Online Mall Business Grows to Dominate 2019

Online shopping today accounts for more than 10% of total retail sales. This figure is going to rise in the coming years. But so far, in US alone, the online retail sales have grown from 5 Million in 1998 to 389 million in 2016. In Europe, total turnover of enterprises from eCommerce has risen from 15% in 2014 to 19% in 2017.

No matter what an individual is looking for on the eCommerce platforms, the online mall business is growing rapidly. And amidst this, comprehensive online malls like are flourishing. One of the major reasons that can be attributed to the success of online mall business is the availability of internet among people. From 52% in 2000, the percentage of people having the access to internet has risen to 89% in 2018. This has really boosted sales on the eCommerce platforms, helping them dominate this very year.

In addition, with the smartphone penetration rising, the growth of online shopping malls has further enhanced. Talking about 2019 and the growth aspects of online malls, B2B companies are investing more on eCommerce technology than the online retailers. Online reviews are also making a lot of impact to the buying decisions of consumers. With more and more reviews for each product coming up, the sales are also rising rapidly.

But, though the online mall business is flourishing and rising, we cannot ignore the side effects that come along with it. Issues related to deliveries, damaged goods, online frauds, and so on surely hinder the smooth sale of this industry. But that is what makes it really competitive. And this competition is another major reason why we will see more online malls coming up this year.

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