Ecommerce has transformed the shopping experience, beyond virtual stores supplanting physical storefronts. In 2023, ecommerce retail purchases are expected to rise from 14% to 22%. By 2027, forecasts indicate that the online segment will make up close to a quarter of total global retail sales. The ecommerce landscape is evolving rapidly with trends emerging from every corner of the globe.
In this era of globalization, top online stores are no longer confined to one country. Data from various sources indicates that the United States, United Kingdom, Germany, and Brazil are some of the top countries for ecommerce platforms.
The US continues its dominance as an established market for ecommerce businesses. It houses some of the most popular ecommerce sites such as Amazon and eBay, industry leaders that have set high standards for customer experience. Amazon successfully offers both individual product protection plans and warranty subscriptions to increase their AOV and overall sales. However, their warranty coverage is limited to Amazon.com purchases.
Mulberry can help your business implement a more flexible and comprehensive warranty strategy to grow your ecommerce business. Mulberry's product protection subscription provides unlimited coverage for nearly all product categories, so your customers can protect their purchases from spills, cracks, and breakage, along with everything else they buy online.
The UK's growing digital economy represents another significant trend. Its home-grown platform ASOS has made waves in mobile commerce by offering a seamless app-like shopping experience to users across Europe and beyond. ASOS specializes in fashion retail catering predominantly to young adults; its success lies largely in understanding its target audience’s needs and wants - demonstrating how critical knowing your consumer base is within this sphere.
Brazil presents yet another interesting case study - traditional retailers have been slow to adopt sustainable practices within ecommerce operations, causing local entrepreneurs to fill this gap by shaping unique online marketplaces focused on sustainability. Consumers are becoming more conscious of the impact their purchasing decisions have on the environment and society. As a result, more retailers are focusing on sustainable and ethical sourcing, packaging, manufacturing, and initiatives to reduce their carbon footprint.
In Germany, online fashion is the most popular product category followed by consumer media (books, music, movies, video games) and electronics. Amazon and German-founded retailer Otto collectively own almost half of the German online shopping market, which is sizable. 80% of German consumers shop online, but Germany also has one of the highest return rates. Reports claim that 50% of all orders are sent back.
From America's cutting-edge ecommerce platforms to Brazil's focus on sustainability, it is essential to keep a pulse on global ecommerce trends and how the learnings can influence your business decisions. Catering specifically to your customers' needs—whether that means providing user-friendly interfaces or prioritizing environmental consciousness—is crucial for success. The customer experience you create on your ecommerce website may be the most critical element that determines your business growth.