Over the last two years, we have encountered an unprecedented amount of uncertainty as the Covid-19 pandemic has impacted many people and businesses globally. The pandemic has caused a surge of growth in ecommerce, with many people remaining at home and numerous shops closing their doors. Worldwide ecommerce sales are predicted to grow to $5.4 trillion in 2022, further emphasizing the importance of ecommerce.
Unsurprisingly, as the ecommerce market has grown, the number of ecommerce scams has also increased from $17.5 billion to $20 billion. With chargeback fraud, identity theft and silent fraud are among the biggest hitters. Interestingly, it was found that mobiles account for 62% of devices from which fraud occurs and desktops and ‘other’ make up 36% and 2% respectively. As fraud and scams rise, so has the fraud detection and prevention market, with a 19% increase in market value from 2020 to 2021.
The way in which consumers are purchasing is also evolving, new technologies are influencing consumer behavior more than ever before. Personalization becoming a large factor in the consumer journey, and potentially boosting sales conversions and business profits. Mobile commerce has also been growing steadily over the past few years and is predicted to account for 73% of total global ecommerce spending by 2021. However, the data suggests that currently, mobile ecommerce is still more used to browse than buy.
New purchasing technologies are emerging in the form of social commerce, voice assistants, chatbots and multichannel marketing. With consumers desiring convenience more than ever with the ongoing pandemic, ecommerce businesses would be smart to stay on top of the up-and-coming trends to maximum sales.
For more information surrounding ecommerce trends and statistics check out the infographic below from Website Builder Expert.
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