The Global Ecommerce Report of 2017 is full of information to help you. But what should you really pay attention to if you’re an SME? You’re about to find out in the first of a three-series “Crash Course in Global Ecommerce, SME edition”.
Realtors may love the old phrase, ‘Location, location, location,’ but for success in the global e-commerce market, it’s ‘Price, price, price.’
The majority of global consumers (61%) think shopping online saves money, and of the top three reasons consumers state for shopping online, second and third place go to price-related reasons (price comparing/better online prices respectively). Additionally, when consumers rank ‘important factors’ for deciding where to buy products, ‘best price’ came in first, making it the most important factor across the globe.
The growing trend in price comparison research has branched out to become omnichannel and is impacting the way consumers shop across all generations and regions. A whopping 65% of consumers are using their phones while in-store, specifically to research other retailers and compare prices, and with 77%, millennials are doing this the most, followed closely by Generation X with 70%.
The report reveals the e-commerce share of GDP (E-GDP) for all the countries covered, and the top five list includes the United Kingdom with 7.9%, China with 5.8%, France with 3.9%, South Korea with 2.9%, and Spain with 2.7%. Quite unexpectedly, Australia is leading in e-commerce growth, with a forecasted growth rate of 40% for 2017, followed by Turkey with a forecasted 31% growth rate.
Understanding what types of products your consumers want just isn’t enough anymore, nor is only paying loads of money for SEO features. Learning more about the market landscape is integral to success in the global e-commerce market. Rest assured, you now have access to a report that provides a clear overview of the global e-commerce market, a better understanding of high-potential markets, and a more in-depth awareness of consumer behaviors, preferences and expectations.