Ecommerce is also called electronic or internet commerce. E-commerce involves buying and selling products and services through the internet. Additionally, there is the transfer of data and money to complete the transaction. In simple words, it is the sales of physical products through online media.
What Is The Market Size For eCommerce?
The first-ever online sale was one by a man in 1994, where he sold a CD of Sting to a friend via his website. Since then there has been an exponential transformation in this domain. Small businesses, conglomerates, and freelancers are all a part of this extensive industry. As of 2020, the global e-commerce market stands at USD 10.361.0 billion. The market stood at USD 9,093.6 billion in 2019. According to reports between the years 2021 and 2028, the market growth is likely to be 9.7%.
What Is The Size Of Mobile eCommerce?
Mobile accounts for approximately 65% of the overall e-commerce traffic. This is why companies are leveraging a skilled e-commerce app builder and creating a mobile app. As of 2021, the global mobile eCommerce sales may reach around $3.56 trillion.
What Are The Best Ecommerce Marketplaces?
Here are the top eCommerce marketplaces that make up this industry:
With more than 5 million sellers, Amazon has become the largest online marketplace in the world. Many medium to large-scale sellers sell on this platform to gain worldwide exposure of customers. Amazon’s standardized product listing is among the key highlights of the platform. Your products and Amazon listing appear the same, thereby allowing every product to have the same prestige level.
This contributes to increasing the same. Moreover, the built-in affiliate program and Fulfillment by Amazon are the other two features that sellers enjoy the most. FBA ensures Amazon packs and ships the products to the shoppers.
It also manages returns of the product. Additionally, in an affiliate program, influencers in your niche obtain a unique URL linked to their mock storefront. So when they share your products on their account, your product and brand get extra exposure.
eBay was launched back in 1995, and since then, the e-commerce site continues to grow impressively. Here sellers can sell both new and used products on auction. Unlike Amazon, you do not have to apply to use eBay.
All you have to do is simply register your account and go on to create your product listing. Presently, eBay has around 180 million users spawned across the world.
With eBay, you do not need to hire a mobile app builder or e-commerce or website developer because you do not need to have a website or an app. There is a feature called eBay Seller Hug that assists you in running the online business efficiently. It allows you to run promotions, print shipping labels, etc.
Moreover, the marketplace also offers valuable insights into the latest product trends. This allows you to see which products are popular and which ones are not gaining enough traction. In fact, you can assess your promotion efforts, the overall shopping process, etc.
The biggest retailer in the world, Walmart, launched its online platform in 2000. Similar to Amazon, this marketplace is more suitable for middle and large-scale sellers. You have to go through an application process in order to verify as the seller. Sellers on this online platform get to access more than 110 million shoppers every month.
Walmart only approves sellers with high-quality products and good fulfillment practices. Being Walmart sellers will allow you to leverage the reputation of the company and get better exposure in the worldwide market.
If you are looking to sell unique products, then Etsy is a platform that you can consider. It is perfect for small and medium-scale sellers looking to sell vintage or handmade products. An attractive feature of Etsy is that it displays the under the seller’s identity; instead of the brand. This will help you in preserving the identity of your brand.
If you are a new seller who does not have much grasp of online marketing, Etsy is a platform that you should consider. It allows you to set up your product ads with Google Shopping, Promoted Listings, etc. This will allow your product to get more visibility in the market. Etsy also allows you to create special discounts and offers and email them to the subscribers.
In comparison to other marketplaces that we mentioned above, Jet is relatively new as it was launched in 2015. Recently, Walmart acquired Jet and is an ideal marketplace for sellers that focus on a specific customer base.
Jet has approximately 400,000 monthly users on the marketplace. While the marketplace does not have an extensive product range, it provides better deals in comparison to other platforms. This way, Jet manages to offer more value to the customers.
Aliexpress is one of the growing online marketplaces for sellers, vendors, and customers. It is a part of Alibaba and caters to clients beyond the China borders. The marketplace offers multi-language support, thereby making it a global platform.
Additionally, it has a wide range of shipping and delivery features that adds to the popularity. Sellers can sell a wide range of products to a global audience through Aliexpress.
Wayfair was launched as an Amazon substitute, which primarily focuses on furniture. Although it does not match the popularity of Amazon, Wayfair offers better deals. Wayfair has limited categories but still manages to see a lot of traffic. In fact, the average checkout transaction goes beyond $200. This is due to the fact that the marketplace offers unique products to users.
With shoppers relying more on online platforms to buy products and services, the eCommerce industry will witness significant growth. Along with using the expertise of mobile e-commerce app builders and website builders, businesses need a team to manage the business in the e-commerce marketplace. Selling products on e-commerce sites allow sellers to gain more exposure and establish a stronger brand identity over time.