This week, we’re really seeing eCommerce grow globally! With sales in bricks and mortars slowing down in india, the eCommerce market is growing quickly! From South Korea, Coupang has become the fastest growing eCommerce company in the world. Further south in Australia, a new online retailer is defying the decades long norm of using size 0 models. They are giving their customers the ability to visualize products on models of six different sizes. Back in North America, Target has decided to test a same-day delivery service which they hope will give them a competitive edge. Finally, although many companies want to use drones for online deliveries, it may just be too complex at the moment to implement such a process. Check out this week’s weekly wrap up to see how eCommerce is doing around the world!
Talks of using drones for eCommerce delivery have been in the air for quite a while now from companies like Amazon. But Chris Anderson, the CEO of 3D Robotics and founder of DIY Drones, doesn’t see drones being the next revolution of eCommerce yet, especially with the Federal Aviation Administration restrictions. Flying drones in residential neighbourhoods is a complex process, so there’s still a long way to go in terms of figuring out how the technology will be used efficiently and effectively.
Despite constant criticisms of the fashion industry for using super thin models on their runways and catalogs, not many companies have taken the stand to change the long time norm. Sizeable.com, a new Australian shopping site has entered the unchartered territory by using images of six real-life women to show how clothes will look on different body shapes. The founder, Melburnian Thorne, hopes that this will provide better customer experiences by helping women easily find clothes for their bodies. Sizing problems is one of the top reasons for online returns, so maybe this will help mitigate those returns!
eCommerce isn’t just growing in North America, but in various areas of Asia as well! In India, nearly 70% of the top 100 consumer brands already have some sort of an online presence. This number is expected to reach 100% by the next year. Brands are moving online because they are recognizing that the growth potential is huge and operating costs are much lower. Their eCommerce market is already worth $3.1 billion but with companies quickly incorporating eCommerce into their business strategies, it is estimated to grow to $22 billion in the next five years. Check out what companies are moving into the eCommerce market in India in this article.
Also in Asia, South Korean eCommerce giant, Coupang, announced a $100 million funding round with a valuation of over $1 billion. This e-coupon company that launched in 2010 has quickly become the fastest growing online retailer. We’re excited to see Coupang grow even more with their newly raised funds!
Target has been in the news a lot recently, mainly for their poor performance in the Canadian market. This week, they’re also in the news for their new same-day delivery service. Next month, they will test this new service in three markets; Minneapolis, Boston, and Miami. For $10, Target customers will have the ability to receive a “rush delivery” of qualifying items between 6-9 PM on the same day the order is placed. With strong competitors like Wal-Mart dominating the market both online and offline, features such as this and in-store pickup are going to be key for Target’s success.