Nasdaq predicted in 2017 that e-commerce
Nasdaq predicted in 2017 that e-commerce would make up 95% of all purchases made online by 2040. Five years later, this already impressive market-transition prediction was further accelerated by Covid-19's pandemic. In spite of safety and health protocols designed to get people back into shops, many are still inclined online to shop.
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While shopping trends vary in each country, ecommerce lets you shop on any number of international platforms. This can increase your chances of business success, especially if it is possible to find a niche in the most profitable areas. A recent analysis by Oberlo classified shopping categories in terms of worldwide revenue. These are the five most popular categories:
1. Fashion
Fashion is the current movers in ecommerce. In fact it is predicted that shoppers will spend close to $760 million in online shopping this year. More than 25% of internet dollars are spent on fashion, and that number is expected to grow. The most popular European online fashion retailer, Zalando, saw its gross merchandise value grow by 34% during the second quarter of 2020 and the market for athletic leisurewear is anticipated to enjoy an annual compound growth rate of 6.7 percent through 2026.
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The closures of retail outlets during the pandemic have not only shifted sales online but people are spending more. The recent survey by Experian revealed that 11% of respondents reported spending more on clothes than they did before the pandemic. This represents a net increase of 5% over the prior year. It is important to note that fashion's competition for customers' attention is becoming more about being remembered and less about being a brand. Startups that are online have a better chance of succeeding in this highly competitive market.
2. Toys, hobbies and DIY
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Increased unemployment, increased home learning and greater isolation have pushed many people towards hobbies or toys to fill their spare time. The sector is predicted to see over $590.70billion in online spending in 2021. Michaels, North American arts-and-crafts market leader, reported an 11.1% growth in sales, and a 353% jump in e-commerce. British Hobbycraft is based in the UK and reported a 200% rise in online orders since the pandemic. These trends are unlikely not to diminish, no matter how the lockdown conditions loosen and more people realize the benefits of diversifying skills and activities,