2016 has been a fabulous year for online retailers who sell on the Magento platform.
According to market research firm IDC, merchants using Magento sold more than $101 billion worth of merchandise to nearly 51 million shoppers worldwide in 2016.
IDC’s data also show that this growth was driven by Magento Commerce’s community of merchants, system integrators and technology partners.
Regarding the massive growth of Magento, the company’s chief executive officer, Mark Lavelle, had this to say:
“This report confirms the leadership role Magento and our partners play in equipping customers to not only compete, but thrive, in this rapidly evolving new era.”
Magento Creates a Diversified Market
The Magento platform has created a diversified market where sellers can sell a wide range of products and services.
Because of this, Magento is most likely to outpace the growth of global eCommerce projects IDC.
Based on IDC’s statistics, more than 60% of merchants using the Magento platform sell to customers and business owners alike, while only one-third of them sell solely to consumers.
By 2020, Magento will have increased its $4.2 billion, which it generated in revenue last year, to $14.2 billion.
Now isn’t that something worth envisioning?
Sellers Focus on Digital Technologies
To stay ahead in the eCommerce race, sellers on the Magento platform believe that they have to be digitally advanced.
Citing IDC’s data, 60% of omnichannel retailers plan to make their inventory visible online by the end of 2017.
Fifty-seven percent of them aim to have a return program that works on multiple devices, while 46% will enable the ship-to-store option.
“Digital commerce strategy has evolved from competitive advantage to a strategic business imperative across all industries, geographies and company sizes,” explained Peter Sheldon, VP for Strategy at Magento.
As for the biggest challenge which they’re bound to face this year, majority of the retailers said standing out from other brands would have to be it.
2017 sure is going to be challenging but fun for the whole Magento community.
So, what have you got up your sleeve? Share your thoughts with us in the comments box below.
As always, to your continued success,
Dave & Matt