Questions Business and Entrepreneurship

What is the future of e-commerce?

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Yadu Prasad

Do less with more focus

In the past few years, the e-commerce industry has grown to a considerable extent. With the rising trend of e-commerce sites, many of the offline businesses have made their move to the online world. This major shift is seen due to the increasing popularity of e-commerce sites among consumers. Customers all over the world are now more vested in e-commerce or online shopping sites. Why shouldn’t they be interested? After all, online shopping sites have so many advantages over offline shopping. Because of this, starting an e-commerce business is seen to be advantageous. It would be exciting to imagine what the future of the e-commerce industry would look like. What are the new trends that are likely to shape the e-commerce world?

The Future of E-Commerce Industry

Looking at the current rate of expansion in the e-commerce industry, it is safe to assume that it is only going to grow shortly. However, there always remains an uncertainty remains. That said, let’s take a closer look at the expected future of the e-commerce industry.

It is expected that customers are going to experience greater personalization in the e-commerce industry in the future. E-commerce sites are expected to offer a more in-store experience to the customers. Big e-commerce sites have already started taking steps towards progress. They are striving to provide more personal and tangible experience on the web.

One of the most significant developments in the e-commerce industry is the use of drones for the delivery of the products. It is currently being tested, and hopefully, it will soon be incorporated in the business. This will ensure faster and efficient delivery to the customers. Drones are going to be sent out from the delivery centers to the mentioned address. The delivery time is estimated at around 60 to 30 minutes. This is going to be significant progress in the e-commerce industry.

Pop up shops are also expected to be a part of the e-commerce industry in the future. Customers can visit a local shop and explore the available items and then buy them at lower prices online. This is also known as webrooming or showrooming. This will help the retailers to fill up the gap between the online and the offline worlds.

From the above discussion, it can be concluded that the future of the e-commerce industry looks quite impressive. If things work out the way it is perceived, then customers are going to have a great time shopping online.

Read more:  What are the various applications of e-commerce?

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CIO LOOK

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According to www.digitalcommerce360.com, consumers spent $861.12 billion online with U.S. retailers in 2020, up 44.0% from $598.02 billion in 2019. Online spending represented 21.3% of total retail sales last year, compared with 15.8% the year prior. COVID-19-related boosts in online shopping resulted in an additional $174.87 billion in eCommerce revenue in 2020. If it weren’t for the bump in online sales from the pandemic, the $861.12 billion in eCommerce sales wouldn’t have been reached until 2022.

In sum, our lives haven’t stopped because of Covid-19 & either our spending. In fact, it’s only increased and is likely to stay that way for quite a few reasons including!

  1. Procuring from anywhere in the world with relative ease
  2. Procuring with full knowledge of products and alternatives, and alternative suppliers.
  3. While taking lead-time into an account, procuring on JIT is possible which saves money and is apt for today’s start-up businesses that are short on money, and space.

Continue reading at: https://ciolook.com/will-businesses-continue-to-prioritize-e-commerce-mediums-post-covid-19/

Airtract

Ritesh Patil

Technology is best when it brings people together

The ever-changing e-commerce landscape is bringing numerous challenges for newcomers as well as legacy organizations. These challenges would surely help you grow as a business owner and change the way you implement your customer retention and satisfaction strategy. You shall also witness a myriad of opportunities to spark new ideas in the coming times.


As you approach these transformations, you’ll come across some trends that’ll help you build and maintain a successful e-commerce business in the near future. So without any further ado, let’s take a look at these growth trends that’ll define the future of e-commerce for the years to come.   


Omnichannel Purchase - Multi-channel shopping is about to capture a larger market and diminish the gap between the physical and digital world. Users shall get the privilege of searching for a product online and then buy it via a brick and mortar store accordingly. 


Social Purchase - Social platforms like Instagram, Facebook, etc., are earning the needed reputation by helping brands improve their marketing and sales capabilities. This shall enable customers to shop their choicest products with more convenience and transparency.


Cross-border Purchase - 53% of domestic customers have started looking for online products overseas. This trend shall strengthen global e-commerce and help retailers reach the remotest of locations across the globe and sell more efficiently. 


B2B E-commerce - This type of e-commerce is simplifying the shopping journey and channelizing a more convenient digital commerce services system. It would be backed by intuitive sales reps connectivity, dedicated pre-approvals, and sophisticated negotiations.


Mobile Shopping - The future of e-commerce shall widely depend on the extreme usage of mobile applications and related technology by more than 54% of customers. Shoppers can experience the power of online shopping and user-friendliness in just a few clicks.  


Voice Technology - Another worth mentioning trend is voice-activated online browsing. Amazon Echo and Google Home are already changing the way users interact with retailers. These voice-enabled technology devices are creating a progressive e-commerce environment.


Digital Payments - Various modes of online payments and electronic transactions are now becoming a norm by offering an effortless shopping experience. Besides, cryptocurrencies are also observing wide acceptance across the business world. 


E-commerce Personalization - The dynamics of e-commerce have started optimizing user data to systematically deliver customized shopping experiences. From purchase history and demographics to search behavior and devices used, everything is utilized.   



With such consistently increasing purchasing power of users across the globe, contributing factors of social media, and rapidly growing tech-enabled infrastructure & advancements, the future of e-commerce in 2021 and beyond seems more promising than ever before. So, it’s time to stay ahead of the market changes, adopt digital commerce services, and uplift your brand to its best.     


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