rose up to 18.0%, which was 15.3% in 2017.
According to China’s Ministry of Commerce, being the world’s No. 1 e-commerce marketplace, China witnessed online sales increase 28.0% to $877.00 billion in 2017 from $685.16 billion in 2017.
Global eCommerce trends
Breaking News: By the year 2021, the global eCommerce market size will reach $3.5 trillion, which is equivalent to US$2.5 trillion in revenue
As per the source, the global e commerce market size in 2019 is $2.8 trillion (US$2.0 trillion), which is 11.3% larger than in 2018. The market will grow by 25% by 2021.
Below is a list of the top 10 countries in 2019, according to the global ecommerce market size.
- South Korea
Be the ‘born global’
The best eCommerce global solutions are to connect small businesses rapidly and efficiently to the customers. It has been popular because no effort is required to develop the physical existence of multiple marketplaces, such as global Tmall, Walmart international ecommerce, Pitney Bowes ecommerce, or Alibaba Tmall Global. Therefore, e-commerce has turned cost-effective where consumers also have their choices.
Survey has shown that the topmost barrier to shopping across borders is information, which the internet has successfully overcome.
To set up a “born global” start-up or successful business, pick up the perfect niche and reach the target market around the globe from day one, the e-commerce marketplace is the best of its kind.
Largest e-commerce marketplace in Latin America, “Mercado Libre” was initiated in a garage in 1999 with 100 products on a website.
Barriers to recover
However, it is not always easy to expand international e-commerce. Cross-border e-commerce depicts around 7% of total business-to-consumer e-commerce. The situation is even worse in some regions due to some barriers, like cross-border ecommerce market range, the variation of buyers’ interest, limited access to e-payments, supply chain management, delivery logistics, and prices, and warehouse accessibility.
Also, product returns processes, post-sale support, complex consumer protection regulations, tariff and levis, the cost for e-commerce platforms, showroom, retailers protecting price differentials, bulk buying, lack of technical skills and business knowledge, regulatory transparency and cooperation, digitized customs, online consumer protection, and capacity building, make variations in economic performance affect international trade in the e-commerce world.
Ways to make global e-commerce easier
To make the leapfrog movement of the e-commerce more viable, accessible, and penetrable, here are 11 areas that need to address:
1. Faster internet
Internet sources need to be smooth and faster to run global e commerce. Around 4 billion people across the world have yet to have access to or use the Internet. High-speed internet is not affordable to many.
2. Sufficient content
The lack of relevant content in the local market is a barrier to the growth of e-commerce. Marketers are not been able to develop attractive and useful content for prospective buyers and ecommerce global solutions.
3. Adequate skills
Marketers don’t know how to attract consumers due to the skills gap. In some cases, users are not capable to dive into e-commerce due to their technical skills, and language barriers.
Related: Improve your top soft skills that employers will look for future
4. Financial transaction
There are some complexities in financial transactions from the parties and sources in some countries. It is because of barriers in banking, transaction platforms, policies, and conversion of currencies.
5. Act on good data
The data collection process, methodology, and policies in some cases are complex and confusing. The lack of e-commerce data hampers targeted policies and affects the decision-making, strategies, and investments of many companies.
6. Access to goods
there are some cross border barriers in the shipment of goods in some regions. Members of the World Trade Organization agreed to a trade deal to withdraw red tape 6 years back.
The purpose of this treaty is to facilitate goods crossing borders in different regions with ease. Moreover, the Trade Facilitation Agreement (TFA) promotes small businesses, startups, and ecommerce to grow globally for ecommerce global solutions.
7. Lower cost of the transaction
In some cases, operations like lower value packages, higher carrying costs, and, extra transaction costs affect retail costing. To grab the advantages of global e commerce services and the best e commerce business ideas, there are useful ways to make global e-commerce easier for everyone.
By improving supply-chain management and delivery, e-commerce may help lower transaction costs. More orders may be transported straight from the warehouse or wholesaler to the client if a business grows its product offering online. The shop may now cater to profitable specialized markets.
One of the most straightforward methods to save transaction costs is to abandon traditional brick-and-mortar businesses in favor of an online approach. When compared to a traditional business, an online company may save a lot of money on rent, utilities, and workers.
8. Faster order and delivery
Some complexities in between order of the products in global e business are in an online shop and delivery from it makes considerably long delays. This kind of prolonged process may create demotivation, a shift in market and clients, and a lack of interest.
Sixty-two percent of shoppers think delivery times have an impact on their buying decisions. They anticipate receiving their products within a few days. Currently, 90 percent of customers consider 2- to 3-day shipping to be the standard. Anything slower than that falls short of customer expectations.
Regular shipment is referred to as standard shipping or delivery. It does not cover overnight delivery or any other special measures for delivering things quickly. Standard shipment is usually less expensive and is handled by surface couriers.
9. Continental digital integration
E-commerce impact and responses are not equally thrived across all countries. Enforcement of regional markets in more numbers can help small businesses execute business models in a successful way.
10. Overcoming Competition
Due to higher demand, better opportunities, and a business boom, a high level of competition has brewed up in global e business.
Giant companies are soaring up, which has made the competition higher for start-ups and new businesses. Only innovative and blue ocean ideas will be able to escape competitors.
11. Blue ocean Initiatives
According to the source, some significant steps have been taken already to improve the eCommerce global solutions:
- The Association of Southeast Asian Nations (ASEAN) has been collaborating on digital integration since 2000.
- Asia Pacific Economic Cooperation (APEC) economies agreed to a Blueprint for Action on E-commerce in 1998 to work on both domestic and international flows.
- Pacific Alliance nations – including Chile, Colombia, Peru, and Mexico – have included an e-commerce chapter in recent integration arrangements.
- The EU has goals to deliver an improved digital single market by 2020 to expand jobs and associated facilities.
12. Pricing should be localized
Creating pricing that varies automatically based on IP addresses is a simple method to boost conversion rates. When the price is presented in a foreign currency, over half of all online consumers say they will exit their basket without paying.
As a result, prices will be appropriately translated and shown in the local currency. Also, make sure to include local taxes and fees to avoid any unpleasant shocks later, as 49 percent of purchasers would abandon a cart if the additional prices are too high.
Pricing design components may need to be changed in some circumstances. For example, in the United States, red pricing is typically connected with discounts, but in France, red prices are frequently associated with standard prices.
However, pricing localization can extend beyond presentation and include real price changes to better position a product in a specific local market or accommodate for shifting currency rates. To avoid relying on the daily foreign exchange currency rate, use an API to obtain the local in-country pricing from your product catalog.
13. Customer satisfaction
Customer experience refers to how a company engages with its consumers at each stage of the purchasing process. As the eCommerce store becomes increasingly cluttered, retailers must find new ways to entice customers to buy with them on a regular basis.
We live in a customization era. Emails that are personalized are no longer adequate. Throughout the buyer’s journey, you must customize the purchasing experience depending on many aspects. Utilize recommendation engines to provide tailored product suggestions based on the user’s location, shopping, and browsing history.
Aside from that, eCommerce companies might utilize exit intent pop-ups, coupons, abandoned cart notifications, and other techniques to improve their client experience.
How can you accelerate a globally distributed and heavily used eCommerce application? To grab the advantages of e commerce services and the best e-commerce business ideas, there are several ways to make global e-commerce easier for everyone. The global e business economy has come up with great opportunities.
Every organization’s product features and pricing have been saturated by fierce rivalry. Customers are no longer content with a superior product offering.
To stay ahead of the competition, you must have a distinctive offering that sets you apart from the others. Providing a fantastic customer experience through your eCommerce business and other channels is a certain method to do so.
The digitization process, needs of the consumers, use of technology, and change in taste have made our choices ever-changing. Need is the mother of all initiatives. Although small businesses confront a lot of struggles to be global, improvement will be taken place gradually.
Related: Future growth of e-commerce marketplace trends by 2030
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