The digital economy is profoundly changing the face of commerce, with retail ecommerce sales expected to reach $4.21 trillion worldwide. Although transactions happening offline represent more than 80% of the estimated retail sales, growth is shifting to ecommerce with a sales progression close to five times stronger than the rest of commerce.
This expanding commerce landscape has been shaking up the traditional competitive rules. On one hand, barriers to entry are collapsing and anyone can start a business online with limited resources. It has never been easier to sell a product to people at the other end of the world through marketplaces, which account for more than half of online retail sales. On the other hand, some large players are aggregating demand and capturing an ever-increasing share of e-commerce value, at scale. Five of them, Taobao, Tmall, Amazon, JD.com and eBay, now represent 88% of the top 100 marketplace gross merchandise value.
iProspect brought this debate to life at Cannes Lions 2019, hosting “The Roundtables: Commerce Collision”. Stefan Bardega, CEO, iProspect EMEA moderated a conversation with Martjin Bertisen, Consumer Retail & Technology, Google UK & President of the Digital & Innovation Pillar, British Fashion Council, Ashley Yuki, Product Manager, Instagram and Arthur Sevilla, Head of CPG Strategy, Pinterest. They discussed the opportunities and challenges of this evolving commerce landscape for brands, brands that are doing well in ecommerce, what brands can do to get closer to a true omnichannel experience, and looking ahead to the biggest trends that will shape ecommerce in the next 12 months in terms of technical innovation, consumer behaviour, new commerce models, advertisers’ organisational transformation, etc.
Watch the full conversation below, and then download iProspect’s Data-Driven Commerce whitepaper to learn more about how marketers currently use data for commerce and where they should be looking to fuel their growth.