eCommerce sales projected to surge 20 percent in 2014
A comScore report released earlier this year noted strong eCommerce growth in North America during the first quarter of 2014, which is good news for any merchant selling products online. Now, a separate report from eMarketer suggests eCommerce sales will continue to grow for the remainder of the year, increasing nearly 20 percent over the course of 2014.
According to eMarketer, business-to-consumer eCommerce sales are expected to hit $1.47 trillion worldwide by the end of 2014, which would mark a 20 percent increase over the same time in 2013. The growth of Internet penetration in developing markets such as China plays a big role in the growth of eCommerce sales because it allows a broader audience of shoppers to visit retailers digitally.
However, sales in developed regions remain high as well, with North America expected to remain the leading region in B2C eCommerce sales and will account for nearly one-third of total global eCommerce sales. This may change next year, however, given the growth rate of eCommerce sales in Asia.
“eMarketer now expects Asia-Pacific to become the leading region for eCommerce sales in 2015, representing 33.4 percent of the total, compared with 31.7 percent in North America and 24.6 percent Western Europe,” the study added. “These three regions combined will continue to take around 90 percent of the global eCommerce market throughout our forecast period.”
With eCommerce sales on the rise, merchants may want to consider expanding internationally. Through the wide reach of the Web, retailers can engage customers regardless of where they live, which may result in more sales. However, it’s also important to remember that international eCommerce operations come with their own obstacles and challenges, so expansion isn’t something to take lightly.