It wouldn’t be an exaggeration to say that the eCommerce industry is one of the largest and fastest-growing industries in the world. In fact, global online sales went up by a staggering 71% in the second quarter of 2020. Due to its massive growth, it’s not at all surprising that the eCommerce industry is one of the most hypercompetitive industries in the world. Considering how tight the competition is, you’ll want to make sure that you’re doing all you can to improve your services to better accommodate your customers.
In order to do this, you need to be in the know when it comes to the trends that are shaping and improving eCommerce as a whole. This is why we thought it would be useful to compile a list of key trends that you have to know about. If this is something that you’re interested in, read on for a list of three eCommerce trends that are shaping the business world.
Physical Shops Are Moving Online
One reason why you should optimize your eCommerce platforms is the massive shift to the digital space. Stores that originally never had any online presence have quickly realized the massive opportunity that eCommerce brings. So much so that many of them have started moving online as well. And while this isn’t exactly new as physical stores were slowly but surely gravitating towards the internet, the recent global health pandemic accelerated the shift to eCommerce by about five years. Due to the increased competition, you’ll want to make sure that all your services are optimized so that your platform stands above the rest.
Overseas Purchases Are On the Rise
Another thing that has been steadily on the rise is the amount of total overseas purchases. Because eCommerce platforms are so accessible, this has given businesses an opportunity to expand their reach and tap into overseas markets as well. Cross-border eCommerce spiked by 21% in 2020, which highlights a massive opportunity for growth. Considering that cross-border eCommerce will undoubtedly lead to a bump in revenue, it’s crucial that you are on point when it comes to eCommerce accounting. While it may not seem flashy, staying on top of all your tax obligations is vital to your long-term success as an eCommerce platform.
Improved Security
Security should be your number one priority as an eCommerce platform. Given the number of customers that eCommerce companies accommodate, it can’t be overstated how important it is to keep customer data and information safe. In fact, market research reports have highlighted that online frauds and cybersecurity issues are the main factors that are holding eCommerce’s market growth. This is why you’ll want to make it a point to invest in cybersecurity, as it will safeguard your eCommerce platform from potential threats that are looking to exploit you and your customer base.
Conclusion
In order to succeed in this industry, you will need to never settle and constantly be in pursuit of better ways to serve your customers. We hope this article proves to be useful when it comes to helping you improve your eCommerce services. Be sure to keep these trends in mind if you plan on making any changes as they will aid you in maximizing your eCommerce platform in a way that will yield the best results.
If you need more help with eCommerce accounting, we here at eCommerce Accountant have got your back. We can provide your business with the services that you need to maximize profits. Book a strategy session and start your partnership with us today!