2020 turned into a year of unexpected changes in every aspect of life. Living and economies worldwide got affected by COVID-19. Economic activity has been so much based on eCommerce during all these difficult months in Europe.
What key trends and challenges are shaping the eCommerce industry in 2021? How can a reputable payment-processor comparison specialist like BestPaymentProviders.co.uk help you with your online transactions? Let’s see.
eCommerce Trends 2021 and BestPaymentProviders.co.uk
Statista reports that the end of 2022 will see $6.54 trillion in revenues generated from the world eCommerce-retail sector.
The European Commission is working on creating more digital and greener Europe. Such ambitions speak of innovative solutions, more digital and sustainable development, and greater cross-border potential of businesses in Europe.
Let’s go through the main eCommerce industry trends that can help you access new opportunities and succeed:
- Regulations and Taxation
The upcoming Commission proposal targets specifically digital companies to set aside the regulations and taxes concerning offline commerce from those concerning the online space.
- Payment Digitalisation
Another key trend has to do with payment digitalisation, risk reduction and trust, and the growing value of regional initiatives.
- eCommerce Competition
eCommerce competition is increasing, which is driven by legacy wholesalers, world retail giants, and product categories that consumers haven’t traditionally purchased over the internet. In a situation like this, you should work only with a true payment expert like BestPaymentProviders.co.uk to navigate the current economic challenges and move forward on your journey.
Thanks to an unbiased comparison of merchant-services providers in the UK, you can be sure to end up with the most competitive rates, most advanced and secure payment-processing services for online payment transactions.
- New Categories of Products
COVID-19 has made so many consumers avoid making purchases in-store. Such change in consumer behavior has resulted in new categories of products.
- Better Fulfilment
The current fulfilment mandate is about shipping that’s speedy, free, sustainable, and branded. Free-shipping thresholds provide a higher level of protection for profit margins. After all, consumers worldwide anticipate quicker delivery for their eCommerce orders.
- Brand Building
Brand building is now more important than ever before.
- New Channels for Shopping
Globally, acquisition costs and uncertainties around advertising are rising. Businesses are trying new channels like voice commerce to stay afloat.
- Platform Economy
Brick-and-mortar shops focusing on online platforms such as eCommerce marketplaces are growing in number.
- New Trends Associated with Brexit
After the UK left the EU’s Single Market and Customs in Union last year, both people and businesses got faced with a new reality. Supply chains got disturbed, and online shoppers got faced with increased rates. And these weren’t the only changes.
2020 was a challenging year for many industries, but eCommerce was an exception. Online commerce saw an unprecedented rise. To stay successful, you need to follow the latest trends that’re redefining the industry.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of payment experts like BestPaymentProviders.co.uk. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice cream on his backyard porch, as should all right-thinking people.
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