In this blog we’re taking a look at the hottest eCommerce industries. That’s the sectors that are outperforming the competition and forging ahead when it comes to sales.
Global eCommerce Stats and Info
It’s a great time to re-cap some important stats and information on eCommerce around the world.
According to info compiled by Let’s Talk About Money:
- eCommerce sales are predicted to reach nearly $5 trillion by 2021.
- Online is the preferred shopping method across the younger generations. The majority of both Millennials and Gen Xers in the US stating that they’d rather shop online than in physical stores.
- Online retail is growing 5x as fast as offline retail in the USA alone.
In addition, stats from 99Firms highlight that:
- 80% of internet users in the United States have made an online purchase.
- There are an estimated 24 million eCommerce stores live around the globe.
- 85% of shoppers carry out online research before making a purchase.
With these stats in mind, what are people actually buying online?
According to research reported by Medium, consumers still prefer to purchase durable goods (that means fashion items, furniture and decor, and event tickets) over consumables (think food and drink, flowers, pet food and other supplies).
The reason for this is likely due to delivery times and the perishable nature of consumable items. For example, the majority of grocery shopping still takes place in supermarkets, though meal delivery services done online continue to grow.
So, when it comes to the eCommerce industries performing the best, expect to see those that sell non-perishable, durable items on the list.
The eCommerce Industries Reaping the Rewards of the Online Boom
While eCommerce business is booming around the globe, some industries are clearly outperforming others.
So, with that said, let’s take a look at the industries reaping the most reward from the online sales boom.
The following research was conducted by Nielsen Holdings (unless otherwise stated) and was reported by Medium.
1. Fashion and Apparel
Sector includes: Web stores selling fashion items and brands including clothing, shoes, and accessories.
Fashion and Apparel remains the most popular eCommerce industry in the world, with sales expected to reach a whopping $1003.5 billion by 2025. Shoppers are always on the lookout for the latest trends, so now could be the perfect time to launch your very own fashion brand!
Most popular in: South Korea, Germany, China, India, and the United Kingdom.
South Korea sees the biggest sales, with 77% of shoppers stating that they’ve purchased fashion items online.
2. Beauty and Personal Care
Sector includes: Online retailers selling make-up and hair care items, personal hygiene, and personal care products.
Beauty and Personal Care is a growing eCommerce industry that’s becoming increasingly popular around the world. This is no doubt fueled by online stores launched by big names such as Rihanna and Kylie Jenner in recent years.
Most popular in: South Korea, China, India, Germany, Poland.
This industry is once again most popular in South Korea, with 65% of people making a purchase through an eCommerce store.
Sector includes: eCommerce stores offering books, film and TV, music, games, and even stationary.
No matter what’s going on in the world, the need for entertainment is always there. Statista estimates that revenue from online stores selling books, films, music, and games will total $23.5 million in the United States alone. That’s promising news for those looking to start up in the sector.
Most popular in: Japan, Germany, South Korea, United Kingdom.
More than three quarters of consumers in Japan have made an online purchase in the entertainment sector.
4. Household Goods
Sector includes: Homewares such as soft furnishings, white goods, cleaning items, and home accessories.
Most of us have spent an increased amount of time at home in 2023, so it makes sense that the household goods industry is booming. Numbers from Statista show that in the United Kingdom, where this industry is particularly popular, sales are significantly higher.
Most popular in: South Korea, China, United Kingdom, Japan.
In South Korea 52% of consumers say that they’ve shopped online for household goods falling into this category.
Sector includes: Any retailers supplying electronic goods including personal computers, gaming devices, smart living products, and home monitoring and alarm systems.
eCommerce stores in the electronics industry continue to boom. Electronics sales hit $424.9 billion, and there are no signs of the industry slowing down.
Most popular in: Brazil, Germany, Russia, United Kingdom.
Making it’s only appearance in the top countries for any sector, Brazil sees the most number of shoppers making purchases in the electronics industry. 57% of Brazilian shoppers stating that they’ve made an online purchase for electronic goods.
How to Make the Most of the eCommerce Boom
If you run an online store, you might be wondering how you can capitalize on the increased growth. One great way to improve your customer base and increase sales is by enhancing your online store with plugins and extensions.
If your store is built with Magento, CreativeMinds has a whole host of professionally made Magento extensions that improve the functionality and usability of your store.
Here at CreativeMinds we also offer a consultancy service, providing you with professional support for your WordPress website as well as planning strategies.
You can get in touch with us via the CreativeMinds website to find out more about everything we have to offer. We can help you reap the rewards of online selling!