How eCommerce is Helping to Shape the UK’s Economy
As you look at the present condition of the UK economy, and look at the main factors that are shaping it, it’s clear that eCommerce is playing a huge role. Last year alone, the eCommerce industry was worth €153 billion, which is no small number. Not only that, this was a 16% growth over that of 2015. This was even higher than experts had predicted.
Ecommerce has become convenient, user-friendly, and provides businesses with a way to expand their client and customer opportunities like nothing before. But just how big of an impact does it have on the economy, and how will Brexit affect it? Those seem to be the real topics of conversation.
You Can Thank Mobile Sales
It seems as though these incredible gains in eCommerce can be attributed to mobile sales. Just about everyone out there has a smartphone today, and with that said, they are using their phone in all kinds of ways, including to make purchases. These mobile sales seem to be the driving force behind the growth in eCommerce. Now it's important to point out that while sales on smartphones have increased, tablet sales saw a 3% decline in 2016.
UK retailers are embracing these mobile sales trends with open arms and crafting websites that cater to this market. The fact that mobile phones are offering faster connection speeds, bigger screens, and higher resolutions is also helping to move merchandise that much better. As for 2017, experts are predicting growth of 14%, which is quite substantial. Chatbots, AI voice assistants, and mobile apps are all expected to help drive sales higher in 2017.
How Will Brexit Affect the eCommerce Industry?
While the news seems to be nothing but good where eCommerce is concerned, some are starting to get apprehensive about if and how the looming Brexit will affect the industry. The problem right now seems to be that everyone is scrambling around and just making guesses. Unfortunately, no-one can state for sure how it’s going to affect the economy, including that of the eCommerce industry. With that said it’s only natural that online retailers are starting to get nervous and feel the heat.
One of the top factors that will come into play will be what happens to the pound. Expectations are that it will drop, but by how much and for how long remain to be seen. What's interesting though is that this could actually be a good thing for UK-based eCommerce. Those buying from outside of the UK will be able to take advantage of the declining pound. With that said, many are predicting that the eCommerce industry in the UK will actually increase by large amounts.
No matter how you look at it, it seems like this is a great time to be investing in your website and getting your eCommerce well under control.