The guide outlines ecommerce growth projections and emerging trends, including mobile commerce, social commerce, and AI in ecommerce.
ATLANTA, GA. May 1, 2023 /PRNewswire/ — Nexcess, the premium hosting provider optimized for WordPress, WooCommerce, and Magento, today released a comprehensive report on the global state of ecommerce, detailing growth projections for the U.S., Asia, South America, and the U.K.
The report also outlines how ecommerce store owners can expand their audience, capitalize on growing ecommerce trends, and optimize their online presence.
Global ecommerce growth spurred by the pandemic
With ecommerce projected to hit $8.1 trillion by 2026, it has become easier and more accessible for anyone to enter the market with an online store of their own.
Accelerated by widespread lockdowns, ecommerce sales grew 77% year over year in the first few months of the global pandemic.
The United States boasts the second largest ecommerce market — second only to China, while Singapore has become the fastest-growing ecommerce market in the world.
AI and evolving ways to shop online
Looking forward, social commerce is predicted to triple its share of sales by 2025. Almost a third of Millennial and Gen Z consumers are seeking more augmented reality (AR) and virtual reality (VR) technology in their online shopping experiences.
And over half of Gen Z consumers find influencers’ recommendations highly influential in their purchasing decisions — a stark departure from 0% of Baby Boomers.
“With the digital landscape evolving along with consumer habits, it’s critical for online store owners to keep up,” says Terry Trout, SVP of Marketing.
“At Nexcess, we pride ourselves on helping organizations of all sizes start, manage, and expand their online businesses — and we’ve been doing it for 23 years.”
With an array of offerings spanning enterprise level to SMBs to starter markets, Nexcess supports over 500,000 sites and stores around the world with fully managed hosting for WordPress, WooCommerce, Magento, and more.
“It is intriguing to see ecommerce growing across the board — and in ways we haven’t seen before. We’re hoping that shedding light on the expanding ecommerce landscape will inspire more transformation to come. At Nexcess, our goal is to help online business owners dream big and do more online,” adds Trout.
Drastic growth in mobile shopping and conversion rates
As for consumer trends, mobile ecommerce has grown 88% since 2015.
Consumers spend more time shopping on their mobile devices, and are more prone to purchase too, with average ecommerce conversion rates growing to 3.65%.
Top factors influencing a purchase decision include free shipping, followed by discounts and reviews from other shoppers.
To learn more about the global state of ecommerce, emerging trends, and how online store owners can take advantage and stand out in the evolving ecommerce market, visit Nexcess.net or read the full report: Mind-blowing ecommerce stats to pay attention to in 2023.