As the world becomes increasingly digitised, the ecommerce market is only set to continue its exponential growth. In fact, it's estimated that by 2023, global ecommerce sales will reach a staggering $4.5 trillion. With such a vast and rapidly expanding market, there are countless opportunities for businesses to tap into and thrive.
Mobile Shopping
One major continuing opportunity in ecommerce is the rise of mobile shopping. As more and more consumers turn to their smartphones for online purchases, it's crucial for businesses to have a mobile-friendly website and a seamless mobile shopping experience. This means optimising for mobile devices, offering easy payment options, and providing excellent customer service through mobile channels. Popular ecommerce platforms such as Shopify, Magento and WooCommerce make this functionality easily achievable for businesses. With AnnexaConnect, our prebuilt integration solution for NetSuite, you can bring selling, delivery, and payment together with one single source of truth.
Subscription Models
Another opportunity lies in the increasing popularity of subscription-based models. From meal delivery services to beauty boxes, consumers are showing a willingness to pay for regular, recurring deliveries of products and services. For businesses, this presents an opportunity to build loyalty and predictability in revenue streams.
Personalisation
Personalisation is also a key trend in ecommerce. With the abundance of data available about consumers' preferences and behaviours, businesses have the opportunity to tailor their products and marketing efforts to individual customers. This not only leads to a better shopping experience, but also increased sales and customer loyalty. Centralised business systems such as Cloud ERP NetSuite are key to ensuring you have all the data available to make these informed decisions.
Sustainability
Sustainability has become a major focus for consumers and businesses alike. As people become more environmentally conscious, there is a growing demand for eco-friendly products and sustainable business practices. This presents an opportunity for businesses to differentiate themselves in the market by offering sustainable options and transparently communicating their sustainability efforts.
International expansion
Finally, the ecommerce landscape presents an opportunity for businesses to expand internationally. With the proliferation of cross-border ecommerce and the increasing ease of shipping and payment options, it's easier than ever for businesses to sell to customers around the globe. This not only allows for a larger customer base, but also opens up the possibility of entering new and untapped markets. Check out how leading brands T2 and Aesop achieved their international expansion goals with Annexa.
As the ecommerce space continues to grow and evolve, it's clear that there are endless opportunities for businesses to thrive and succeed. From the rise of mobile shopping and subscription-based models to the importance of personalisation and sustainability, there is no shortage of ways for businesses to tap into the vast potential of the ecommerce market. With the right strategies, tools, and execution, any business can seize these opportunities and capitalise on the exciting growth of the ecommerce market in 2023 and beyond.
Supercharge your ecommerce business with Annexa
Our dedicated inhouse SuiteCommerce development team supports our customers with tailored solutions for B2B and B2C ecommerce,, including UX and implementation, integrating channels and bringing inventory, order management, marketing, customer support and financials together on a single platform. To learn more about how your ecommerce business will benefit from the efficiency of a platform-first approach, get in touch with our team now.
Annexa is a leading NetSuite partner with extensive experience designing and implementing comprehensive and customised business systems, including payroll solutions, financial management, warehouse management and ecommerce solutions.
