Understanding Ecommerce Trends
Growth of Ecommerce
Ecommerce is on a fast track. We’re talking about an industry worth a whopping $6.3 trillion and projected to hit $8 trillion by 2027 (Core dna). That’s a golden ticket for anyone in online business to tap into this expanding market. It’s not just about buying clothes or gadgets; even B2B sales are getting in on the action, with online transactions expected to make up 23% of all sales by 2025 (Stripe).
| Year | Ecommerce Value (Trillions) |
|---|---|
| 2023 | 6.3 |
| 2027 | 8.0 |
Folks are loving the ease of shopping online, and that’s shifting the whole shopping scene. Our mission? To keep up with what shoppers want and make sure we’re on a top-notch ecommerce platform that can handle the heat.
Payment Methods Impacting Revenue
Payment options can make or break your online sales. Nail the customer favorites, and you’ll see those sales figures climb. Mobile payments, for instance, are gaining ground. They’re set to make up over 43% of all retail ecommerce sales in 2023, climbing from 42% last year. Businesses need to think mobile-first when it comes to how folks pay.
Over in Europe, bank transfers have taken the lead, making up 45% of ecommerce payments in 2020. Europe and Asia seem to be all about those bank transfers (Stripe). When you cater to these preferences, you don’t just make customers happy — you streamline your business too.
| Payment Method | Percentage (%) |
|---|---|
| Mobile Payments | 43 (projected for 2023) |
| Bank Transfers | 45 (in the EU, 2020) |
To ride this wave of growth, wise online store owners need to keep tabs on payment trends. The right ecommerce platform should be well-equipped to offer these diverse options. For a deeper dive into boosting your ecommerce game, check out our take on ecommerce business for sale.
Exploring Ecommerce Platforms
Let’s chat about the nuts and bolts of setting up our online store. Picking the right ecommerce platform is like choosing the foundation of our dream house—it’s a big deal! This choice can shake up our workflow, keep our customers happy, and put our growth on a mega boost.
Types of Ecommerce Platforms
We’ve got six shiny platform types to pick from. Each has its own special flair, letting us tweak our style based on what our business vibes with.
| Platform Type | What It’s All About |
|---|---|
| Build Your Own | Dive deep and craft your own. Loads of freedom but a bit of a resource hog. |
| Traditional Platforms | These veterans offer a good mix of features but might not stretch as much as we’d want. |
| Open Source | Gives us the tools to mold it our way, but we’ll need some tech brains on deck. |
| Cloud Platforms | Floating in cyberspace; they’re easy as pie to use and get updates without any heavy lifting. |
| SaaS Platforms | Pay as you go! Light on the wallet upfront, since somebody else keeps it purring for us. |
| Headless Commerce | Mix and match front-end and back-end for the ultimate custom look. |
For the scoop on all these types, check our guide on ecommerce platforms.
Considerations for Selecting a Platform
Now, which one’s our pick of the litter? Let’s lay down the essentials to make sure it ticks all our boxes. Here’s the plan:
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Scalability: Think big—our platform should stretch for our growth spurt. Cloud-hosted champs like the SaaS crew can keep up with surges in action and traffic (Bright Global).
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Extensibility: Flex some muscles! We might want to add new cool features—like jazzy payment options. Portals like Episerver can hook us up with slick integrations (Bright Global).
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Cost-Effectiveness: Keep the budget in check—running costs vs. initial splurge. Cloud players often swap out pricey hardware for solid security and consistent uptime.
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Customer Engagement: The charm factor—our platform should make it super easy for folks to shop till they drop!
Picking the cream of the crop in ecommerce platforms can turbocharge growth and sweeten customer smiles. By hashing out these factors, we’ll be cruising down the ecommerce highway with confidence. Check out our articles on ecommerce marketing and SEO in ecommerce for more juicy tidbits!
Top Online Marketplaces
When we talk about shopping online, it’s like a big mall in cyberspace. These sites don’t just bring folks to our digital doorstep but also spread the word about our brand and ramp up sales.
Amazon, eBay, and Walmart
Amazon’s the big kahuna of online shopping. Nearly half of all folks shopping check out prices on Amazon first! If we aren’t showing up there, it’s like skipping the busiest street in town for our store.
Then we have eBay, catering to over 180 million shoppers globally. It provides a handy toolbox for our virtual shop setup. It’s got tips on fees, templates, and getting the best mileage out of their system.
Walmart, meanwhile, pulls in an astounding 240 million customer visits every week. What’s interesting is that more than half of Amazon shoppers also make their way to Walmart.com.
| Marketplace | Global Buyer Base | Key Features |
|---|---|---|
| Amazon | Multi-million | Price checking, high visibility |
| eBay | 180 million | Listing templates, best practices |
| Walmart | 240 million visits/week | Overlap with Amazon shoppers |
Global Marketplaces like Allegro and Shopee
Look beyond North America; places like Allegro and Shopee are stirring up some action. Allegro’s huge in Europe, especially in Poland, and champions both big brands and smaller vendors. Meanwhile, Shopee rules the roost in Southeast Asia and parts of Latin America. Going mobile is their claim to fame with the title of the most downloaded app. They’re also rolling out the welcome mat for US and European sellers soon.
| Marketplace | Region | Notable Features |
|---|---|---|
| Allegro | Europe (Poland) | Focus on international sellers |
| Shopee | Southeast/East Asia, Latin America | Most downloaded mcommerce app |
Getting our goods onto these popular sites is like unlocking new rooms in a massive house party—more people, more fun, more sales. They’re packed with different features and all kinds of buyers, making them crucial for giving our online business that extra boost.
Self-Hosted vs Hosted Platforms
Deciding on how to set up our online shop can be a bit like choosing between a home-cooked meal and takeout. We’ve got the self-hosted platforms on one hand, and the hosted ones on the other. Both have their perks and quirks which can sway our call. By knowing what each has to offer, we can pick the best fit for our ecommerce dreams.
Self-Hosted Platforms
With self-hosted platforms, we’re wearing the chef’s hat—handle it all ourselves. This route gives us the freedom to tweak our site to our heart’s content. Businesses after a unique vibe often pick this option because they can whip up any feature or layout they fancy.
| Advantage | Description |
|---|---|
| Full Control | We’re the bosses of our website’s looks and what it can do. |
| Customization | Tons of options to mold it like clay, perfect for when we want to grow. |
| Ownership | It’s ours, top to bottom. Data, peace of mind—all ours. |
But here’s the kicker: self-hosted platforms demand a bit more elbow grease. We’re talking a dash of tech skills. We’ll handle setup, keep up with updates, and even roll up our sleeves for those pesky security matters. It can be overwhelming without the tech chops.
Hosted Platforms for Ecommerce
Hosted platforms, or SaaS solutions, are like hiring a personal chef. The provider sets it all up on their infrastructure so launching a store is as easy as pie. They take care of hosting, updates, and security dances in the background, leaving us to focus on selling.
| Advantage | Description |
|---|---|
| Ease of Use | Easy peasy setup with simple interfaces; no tech degree required. |
| Cost-Effective | Monthly fees don’t hurt the wallet as much as you’d think, especially for small outfits (Red-Fern Media). |
| Maintenance-Free | The provider’s got the updates and security stuff covered. |
The trade-off? Hosted platforms may not let us color outside the lines as much as we’d like. If we crave unique features only bespoke tailoring provides, that might be a hitch. Yet, for a quick and easy launch—maybe just a handful of products—hosted is the no-fuss, no-mess alternative (Red-Fern Media).
In the end, whether we’re up for the DIY challenge of self-hosted or prefer the ready-made comfort of hosted platforms, understanding both puts us on the path to making our online store all we dreamed of.