In the wake of the COVID-19 global outbreak in 2020, both individuals and companies have gone online to keep up with their daily tasks.
More than 72% of organizations in the Philippines have transitioned to operating remotely. They’re doing this because of the COVID-19 pandemic. Meanwhile, half of Filipinos were forced to learn how to shop online to keep up with the quarantine restrictions being placed on the country.
As the world opens up and eCommerce technologies continue to thrive, consumers are realizing how much they help make life easier and less stressful. It’s true that by the year 2021, an extra 900 million additional people will be shopping online, so we can expect a huge increase in eCommerce.
A spike in demand has made it more popular for businesses to start selling their products online. As a result of so much more demand for online purchases, it seems like more businesses are trying to take the plunge with eCommerce.
Check out this informative and fascinating article about eCommerce, the industry, and the trends for 2022 and beyond.
General eCommerce Facts and Statistics
- The global eCommerce market is expected to hit $6 trillion in 2022.
- There are over 3.4 billion eCommerce users around the world.
- Over half of consumers shopped online more since the COVID-19 outbreak.
- There are between 12 and 24 million stores in the online market space.
- Amazon is the largest consumer internet and online service company worldwide.
- Chine is still the world’s biggest eCommerce market.
eCommerce Growth and Usage in Southeast Asia
- eCommerce is the primary driver of growth in online spending in Southeast Asia, with predictions that online shopping will hit $234 billion in 2025.
- Digital retail sales in SEA increased to 85% year-on-year in 2021.
- Indonesia had the highest eCommerce adoption rate in the world in 2020.
- eCommerce contributed $12 billion to the Philippines’ GDP in 2020.
eCommerce Trends to Watch Out For
- Consumers want to support local businesses through eCommerce. 70% of consumers support small businesses when shopping online.
- Green consumerism caters to a growing environmentally-conscious consumer base. 65% of buyers want to do business with purpose-driven brands that practice environment-friendly and sustainable operations.
- Social commerce drives revenue number. 79% of businesses are expected to engage in social commerce in the next three years.
- In-store activities now have digital counterparts. QR code menus and contactless payments are among the trends connecting a business’s physical and digital aspects.
eCommerce Technologies to Consider
- Artificial intelligence and machine learning help analyze a user’s shopping habits to improve overall business performance.
- Virtual assistance like chatbots can carry the load of customer support agents and even enhance customer service efforts.
- Augmented reality can provide customers with a live presentation or a “try-on” product experience, which is more accurate than photos or videos.
- Voice search is a fastest way to search for an item a consumer wants to buy.
- One-click checkouts provide signed-in customers with a seamless authorization process for online purchases.
- Digital wallets or e-wallets are used for contactless payments accessible via smartphones, smartwatches, or other compatible devices.