Finding the fastest growing eCommerce SMB before they go shopping will help you beat your competitors.
While your competition still relies on datasets that have been passed around, you can have access to precious real-time data intelligence.
This article will show you how you can detect the right small-medium eCommerce businesses to target.
With Leadgence, you will save time on researching potential clients, slashing your time-to-sale, and maximizing your return on investment.
But first, let’s take a look at which parts of the eCommerce market are growing fastest.
If you want, you can skip to the examples below.
eCommerce is Growing Faster than Estimated Before
2020 was supposed to be a year like any other.
According to eMarketer research about the eCommerce category, the initial sales expectations were forecasted to be some 13% of total retail sales.
However, the global coronavirus pandemic drove more business online in just a short matter of weeks, significantly outpacing growth rates from previous years.
In the United States, eCommerce made 15.5% of the $5.856 trillion sales market in 2020.
These results beat the forecast by about 20%.
Across the Atlantic, you see the same trend.
The expectations in the United Kingdom, the biggest eCommerce market in Europe, are for a 7% increase year-on-year, reaching close to $104bn in revenue in 2021.
As the US and the UK look to return to a post-pandemic normal, growth in online sales is tapering off and slowing down when compared to last year’s lockdown-driven boom.
Understanding Growth in the eCommerce Life Cycle
Growth can come in many forms during the business life cycle.
It can be that they are starting to ship and sell internationally, adding a payment provider or hiring global talent, for instance.
We have collected examples of signals only Leadgence can detect in real-time and organized them by Life Cycle phase in the following chart:
Identifying these signals requires exhausting separate research on every prospective client.
You can do it yourself manually, or better yet, Leadgence can do it intelligently and automatically for you.
Remember parts of the market will see more significant growth than others.
The Hottest Categories in eCommerce SMB
Many people have begun returning to the office for the first time in months in the US and the United Kingdom. This trend is reflected by a rise in demand for new clothes sales.
Customers are expected to finally spend again as consumer confidence returns.
eMarketer research found that Apparel/Accessories will be the fastest-growing category with an 18.9% change in retail eCommerce sales.
The global coronavirus lockdowns helped drive growth of more than a 18% in online grocery shopping, and some 16% in the health and personal care industry.
With Leadgence, you can find relevant SMB eCommerce in those categories based on the market signals mentioned above, like:
The Biggest eCommerce Categories in Total Market Share
According to eMarketer, eCommerce dominates two categories in terms of total retail sales.
Both made up the majority of online sales in 2020:
- Books/music/video online sales make 69.1% of the total retail sales in the category.
- Computer and consumer electronics take second place, with 53.2% of the sales done online.
If you want to find the fastest-growing SMB eCommerce in these categories, you can do that with Leadgence in a few clicks.
These are a couple of examples we pulled out:
Pay attention to the trends to find your ideal prospects
As we learned, consumers changed their buying habits online in 2020.
These changes made some retail categories grow faster than others, while online shopping conquered the entertainment and consumer electronics categories.
Detecting new business opportunities in the fast-growing SMB eCommerce market can be an overwhelming task.
Leadgence will provide you with these companies in a few clicks, directly to your mailbox.
Try us out today.