Ways to Succeed in E-commerce
Trends and Opportunities
The e-commerce industry is an ever-changing and evolving space. In order to succeed, businesses need to stay on top of trends in the marketplace, as well as be aware of opportunities for growth. The following article will provide insight into a variety of topics related to this industry – from how it’s changing our economy, to new technologies that are being used by online retailers. Among many other leaders in this industry, BlueSnap is also making a change by bringing something new.
A new generation of shoppers is on the rise. These people, dubbed “millennials” have grown up in a digital world and are more comfortable with technology than their older counterparts. As such, they spend more online: according to comScore’s 2009 Digital Future in Focus report, this group now accounts for 31% of e-commerce transactions nationwide (up from 27% just three years ago).
This trend has also been documented by IMRG’s 2009 Retail Online Sales Report which found that younger consumers were again outspending seniors both at home – where their share rose to 28% over 2008 levels – and abroad (+12%). In addition, as reported by Goldman Sachs’ Global Investment Research department last year, millennials are willing to spend more online than any other generation, with an average expenditure of $186 per year (or about $12.39 per month).
This purchasing power has translated into a new reality for retailers: in order to attract this high-value demographic, their websites have had to evolve. For instance, many sites now offer detailed product information and reviews as well as the ability to share purchases via social networking tools like Twitter or Facebook’s “Like” button. However, if even millennials are not enough – and there is certainly no shortage of digital natives – then mobile technology may be key.