The eCommerce market and industry are constantly growing and provide a great opportunity to target potential customers and markets.
One of the best countries to target, in particular, is the United States, where businesses are proven to succeed in engaging with the US audience the most.
What Is eCommerce?
Firstly, before even considering the eCommerce market and who you should be targeting, you need to understand exactly what eCommerce is and how your business can use it. eCommerce is the buying and selling of goods and services over an electronic network which is primarily the internet.
The eCommerce market is a great chance to get your business out there, reach a bigger audience and grow your business.
Why It’s Time to Start Expanding
The eCommerce market is always expanding and growing, and therefore, it’s a great chance to grow your business too. It may be that you’re just based within your local eCommerce market, near to where you live. But there are some great reasons as to why you should start to expand globally and reach a wider target audience. It seems as if it’s all over the internet; it’s so easy to reach out further and target more eCommerce markets.
- eCommerce is growing like never before, and this is partly due to Covid-19. The past year or so has made people change their usual purchasing behaviours and switch to online shopping. This has helped to grow the eCommerce market, and now, most people choose to shop online.
- Technology is there and ready to use, especially when it comes to online shopping. Research has found that in 2020, mobile shopping reached $284 billion. With so many people being able to use the internet and apps on their smartphones, it makes it so much easier to shop online.
- Shipping time and costs for shopping are starting to improve, making it so much easier and cheaper to send items. If you’re looking to grow your eCommerce market abroad, then it’s been made so much easier to do so. There are plenty of shipping couriers to use, and the costs of these have started to improve.
These reasons alone are a great argument as to why it’s time to start expanding the business and explore the eCommerce markets even more. There’s no limit when it comes to eCommerce; even if it’s selling abroad, it’s all possible.
The Top eCommerce Destinations to Consider Selling to
The eCommerce market is always growing, and below, are some of the top eCommerce destinations to consider selling to. As previously mentioned, nowadays it’s a lot easier to sell abroad, so you’re not as limited with how far you can go.
China is well known for being the biggest eCommerce market in the world and has annual online sales of $672 billion. China’s eCommerce market size is huge, so it’s a great market to get into. In 2019, the total of China’s eCommerce sales growth surpassed the total combined for Europe and the US. Although it may be hard and you might have some complications when it comes to importing into China, it does have the largest digital buyer population in the world. This just shows how many people do shop online in China, so you can imagine the potential sales if you grow your eCommerce market out there.
The United States is now the second-largest eCommerce market in the world after it was overtaken by China’s eCommerce market. In 2019, the US online retail sales hit $343.15, and they’re expected to hit $476.5 billion by 2024. That figure alone shows the power of eCommerce and the future for sales growth.
The tax threshold for importing goods is $800, which means it’s less likely that consumers will have to pay additional tax. This makes it much easier for selling abroad and isn’t likely to put people off. Although China has overtaken the United States, the US is always continuing to grow its eCommerce market. It is definitely the best eCommerce market to target nowadays.
Third on the list, following the United States in the United Kingdom. The annual online sales amount to $99 billion, which is 14.5% of the total eCommerce sales across the world. The most popular products sold include fashion, travel, household, and sporting items.
Japan is one of the largest and fastest-growing eCommerce markets. They did dominate the B2B transaction, but within the last decade, the B2C market in Japan has doubled. It is estimated that Japan’s B2C eCommerce market is worth over $100 billion. It’s expected that this will continue to grow too.
Germany is a great eCommerce market destination with lots of cheap shipping options, which can help to expand your business. It’s ranked as the second-largest eCommerce market in Europe, with annual online sales estimated to be $73 billion. It’s likely it will continue growing bigger; some of the top products include electronics, media, and fashion. They also use preferred payment methods such as credit cards or PayPal, which makes it much easier for those shopping online.
The French market is ranked 6th in the world, and Amazon plays a key part in the French eCommerce market. The revenue is expected to hit $58.922 billion in 2021 and has a projected sales growth rate of 5.2%. Fashion and health and beauty products are some of the top categories in the eCommerce market in France.
South Korea is known for its reputation for fast wireless internet speeds and is amongst the largest eCommerce markets in the world. It is estimated that in 2021, the revenue will reach $80.88 billion and maintain a growth rate of 5.02%. Fashion leads this eCommerce market, with the projected market volume being $23.549.
These are just a few of the great eCommerce market destinations that you should be targeting and looking into. Growing your business further and looking into these different market destinations gives your business a great chance to grow. It’s even easy to do these days, and with so many people shopping online, it’s a no-brainer to start looking into these different destinations and targeting them for your business plans.