Yes, Online Shopping Is Here to Stay
The premier issue of our Ecommerce Online Magazine, with the theme “The Fun of Online Shopping” makes the case that online shopping is here to stay. The feature article, Online Shopping Mystique, reviews online shopping statistics that uncover certain trends attributed to consumers’ genders.
Did you know that women are more prone to making impulsive purchases (57%), especially of clothes and shoes, but also of games and books? Men are also quick to reach for their wallets, with 49% of male online shoppers being quick to put electronics, games, and books into their digital shopping baskets. But who shops more? According to studies, women make more purchases, but men spend more money overall, with estimates of up to 10 euros of difference between an average man’s and an average woman’s individual online purchases.
And…what are people buying? According to polls, 68% of online shoppers reveal they’re buying clothes, shoes, and accessories most of the time. What is the outlook for future shopping habits? It’s safe to say that online shopping is one of the highest-growing sectors worldwide and eCommerce is projected to comprise over 22% of global retail sales in 2023. This is certainly an unexpected rise in just a few years, considering the percentage was only 14% in 2019. (For a total overview of European Ecommerce trends, read about our report here.)
Fighting Fake News
The global media market has experienced a significant increase in size, from 1.98 trillion USD in 2021 to 2.21 trillion USD in 2022 as stated by Media Global Market Report 2022. But what’s the big deal, really?
Smart Pill #1: Media
The article, The Ever-Changing News, shows that evolution in online news consumption can be immediately seen in the way people seek and find information. Media used to be defined as print newspapers and magazines; news television and cable channels; and terrestrial and satellite radio. Now, we see this category has expanded to include digital media, which is cheap, interactive, accessible, varied— and seemingly everywhere. And there are differences of course in consumption habits, as well as the growing concern for information accuracy and unbiased reporting. (Remember the trending hashtag #FakeNews ?)
Artificial Sweetener
Using algorithms to predict consumer behavior, Artificial Intellience (AI) can enhance different aspects of the online shopping experience— from building reliable chatbot services to offering personalized shopping recommendations.
Smart Pill #2: AI
How is AI Transforming Ecommerce? states that the key components of AI include data mining and analysis; natural language processing (NLP); and machine learning. Even though the technology is developing, AI has already found its way into ecommerce. Did you know that according to Oracle’s research, almost 80% of brands have already implemented or planned to implement artificial intelligence by 2020? An immediate association is with applying ChatGPT (which you can read about here and here), but there are improvements promised in the areas of fraud detection, customer lifecycle management, and data protection, too.
The New Boss Consumer
All this clicking around the Internet, wallet-in-hand, has spawned a new type of e-consumer. One who is a Boss: powerful, opinionated, passionate. One who is keen to make purchases in line with personal values; one who wants to shop “socially” while scrolling social media feeds; and one who is driven by impulse decisions, on one hand, and a savings mindset, on the other.
Smart Pill #3: “Woke” (or Just Conscientious) Purchases
The article, Sustainable Ecommerce- Will it Become a Must? describes the era of the conscious consumer. Merchants’ businesses must be sustainable as a hygiene factor. Think: eco-friendly, ethical labor, recyclable packaging, and so on. And merchants must be transparent in how they source their materials; how they ship their products; and what they consider social corporate responsibility. For example, research has shown that a staggering70% of consumers care about consuming more responsibly and are even willing to pay more for green products.
Smart Pill #4: Real time Shopping
The article, Live steaming Commerce- Top or Flop? describes the live streaming phenomenon as an experience that has the accessibility of online shopping with the added bonus of being an interactive experience of in-person shopping. Customers can make a purchase in real time, as they watch the seller (often influencers with an established social media following) demonstrate and discuss the product. What’s being sold? Where? And who’s doing the buying? Read the article and find out!
Smart Pill #5: Responsible Shopping?
Save Now, Pay Later (SNPL): New Model in Fintech?describes an emerging business model and payment method that allows consumers to set aside a predefined sum of money on a regular basis to make a big-ticket purchase at a later point. The user chooses their target amount and date, and he or she can get various benefits and incentives once savings are adequate to reach their purchase target. SNPL encourages (and also rewards) more responsible and more sustainable spending behavior. Have you heard of it?
Smart Pill #6: Instant Gratification
The article, Buy Now, Pay Later (BNPL) for Ecommerce: A Regulatory Update, presents a payment method that allows customers to pay off the purchased product in multiple fixed installments. We’ve described this as being a short-term financing option here. Without the need to secure credit before going shopping (credit is generated in real-time, at the point of sale), the customer pays back the amount in installments. The merchant receives the full payment upfront, and the BNPL provider manages the payment collection from the customer. Research has shown that 59% of those who used BNPL for non-essential purchases did so because they could not afford to pay upfront.
Remember to subscribe, because there’s more to come!
The Nexi Group Ecommerce Online Magazine is designed to be your go-to digital magazine for uncovering the world of online retail. Join us as we navigate the ever-evolving ecommerce landscape— providing insights, trends, and strategies to empower entrepreneurs, established merchants, and even marketers. Let’s embark on this thrilling journey together and unlock the vast opportunities that await in the realm of digital commerce. Issues are released quarterly in English and cover a wide array of topics, naturally.
Samara H. Johansson
Content Manager, Nets E-Commerce
With 15+ years of experience in strategic marketing and communications roles, for Nets I focus on presenting e-commerce market insights in a way that is easy to understand and practical.
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