eCommerce in Ireland

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Author: Liz Fulham, Founder & CEO, Sales Optimize

 

The 2015 Global Retail eCommerce Index ranks markets from big to small and highlights the growth rate of eCommerce worldwide.

While the US, UK and China are ecommerce giants by virtue of their size, smaller countries like Ireland are holding their own – albeit growing at a much smaller rate.

 

It is at times easy to forget that while the internet may be 30 years old, it is only in the past 16 years that major brands have begun to leverage the revenue opportunity that eCommerce presents. Online shopping is still in it’s infancy as less than 10% of retail sales occur online. However this infant is now maturing nicely with global sales currently on target to exceed $1.9trn this year rising to $2.3trn in 2018.

 

There is incredible opportunity for expansion and continued growth as the below infographic illustrates:

 

eCommerce in Ireland

 

Where there are opportunities, there are also challenges. Two of the largest are:

  • Search engine challenge
    The single biggest challenge for all online retailers is how to attract customers to their website. Everyone is chasing the elusive first page search result, first entry position on Google, Bing etc. Harnessing the power of deep web analytics reveals that less than 500 Irish online retailers have turnover in excess of €5m a year. Using our own advanced research algorithms, we have established that 90% of Irish online retailers have an annual turnover of less than €1m a year, with 60%+ generating less than €250K annually. Cracking the search engine nut will be the key to success for many eCommerce businesses.
  • Marketing challenge
    Marketing in this ecosystem is beyond any one solution, with over 3,000+ products available in this sector alone, each claiming to have some aspect of the secret formula to SEO, content management, mobile advertising etc. Choosing the correct technology appropriate to your needs and requirements is critical to driving your business forward.

The Outlook

One of the most beautiful things about the internet is the ridiculously low barrier to entry. Almost nothing. And the value to access is astronomical. Amazon, Etsy and Ebay were built on the shoulders of the internet, whilst new online retailers are hidden from view behind page two. Ireland offers a great community of business leaders, entrepreneurs, researchers &, government agencies. Maybe we should become the test case for a new internet & shopping search engine that is built for everyone.

 

For more information, please consult our Ireland ‘passport’ trading guide.

 

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