Dec. 3, 2020
Are You Keeping Pace With The Light Speed Of e-Commerce?
A statistical global market survey has projected that the e-Commerce markets will collectively breach the US$2 trillion mark by the end of this year.
There has been an expected transfer of commercial buyer power from the west to the east with Asia leading e-Commerce by significant margins. This is mostly due to mobile device access to online stores. The Asian market is expected to represent 35% of this figure by 2025.
By e-Commerce, we mean the purchase of an item, digitally, for movement to a private individual, i.e. B2C. These purchases happen predominantly over mobile devices, but there is, of course, large volumes over desktop PCs, notebooks, laptops and tablets.
We exclude streaming, B2B and re-commerce. The US$2 trillion figure also excludes logistics and shipping costs.
What Does This Translate To For Kuwait?
Kuwait’s e-Commerce market is growing just as fast as the rest of the world. There are estimations it will top US$1.125 billion in 2020. Looking ahead, a very conservative projection is that the digital market will grow by another half a billion USD over the next four years.
Kuwait’s biggest online performer is Fashion which will account for about 26 percent of the results. This will grow as user penetration increases by a minimum of 4.5 percent over the next four years up to 61.1 percent.
What Are You Doing To Be Relevant In This Market Place?
The e-Commerce market was originally a small, nice-to-have, add-on to the physical stores. It is now a powerful, independent ecosystem accessed by multiple devices, with multiple shop concepts, offering a much easier shopping methodology and not requiring a physical retail presence at all.
It can be said that it is a relatively mature market. It has established stakeholders and rules and regulations are becoming more precise and more defined. This does not mean it has stagnated by no means at all.
We believe it will never come to a halt as it is flooded with as many innovative ideas as there citizens on this planet. It also comes without costly requirements of brick and mortar stores nor country borders to hold them back.
And this is when you need to be asking yourself what your business and brands are doing to keep pace with this evolving, accelerating market?
- Are you visible?
- Are you digitized?
- Are you agile?
Do you have big data analyzing the ability to facilitate effective agility? Doing the wrong thing faster does not bring about better results.
If you need to plan your brand ecosystems, to ensure the delivery of significant and measurable business growth, you should be chatting to us. You need to be standing out from the buzzing online crowd.
You need to be able to stick your digital head above the noise be seen by your digital audience, wherever they are, wherever you are.
That’s what we do, we make you visible, and we make sure you keep pace, we’re your team, your coach and your support crew.
Think of us as an extension of your marketing department, obsessed with designing your strategy and implementing it to the maximum across every medium.
Contact Pencilvent Digital Marketing Agency today to get up to light speed.
Sources: https://www.statista.com/study/42335/ecommerce-report/