Exponential growth in online sales

According to estimates in a UNCTAD report published on 3 May, the dramatic rise in e-commerce caused by COVID-19 increased online retail sales' share of total retail sales from 16 percent to 19 percent in 2020. Meanwhile, according to the most recent estimates, global e-commerce sales increased by 4% in 2019 to $26.7 trillion. This includes both business-to-business (B2B) and business-to-consumer (B2C) sales and is equivalent to 30% of global GDP that year.

Smart devices and eCommerce

The introduction of IoT, or the Internet of Things, devices brought about a corresponding shift in the eCommerce world, as consumer lifestyles continue to evolve and become more adaptable. Similarly, the increasing rate at which internet shoppers adopted the web has resulted in a significant surge and growth of the eCommerce industry. The retail industry's future is happening in the digital space.

Social media's evolution

Social media is an effective marketing tool for eCommerce websites. The ability to not only direct shoppers to a new product or an appealing deal, but also to engage with them and foster a sense of community, is extremely valuable. A comprehensive social media presence includes direct sales through some networks, as well as back-end tools that allow customers to share products and recent purchases with friends and followers with a single click.

The introduction of IoT, or the Internet of Things, devices brought about a corresponding shift in the eCommerce world, as consumer lifestyles continue to evolve and become more adaptable. Similarly, the increasing rate at which internet shoppers adopted the web has resulted in a significant surge and growth of the eCommerce industry. The retail industry's future is happening in the digital space.

Provided training

A business owner invests in providing training to employees, business partners, and other important partners, whereas a franchise owner receives all business-related training from the company