It’s no secret that e-commerce businesses are taking over the retail sector. But just how fast is the change happening? And will traditional brick and mortar stores soon be a thing of the past?
As the infographic below shows, e-commerce is growing at a double-digit rate. That’s significant, especially when you consider that the broader economy is expanding by as little as 1.5 to 2 percent in most developed countries. E-commerce represents a sea-change in people’s buying habits and is an indication of what the future of shopping will look like.
The growth of e-commerce isn’t just something that’s happening in rich countries. The growth of the sector is global, with worldwide growth rates predicted to stay above 15 percent, even at a time when the e-commerce sector is already a major player.
Why is this happening? Part of the explanation has to do with the fact that it’s just so much easier these days for consumers to buy online. Mobile apps have taken the hassle out of shopping on the go, meaning that people can order products mid-conversation without having to wait until they get home to fire up their PCs.
There’s also the fact that shipping is speeding up. Some online retailers now offer same-day delivery, while the majority offer next.
What about discounts? They play a role too. It’s clear that shoppers are keen for a bargain and they believe that they can get one by ordering goods online.
Check out the infographic below. It charts the impressive growth of e-commerce and tries to explain why it’s become so popular.
Infographic created by Trade Vitality