Introduction:
Shopping these days has increasingly become online with the advent of technology, especially in the 21st century. Shoppers have gotten an impetus because of the global shipping offered by premium e-commerce sites, discounts that are offered, and new payment options that are available on the internet. You can buy everything online, from groceries to items of daily need to high-end electrical appliances to clothes and shoes. Everything will be presented at your doorstep with the click of not two or three or four buttons but just one button.
People are increasingly turning online as there are no middle-men costs that are the case with regular shops or offline shops. You get what you see. This has led to the rise of a global online shopping market, just as we have offline shopping markets.
Global online shopping sites open a window of opportunities for shoppers with a wide range of options for products and coupons that make shopping an easy and cost-saving experience. Isn’t that paradoxical? That is the beauty of global online shopping.
In the current scenario, where the world is under the grip of a global pandemic, e-commerce sales have increased because global online shopping sites provide customers with safe options for shopping so that there is no spread of the disease. Plastic money options, deliveries that do not require contact, and regular temperature checks of employees have drawn millions and millions of customers online.
Global Online Sales
As per the UNCTAD report, 2018 saw an 8% increase in sales as compared to 2019, and the sales figures were at $25.6 trillion. As per general global online shopping statistics, by 2021-2026, the Compound Annual Growth Rate (CAGR will have reached approximately 16%. Access to mobile phones, laptops, tablets, and other electronic devices has become easier due to which people are scouting the best global online shopping sites and global brands stores or online shops to enrich their shopping experience.
Which are the Companies on the Top of the Pile, and Which are the Ones that are not in Sales Through Ecommerce?
As per UNCTAD reports, countries where e-commerce sales have contributed to more than 40% of their GDP, are the developed countries of the United States (42%), Japan (66%), and Korea (84%). Countries on the opposite end of the spectrum are China (17%), Germany (18%), and Italy (19%). B2C e-commerce sales have been the highest in China ($1361 billion), followed by the US ($1098 billion). China’s lower B2B sales ($943 billion) have kept the country’s contribution of ecommerce sales to its GDP at such a low level. B2C E-commerce sales are the lowest in Italy ($32 billion$). People there need to get online more. This is the scenario of the online shopping global market share.
What is the Global Online Shopping Market Size?
As per the estimates of UNCTAD, 1.45 billion people went online for shopping in 2018, and more than this number purchased from abroad. Six hundred ten million shoppers bought in China. Domestic purchases were the highest in 2018 as compared to cross-border shopping. However, it was a good jump from that in 2016 and 2017.
What are the Products that Sell like Hotcakes on Global Online Shopping Sites?
Major chunk of the market share is taken away by home appliances. Other products that will sell like hotcakes are clothes, shoes, groceries, books, and many more.
What are the best global online shopping sites that you can buy from? – Best global online shopping sites in the present scenario are Amazon, eBay, Walmart, Apple, Alibaba Group, and others.
What are the Strategies that Global Online Shopping Sites should Develop to give a Boost to their Market Share?
Below is a list of the strategies that global online shopping sites should keep in mind to give a boost to their market share:-
Developing Flexible Employee Retention Strategies
Employees who are motivated to work and have a good work-life balance will always strive to ensure that customer satisfaction is more. This helps in increasing market share. Isn’t it incredible?
Innovation Can Never Stop
In order to increase their market share, global online shopping sites should keep coming up with innovative ideas. That will ensure that they are in business for a longer period of time.
Grow and Become a Formidable Name in the Ecommerce World
Global online shopping sites should focus on growth and become invincible among competitors so that there is repeat business and newer and more people keep coming towards you.
Mergers and Acquisitions Ensure a Longer Time in the Business World
One interesting strategy that global online shopping sites should adopt is to acquire a site that is a major competitor.
The Focus Should be on Small Markets Too
Focus nowadays is mostly on expanding globally. However, smaller markets should not be forgotten. When the markets that are smaller in size are added up one by one, the profits that global ecommerce shopping sites gain are much bigger than you can imagine.
A Blueprint of the Process to Increase Market Share Should be Created
Website owners should create a plan to increase their share in the market. Market share is not going to increase magically, but it needs proper planning.
Transparency with Customers Should be Maintained
Develop newer and improved ways of communicating with customers so that you have an insight on what is “in” these days or what are the changes that you need to make to provide your customers with the best shopping experience.
Conclusion:
People will keep shopping online or global online shopping, and the global online shopping market or global market and online shops will keep growing larger and larger. The global online shopping sites with the best strategies will survive in the long run. The road to success in the online shopping arena becomes easier when you have a proper plan in place for better and effective interaction and communication between consumers and businesses.
