While COVID-19 gained its foothold in the lives of people all over the world in 2020, e-commerce stepped in to help create some form of normalcy for many. With simple means for social distancing, it is no wonder that e-commerce growth saw some major upticks last year. Here are expert predictions for e-commerce growth in 2021 from Agency Entourage:
A Growing Need for E-Commerce
COVID-19 lockdowns, retail closures and travel restrictions presented many challenges for consumers and brands alike in 2020. During this time, many consumers turned to online shopping as a way to buy necessary items for their home. E-commerce saw major growth last year, as it accounted for 14.1% of retail sales worldwide, and is predicted to reach 22% by 2023. Many consumers rely on online transactions as their primary form of shopping.
How E-Commerce Growth Has Affected Smaller Brands
Since e-commerce transformed from a luxury into a necessity for many last year, consumers were forced to rely on already-established online stores. This meant that many larger brands with established online presences were able to rake in business from people who would normally shop at smaller stores. These smaller brands were forced to make a decision, suffer through a year of smaller margins or establish an e-commerce website.
How E-Commerce Will Grow in 2021
E-commerce is expected to continue growing in 2021. By 2022, e-commerce revenues are predicted to grow up to $6.54 trillion, an increase of almost double the $3.53 trillion the industry saw in 2019. The sudden need for online shopping will continue to present challenges for businesses, due to new competition popping up practically every day. Thus, creating a need for digital marketing tactics for businesses to keep up with each other.
No matter if you need help setting up an e-commerce website, marketing an established brand online or both, Agency Entourage is here to help make it simple. We offer a wide range of digital marketing services, from social media to SEO and everything in between. Want to learn more about marketing your business towards a future of e-commerce growth? Check out our blog today!
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