eCommerce: the Way We Shop
Online shopping is becoming simple with technology lending big support and effective eCommerce strategies. From the latest gadgets to everyday groceries, anything can be bought online. So, brick-and-mortar stores vs. eCommerce stores. Who is winning the battle? Customer choice decides this. Customers are preferring eCommerce platforms due to the convenience it brings to shopping. The trust in online purchases is ever growing and without a doubt, eCommerce is the alternative choice to shopping.
Ecommerce is only 40 years old. The story began when Michael Aldrich, an English innovator, invented Teleputer, a mix of television, telephone, and PC. The emergence of the internet in the 1990s fuelled the growth of eCommerce. This period witnessed the debut of some of the world’s leading eCommerce retailers. Amazon and eBay made their humble entry in 1995 recording exponential growth ever since and are continuing to scale up their investment in eCommerce software.
The current eCommerce market
The shopping landscape has undergone a total transformation and today we don’t shop the way we used to. Buying and selling now happen anytime from anywhere in the world. Technology is growing like crazy and eCommerce is also expected to continue its boom. The worldwide retail eCommerce sales in 2019 were $ 3.53 trillion and are expected to touch $4.8 trillion in 2021.
With mobile devices entering the scene, the marketplace is now in your palms. Ease and flexibility to shop from anywhere, large choice of products and the huge discounts these stores offer over the traditional retail stores are increasing the number of eCommerce fans and by 2021 it is estimated that there will be 2.14 billion online shoppers worldwide.
Some interesting facts and eCommerce Trends
- 21.8 % of the global population shop online.
- Men spend 68 % more than women in online shopping
- The best online shoppers are Generation X. They spend more than baby boomers and millennials.
- The prime reason why people love shopping online is that it is available 24/7.
- Customers love free shipping. 24 % are ready to spend more to avail of free shipping.
- The best-selling online products are books.
- According to 2018 statistics, 75 % of online buyers use social media in their buying process.
Effective eCommerce strategies trends to watch out for
These days technology is transforming the way every industry does business by streamlining processes, creating efficiencies and increasing productivity. The Retail industry is rapidly adopting technology to its advantage enabling different touch points throughout the shopping journey. Others need a large-scale transformation to improve operations, whether renovating technology systems or re-imagining the supply chain. It is important to collaborate with a company providing eCommerce development or Magento development services to leverage new features.
So, how is eCommerce expected to shape out in the future? Here are the key trends to watch out for in the eCommerce sector in 2020. Business can draw a few inspirations from these trends to update the eCommerce strategies and include it in developing their eCommerce software.
- Mobile shopping is expanding: People are warming up to the concept of making purchases on mobile devices. The trust in mobile shopping is increasing with the availability of safe and secure mobile payments. Smartphones and tablets are within everyone’s reach and mobile sales captured more than 50 % of eCommerce sales in 2016. The share is expected to reach 70.4 % in 2020 and touch 72.9 % in 2021. ECommerce platforms can gain tremendously by optimizing themselves for mobile devices.
- Social commerce is going to rule: Social media is influencing the buying decisions and direct purchase through social media platforms has been growing. This trend is expected to continue into 2020 and beyond. Social media is now a potent channel that can create brand awareness, increase the customer base and drive sales. Some of the best eCommerce platforms have already included social media into their fold.
- Voice shopping is gaining traction: Shopping with conversational voice technology where customers can describe the products to the search engines is set to change the complete eCommerce scenario. Voice shopping became popular with the launch of Amazon’s Echo. Recent studies show that in 2019, the 27 % of consumers will use smart speakers for shopping. As per Voice bot reports voice search is used by 1 in 4 shoppers.
- Artificial intelligence cannot be ignored: Artificial intelligence can enhance the customer experience by increased personalization. By 2022 eCommerce stores would be investing $7.3 billion on AI. Though AI applications can be found predominantly in customer service and marketing, pricing and forecasting can also benefit from AI. Studies show that 20 % of consumers do not mind purchasing from chat bots. All the more reason for the retailers to move to AI.
Technology is playing a major role in shopping with voice search, mobile shopping and artificial intelligence making deep inroads. Businesses should incorporate these trends to stay up to date with the evolving eCommerce scenario. Building a successful eCommerce store is a competitive game that is constantly evolving and one you need to stay on top of with a trusted development partner to not only get ahead but keep ahead.
Contributed by
Ethan John
Business Analyst
https://www.oorjit.com/ | https://www.zeekin.com
