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Global E-Commerce Expected to Approach $2 Trillion in 2015
E-Commerce has been steadily growing and growing ever since shopping on the internet became popular, but the industry may reach a new milestone this year. Estimates suggest that the global e-commerce industry will earn almost $2 trillion by the end of this year. That would result in a 17% jump from 2014, and experts say that the emerging sub-industry of social commerce is to thank for part of that.
The Transformation of Global E-CommerceOver the years, e-commerce has grown into a trillion-dollar industry, adapted to new consumer habits, and has completely changed the way people shop for goods and services. Owning a successful business in the 21st century is contingent upon maintaining a good web presence and offering your products online in some capacity. More recently, global e-commerce has evolved to include a number of sub-categories—each one causing the industry as a whole to expand by huge numbers each year. A large part of this is mobile commerce, which occurs when customers shop through retailers’ mobile sites or apps. On a smaller scale, social commerce has been contributing to the e-commerce growth spurt, and experts say it’s becoming increasingly important.
The Ins-And-Outs of Social CommercePut plainly, social commerce is the idea of selling products through social media. Some of the world’s most popular brands have become incredibly adept at selling their products wherever they can, and the biggest social networks have adapted to accommodate that activity. Facebook, Twitter, Instagram, and Pinterest are stepping up their business features to encourage brands to sell through their network. Brands can purchase advertising on these social networks to promote accounts and products, and can even set up some posts with direct “buy now” links that enable customers to buy right from their social media accounts.
Only a Matter of TimeIn-store shopping is still the preferred method for the majority of consumers, but if the current industry trends and projections signal anything, it’s that e-commerce numbers will one day overtake in-store retail numbers. This means all retail merchants should start getting into e-commerce if they haven’t already. The first step to gaining an e-commerce presence is to get an internet merchant account. At ECS World, we help both high and low risk businesses find merchant accounts so that they can accept credit card payments on their website. To learn more, simply contact a member of our team today.
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ECS World provides credit card processing services to online and MOTO businesses with its PCI compliant payment gateway solution. Whether you want to process onshore, offshore, or internationally, they have a solution for you!