What lies ahead for the global online sales market? eCommerce news #no. 49

Although the end of July in the eCommerce industry seems to be decidedly quieter, it is still full of new news that you should stay up to date with. Are you looking for a place to catch up on market news in a quick way? You've definitely come to the right place! In the 49th edition of Press Release you will find a brief summary of the most important news from the world of e-commerce. You will learn, among other things, what the future of the global eCommerce market looks like. You will find out what divides and what unites e-consumers from different generations. You will also learn about the plans of the TikTok application for the development of online sales. We invite you to read more!

Global eCommerce market breaks more records. The FIS Global Payments Report 2023

$8.6 billion - this is the value the global eCommerce market will reach in 2026, according to predictions formulated in a report entitled: "The FIS Global Payments Report 2023." The above forecast creates a promising picture of the future of the eCommerce industry. Between 2021 and 2022, most regions in the world will see double-digit growth, with the highest recorded in the Middle East and Africa, where it reached 21%. Contributors to the above result include:

• Increasing confidence toward digital payments,
• technological advances and improved digital infrastructure,
• greater accessibility of online stores to different groups of consumers.

The progressive development of eCommerce in all regions is creating attractive opportunities for online sales in a cross-border model, or in other words, crossborder commerce. But does this mean that the global market will develop without any difficulties?

While the outlook formulated is undeniably positive, the authors of the publication also note some challenges to sustained market value growth. The report points out that the lack of digital infrastructure and financial integration in some emerging markets may hinder e-commerce growth. In addition, regulatory challenges and barriers to cross-border trade (such as cultural differences and differing consumer preferences from country to country) may hinder companies looking to expand globally.

How do you think the future of global eCommerce will evolve? Do you agree with the assumptions outlined in the report? Would you like to learn more? You can read the detailed forecasts at this link.

A new approach to social commerce? TikTok Shop with a new idea for online sales

By 2023, about 60% of the world's population is already using various types of social media platforms (according to a Smart Insights report). The average time spent doing so in front of a smartphone screen is almost 3 hours a day. One of the apps on which users spend the most time is TikTok. Its viewers spend about 95 minutes a day watching short video content. So it's not surprising that the creators of this platform have decided to take the next steps to expand their eCommerce efforts. What is TikTok's new idea hidden under the mysterious name "Project S"?

The new sales model is a combination of the app's popularity and growing eCommerce capabilities. The innovative solution involves the ability to purchase products that users see in their favorite videos. When can we expect the release of this feature? While the date is unknown, in recent weeks UK TikTok owners have already been able to test the options - a "Trendy Beat" tab appeared in their apps, where they could browse offers for items they had recently watched in video form.

The first impression of using Trendy Beat brings to mind a solution that Amazon implemented some time ago to promote its best-selling products. Will the Tiktok version repeat the success of the American giant? The answer to this question will not come so soon, as "Project S" is only going through the testing phase. However, we will certainly keep an eye on the app's development.

You can read more about TikTok's new idea here.

Gen Z or Millenials - who buys online more often? PayPal study

Younger generations are definitely betting more on online shopping. This is confirmed by a recent study by online payment operator PayPal. It shows that the Millenials generation (people born between 1981-1996) and Gen Z (born 1997-2012) dominate among eCommerce consumers. In Poland, they make up as much as 90% of all eCommerce consumers. Although it would seem that due to the small age difference their needs are similar, the reality is different. Because these generations have grown up against a background of intense economic and cultural change, they expect to create different shopping experiences.

What should you pay attention to when looking to increase loyalty among Generation Z customers? And what, in turn, are Millenials demanding?

• Millenials are much more likely to place multiple orders with the same e-store. Gen Z, on the other hand, moves more freely between sales platforms, often making spontaneous purchases.
• The different generations have different shopping preferences. Gen Z representatives are most likely to subscribe to streaming services and purchase tickets. Millenials focus more on material things, buying furniture or accessories much more often.
• Younger Millennials are more likely to shop at foreign online stores.

Despite significant intergenerational differences, there are also some similarities. What the generations have in common is that they almost always look for information about a product or service on social media before making a purchase. For Millenials, platforms such as Instagram, Facebook and Youtube are a source of shopping inspiration. "Zetas" are more likely to use sites like TikTok or Pinterest. Both generations also value the security of online payments. Almost half of them feel confident using trusted payment methods. For about 30% of them, a prolonged payment process is a trigger point for cart abandonment.

Curious about what else makes the two generations different? Check out this article.