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Amazing Facts to Know About the Future of E-Commerce
In this modern world of technology and electronic gadgets, when we think about shopping or buying something we probably see pictures of the products in our mind that are constantly promoting new deals and services via online stores.
Today, with the phones in every pocket and laptops in every backpack, E-Commerce (Electronic Commerce) is the fastest growing business sector in the world. Most consumers across the globe prefer to shop online and e-Commerce has become short of a revolution nowadays.
Many shoppers prefer to research products online and find better deals for shopping rather than going to any physical store or location because of some variety of reasons. Some of them include time saving, less taxes, easy to compare prices, no crowd, more variety of products and easy payments. So in this next generation of e-commerce how much do you know about this new booming marketplace?
Here are some amazing facts that would help you to know about the future of e-commerce so let’s run through some of these interesting facts areas:
In business, while it is still a new technology and form of sales, the e-commerce market has tons of potential. If you want to imagine what the actual potential of e-commerce business is as a sector then consider this. Even though many marketers are looking for other markets for big gains, e-commerce can provide you with a huge steady amount of income even if you are a small or major retailer.
E-commerce involves a lot more strategies from a marketer’s point of view and the potential for e-commerce businesses in such countries like the USA, China, and India are off the roof. In the e-commerce world, more than 80 percent of the online population use the internet to purchase products and 50 percent of the online population shop at internet retailers more than one time. In this short of a revolution, new customers are finding themselves using one or another e-commerce websites for buying or selling every passing minute.
According to eMarketer estimates, retail e-commerce sales have reached in the figure of trillions of dollars and the highest growing countries for e-commerce is India. By using e-commerce you can improve your sales growth upto ten times as e-commerce has a huge potential to draw more buyers or sellers from anywhere in the world and increase your business revenues.
In this technical modern age with mobile phones in every hands and pockets, mobile commerce has become another trend nowadays. Mobile e-commerce is growing like wildfire. Most buyers today prefer buying through their mobile phones as buyers find it easier to download an App than logging on the websites from their laptops hence most e-commerce platforms are focusing more on developing interactive Apps today.
According to eMaketer, estimated mobile e-commerce sales worldwide has increased from 52.4 percent to 70.4 percent in the last five years and mobile e-commerce is up and poised more for future growth. In the year 2021, mobile sales will account for 54 percent of all e-commerce sales.
Ease of Use
Internet businesses like e-commerce are very easy to start and still booming. In addition, many shoppers prefer to buy products online rather than going to a physical location.
Because of fast and free shipping offered by the e-commerce online marketplaces, many shoppers would purchase online rather than go in store for items. For example, you may go in store to look at the product you want to buy but you may still buy online if you find a better deal while browsing your phone from anywhere.
On the other hand, it is very easy to use e-commerce sites from your mobile phones as it takes around 30 minutes to register as a seller or buyer on any e-commerce marketplace and upload or research the products you want to sell or buy. Hence you can use various online stores with different names to sell or buy your products in the same or different e-commerce marketplace at the same time.
From the last decade, you can see that social media is booming globally for sharing ideas, thoughts, and information through the virtual networks and communities and even plays a major role for social connectivity all over the world. Online sales from social media have grown immensely because of the e-commerce sector as it is easy for social media users to share on social media to get referral traffic.
One of the main reasons why social media is so much effective in increasing the performance of e-commerce is that social media users share information with each other. In fact, that sharing is the main reason why whole social media networks exist. Ads of social media platforms like Twitter, Facebook, Instagram, and WhatsApp have the most conversion rate when it comes to converting online advertisement into genuine sales.
Hence, you can use this social media sharing behavior as a future growth catalyst for your e-commerce business.
Easy Payment methods
The E-commerce business sector today is the most easy for payment and least corrupt of all other business sectors because of its easy and multiple payment methods. E-commerce sites use electronic payment and it has revolutionized the business processing by reducing the paperwork, transaction costs, and labor costs because of electronic payment’s paperless monetary transactions.
Nowadays people are using more than one online payment method and they’re using the payment methods as per their wish and convenience. And that’s the main reason, multiple easy payment types makes it easiest for customers to purchase online. Being user friendly and less time-consuming, it also helps the business organization to expand its market reach and enhances the opportunities of conversion.
Here is the list of some payment methods of e-commerce business —
- Credit / Debit card payments
- Prepaid card payments
- Bank transfers
- Cash on delivery
- Mobile payments
Retina Ready Display
As we look towards the future, we won’t be going backwards so screen resolutions are only going to get better. Since the other companies of TV and Mobile devices have followed suit and have come up with their own high density retina displays it is clear that the future of the web is going to be in high definition.
It seems that retina ready displays are now reality and race is on to pack maximum pixels per inch. In future, companies will need to ensure their website is ready for these high resolution displays.
Therefore, if your website isn’t designed with high resolution images your graphics will look blurry when it is viewed on screens with high pixel density, which creates a poor experience for your site visitors. People want to see visual details of products as they don’t want pixelated images.
The future of e-commerce will have more personalization. Product suggestions are an ingrained part of the e-commerce experience. Increasingly, personalization is becoming a core component for the most engaging users because suggested products bring real value and give helpful product suggestions to consumers which complement their purchases. 20 percent of global internet users say they find brands via personalized product recommendations.
Recommendation engines are becoming smarter therefore personalized product recommendations are winning ground as a source of brand discovery as it will be the differentiating factor in e-commerce and will go beyond just suggested selling. Personalization is the key and will be the prime driver of marketing success in e-commerce business within the upcoming years.
From the above shown facts, the future is clear. E-commerce is an ever expanding world and undoubtedly going to be full of exciting changes and innovations for both businesses and buyers. With intensifying purchasing power of global consumers, increasing social media users, the continuously progressing infrastructure and technology, and because of today’s global pandemic situation, the future of e-commerce in 2020 and beyond will be unimaginable.
- e-commerce development company