Introduction of Ecommerce
In simple terms, ecommerce means buying and selling goods and services through the internet. Evolving virtual world and technology are playing a key role in strengthening the future of ecommerce. Merchants’ and buyers’ lives are improving with more convenience and easy accessibility. That’s the main reason due to which ecommerce is acquiring the position of the traditional. Let’s dig deep to know about the future of ecommerce with the help of relevant facts.
Key benefits of ecommerce
- Customer insight: No one can deny that a customer is indispensable to any business. How easy the work will get if you know the preferences and experiences of your customer. Online businesses have quick access to the vivid picture or analytics of the customer.
- Easy scalability: A seller needs resources such as staff and an excellent location to expand its physical stores. Developing an online business is easier. As the seller can save a lot of cost and time.
- Product catalog: The sellers must come up with detailed specifications of the product for the satisfaction of online buyers. An ecommerce platform provides a complete overview to the customers within a few clicks.
- Better flexibility and speed: Online businesses are versatile and flexible. Required changes can be made with convenience and ease compared to traditional stores. The business world is volatile and uncertain. Hence flexibility and speed is required for long-term players.
- Affordable than a physical store: To open a physical store, a seller needs staff, physical presence, furniture, and timely maintenance. E-commerce sellers don’t need physical stores and huge manpower to operate which reduces their overall cost. Decrease in overall cost results in increased profits.
Why is ecommerce expected to grow?
- Good user experience: The buyers are getting tech-savvy with the evolving time. The technology used for websites, product demonstration, merchandising, and customer service please the consumer. Customers can get all the details within a few clicks over their favorite devices.
- Contribution of multiple sectors: Industries such as goods, apparel, and groceries contribute to the ecommerce industry’s growth. These industries expect massive growth along with e-commerce platforms.
- Increasing investments: Day by day, the reach of the e-commerce industry is expanding and demands an ample amount of investments. The scope of increasing sales requires investment in logistics.
- The trend of online payments: Online payment facility emerges as the key to the growth of e-commerce. As per statista.com, mobile wallet payments accounted for 44.5 percent of online transactions.
- Growing reach: Because of the continuously improving technology and the internet, many newbies are entering this industry, further leading to the industry’s growth. A revolution is taking place concerning the traditional market, which depicts a bright future for the e-commerce industry.
- Behavioral targeting: Behavioural targeting is a type of advertising that focuses on the internet behavior of the consumers. This helps the brand advertise more specific products/services according to the consumer’s needs and requirements through analytics.
- Global influence: The lifestyle of a particular part of the world tends to influence the other people of different nations. Global influence has resulted in increased demand for international products. The e-commerce platforms have integrated people worldwide.
Latest trends that influence the future of ecommerce
- Voice assistant: This recent trend in ecommerce helps the buyer to get a personalized buying experience. Voice assistant is an effective way of communication that supports good customer engagement. Voice assistants can lead to more conversions.
- Chatbots: Chatbots act as a medium for the buyers to contact the customers. Hence chatbots create customer engagement and provide an excellent shopping experience. Bots help the users with offers, queries, and FAQs.
- Personalize experience: The latest trend and technology offers a personalized experience to the customers, precisely like the retail shops within the boundaries of their house. This trend is influencing the future of e-commerce positively.
- Mobile apps: The rise of mobile applications has provided a great user experience to the customers. Through a single app, they can easily satisfy their needs. And for sellers, it is a boon at the same time. Sellers can get various customer information, delivery details, and many more.
- Influencer marketing: Nielsen reports that 88% of people trust online reviews written by other consumers as much as they trust recommendations from personal contacts. Proper influencer marketing can help increase brand awareness and build credibility as online influencers have a real audience following them.
- One-day delivery: Concepts like one-day delivery and free shipping grab the buyer’s attention. A buyer, while spending money, wants maximum satisfaction. Product quality, price, shipping charges, reviews, and shopping experience are the things that highly influence the success of a business.
- Marketing automation: Customized landing pages and easily accessible shopping carts are the latest trends in e-commerce. Marketing automation helps send customers customized emails, promote products based on shopping history, and retarget customers.
- Metaverse: Metaverse is a virtual world that provides real-life experience to users. Many brands are exploring metaverse to increase the customer base. It can be used to build a real-life and personalized shopping experience for the customers. Due to this buyers will be able to locate their needs within a few clicks. Comfort and convenience are the key factors that build a healthy relationship between the brand and the customer.
Will ecommerce continue to grow?
E-commerce is expected to reach 22% by 2023 globally. The future of ecommerce is expected to grow with an upward trend. Comfort and easy accessibility have made online purchases a hit among many buyers. Because of the excellent user experience, customer’s preference for online shopping is increasing daily. This promotes the sellers to shift either partially or wholly to the e-commerce platforms. The future of ecommerce is bright on a global level and will continue growing.
Contribution of E-commerce to Total Global Retail Sales from 2015 to 2023
E-commerce trends are also showing growth and development in the present and future. The business owners aspiring to build their international brand should go with ecommerce platforms. However, not all businesses will secure a successful position in this competitive world. The success of an online business depends upon various factors such as a reliable website, easy check-out process, regulation of product pricing, customer experience, the quality of the goods/services rendered, and many more.
A reliable and credible presence will help a business strengthen its roots in the online world. Growcify is one of the best and most affordable SaaS-based platforms that helps online sellers to build their business apps within 24 hours. It has helped many businesses to generate excellent revenue across India.