By 2022, it will account for 20% of total ecommerce – that’s hundreds of billions of dollars. Cross-border ecommerce is expected to increase by 25% through 2021.
While a lot of ecommerce volume is domestic, there is a growing cross-border component. Global retail ecommerce is growing rapidly – it is expected to hit $4 trillion dollars next year. Where do you see the future of retail going? It’s an exciting time for SMBs, as the opportunity to grow and scale internationally is right in front of them. Platforms like eBay have allowed businesses to reach their customers directly, without the traditional barriers. SMBs from anywhere in Canada (or the world) can fully participate in this new landscape - all they need is an internet connection and access to a global shipping company, like Canada Post, FedEx or others. Now, online marketplaces have democratized global trade for businesses of all sizes. Smaller businesses had to integrate into larger supply chains, and larger companies were the ones to export globally. Traditionally, export models focused on business-to-business sales. Technology has created a new world of opportunity for SMBs. How has the technological shift of retail impacted small and medium sized businesses? Ecommerce and global marketplaces, like eBay, have given businesses of all shapes and sizes the ability to connect with consumers across the globe. This presents challenges, but also opportunities. Consumers can access anything in the world with the click of a button. For example, eBay leverages AI to serve up to 1.2 billion listings in a simple, personalized way.įinally, today’s retail is global.
It is also technology enabled, making the customer experience simplified, secure, and convenient as well as scaled. They can easily compare prices and they are incredibly savvy.
With greater access to information, today’s retail is consumer driven - consumers decide when, where and how they want to shop. The fundamentals are still the same – knowing your customer and meeting their needs, but technology has provided greater access to information and the opportunity to scale. Technology has dramatically shifted the retail landscape as we know it.
What is the impact of technology on the retail landscape? We had a chance to ask Rob about the new age of retail and what opportunities it presents for small and medium sized businesses (SMBs). Rob Bigler, COO of eBay Canada and Latin America, kicked the week off with a discussion on the future of retail. On October 21, global ecommerce leader eBay joined in the celebration of Halifax Small Business Week.
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