GoldATM’s Momentum and Growth Continues with Launch of Online Store (2024)

FAQs

Why will ecommerce continue to grow? ›

eCommerce global growth is so expansive because people are no longer confined to a single store or even 100 physical stores in a mall. They can now have access to any store they want, with many marketplaces offering access to numerous brands and options.

The rise of ecommerce marketplaces.

Online marketplaces have been on the rise since the mid-1990s with the launch of giants we know today, such as Amazon, Alibaba and others. Amazon in particular is known for its unique growth strategy that has helped them achieve mass-adoption and record-breaking sales.

U.S. ecommerce sales grew to about $1.119 trillion in 2023 from $1.040 trillion in 2022 (7.6% growth) U.S. ecommerce has grown at least 0.2 percentage points year over year since 2000. U.S. ecommerce represented 22.0% of total retail sales.

Consumers now have access to products and brands from around the globe, no matter their location. Whether it's exotic foods, unique fashion pieces, or niche electronics, e-commerce has made it possible to explore and acquire items that were once out of reach.

The main factors that have led to the growth of e-commerce are better infrastructure, increase in internet and smartphone users, and the preference of consumers for online shopping over traditional retail stores.

Overall, the future of e-commerce in the US is likely shaped by emerging technologies, changing consumer preferences, and a continued focus on innovation and customer experience. Global e-commerce sales are projected to reach $6.39 trillion by 2024. And $7.7 trillion by 2026.

Fifty-eight percent of consumers shop online due to online opening hours (or lack thereof). The Internet never closes, making it easy for consumers to buy any product at any time. Shopping has never been more convenient. But even though your online store doesn't close, your customer service department does.

The major ecommerce future trends include the rise of mobile commerce, the integration of AI and machine learning for personalized shopping experiences, the growth of social commerce, and the increasing adoption of augmented reality (AR) and virtual reality (VR) for immersive shopping experiences.

Among U.S. consumers the two most popular categories for online purchases are Clothing and Shoes. 43 percent and 33 percent of consumers respectively chose these answers in our representative online survey. The survey was conducted online among 10,051 respondents in the United States, in 2024.

What are the future predictions for online shopping? ›

Statista predicted that global mobile e-commerce sales could hit a staggering $3.4 trillion by 2027. Prediction: As our trusty mobile devices continue to get even smarter and become seamless parts of our daily routines, m-commerce is going to snag an even bigger slice of the online sales pie.

The typical household gains about 1 percent of consumption — or over $1,000 per year — in extra buying power from accessing merchants online. Gross domestic product (GDP) — the standard yardstick of an economy's size — does not incorporate the full gains from online shopping.

One of the benefits of online shopping is that specialty items, hard-to-find products, and almost everything under the sun is sold on the internet. This is because online retailers do not have to hold inventory in every location, as they do in brick-and-mortar stores.

The main way in which e commerce will affect the economy, in general, is its impact on productivity and inflation. The continued expansion of electronic commerce could also lead to downward pressure on inflation through increased competition, cost savings and changes in sellers' pricing behavior.

‍Flexibility - E-Commerce provides flexibility in the buying process. It gives you the freedom to shop anything from anywhere at any time by just a click. A customer can browse e-Commerce sites and choose from millions of products even at the middle of the night from the comfort of their home.

Businesses can sell to anyone in the world with an Internet connection. eCommerce also offers lower overhead costs than traditional stores, which means businesses can pass those savings on to consumers in the form of lower prices. For consumers, eCommerce offers convenience and often lower prices.

Interestingly, customers nowadays prefer eCommerce to brick-to-mortar shopping just to avoid the long queues and annoying traffic. Also, they can read reviews and compare the products while buying online. That's why business owners also set their marketing strategies to get more online traffic rather than foot traffic.

Eco-Friendly E-Commerce

The focus on sustainability and eco-friendliness has gained momentum in recent years. In 2024, this trend will likely intensify in the e-commerce industry. Customers expect e-commerce platforms to offer eco-friendly options, reduce packaging waste and embrace sustainable practices.

Statista predicted that global mobile e-commerce sales could hit a staggering $3.4 trillion by 2027. Prediction: As our trusty mobile devices continue to get even smarter and become seamless parts of our daily routines, m-commerce is going to snag an even bigger slice of the online sales pie.