Future of Ecommerce
Traits of e-commerce
The reach of e-commerce and its model is transforming businesses and lives extraordinarily. From buying clothes to grabbing online services, from booking a cab or flight to booking a restaurant for dinner, all are reachable just by a click. Thanks to smartphones and more to internet connectivity. Within minutes, and through a few clicks, the online market is flourishing very well. It won’t be wrong to say that, e-commerce is being boosted by new technologies that are evolving day by day. Year by year, the e-commerce market is penetrating into the global market trends and craving a new graph. By 2020, e-commerce is expected to reach US$20 billion from $5.3 billion in 2015. This means that with every 4 to 5 years span, e-commerce is multiplying its business by 4 times.
Why e-commerce is flourishing???
E-commerce has provided a new way for businesses to achieve their targets with smart technologies. Let’s have a look at few reasons behind its progress:
1) Connectivity: The internet has made things possible which we couldn’t have imagined. Connecting the people globally was the initial step of the internet but connecting the businesses through people’s needs is an unimagined idea before e-commerce. But the internet connectivity has made it all possible. The ease of internet access and moreover the cheaper rates for accessing the internet have given a new approach to earn more from e-commerce.
2) Requires less time: Through the internet, online shopping is no time-consuming than going to a physical store for each and every small need. This adds more stars in the e-commerce rising graph.
3) Round the clock Service availability: online services are available 24*7 and can be availed by just using the fingertips on their mobiles. People don’t need to wait for stores to open or sleeping in hunger at midnight because of the closure of restaurants or food joints, Whenever people need food, online restaurants are always present to serve them. Online marketing, online ticket booking, online reading all are possible through trending e-commerce.
4) Eco-friendly: E-commerce is a new way to maintain the shear between the earth and the atmosphere. About 90% of the entrepreneurs and businesses are taking steps towards the eco-balance. The online business and marketing are paperless in promotions as well as in payments. The promotions and campaigns are done on social media and channels while the payment is cashless. Read: How e-commerce is eco friendly?
Here are a few trends that can earn importance in e-commerce trend in the upcoming years:
For a successful business, it is said that “Go where your customers are”. Having said this, you will not find today’s customers anywhere more than they become actively present at social media platforms. About 10 years ago, social media users were only 7% in America, but by now this figure has reached about 65-75%. With this, in the future, the social e-commerce trend would likely reach a new level with Facebook, Instagram, Twitter, Pinterest, Tumblr, etc. Facebook has penetrated about 89% of US internet visitors surfing online campaigning and advertisements that are more likely to increase in the coming years. With increasing visitors, retail is surely going to increase. e-commerce has rooted its feet in social media marketing very deeply. Thus the best option to reach your e-customers is social media. Grow your e-commerce Amazon store, or any other channel store business with social commerce.
With growing internet, websites and apps developments have become easier but beyond this, you need a compelling and alluring content that can magnetize more customers to your services and products. In the gamut of available products, the attractive content would be needed to highlight your services and products among the mob. The e-commerce trend is not only limited to the products and services descriptions, but the growing trend of e-commerce would also get impacted by social media promotions and marketing posts, blogs, advertisements, and press releases.
Application of AI in e-commerce:
With optimization in AI technologies, e-commerce is going to reach a higher level of ease. The artificial intelligence algorithms and technology would optimize the statistics of e-commerce. By the year 2021, online retailers are going to invest about 77% in the IoT systems for gearing up their e-commerce business. About 65% of online retailers are planning to invest in inventory and supply chain automation through AI technology. Approximately, 71% of automated sensors would be implemented in AI automated systems for tracking the online traffic of e-commerce business. By 2021, e-commerce would have about a 6-10% rise in using AI technology.
Cashless Transaction era:
About 55% of sales would be done through online and cashless mode. As the brands are becoming digital, their buyers would surely turn into digital consumers. The online business would be more flourishing in the next years. People love issueless and paperless transactions that are completed within a few minutes rather than queuing in the shop for bills and payments. The payments through gateways and moreover secure mode of the gateway payments have made e-commerce and online business as the first choice of consumers.
E-commerce especially online shopping gives a faster delivery facility to its customers which makes e-commerce as the first choice for shopping. The e-commerce sector is now working to provide faster delivery of products and services. Amazon has its prime shipping facility to serve its customers as soon as possible. There are various e-commerce service providers that help in growing your online store. The quicker delivery service from online shopping is rising the figures of stars and consumers of e-commerce. Day by day, the quicker delivery experience results in increasing the graph of e-commerce buzz.
No doubt, e-commerce is trending in all sectors. Nowadays, businesses are not only setting the digital stores rather focusing on building a good experience for customers. They are working to provide relentless services to their customers. The higher incomes, availability of services round the clock and growing technologies are the real cause of the flourishing e-commerce sector. The upcoming years would surely witness the sophisticated and clear innovations and experience in e-commerce. E-commerce retailers have a bright future.