Technology is fast paced and the effect is something that we all are aware of. With so many changes happening due to the advancement in technology the e-commerce world has affected the most. Even the customers these days are tech savvy and prefer to shop online. The customers are much smarter than before where they could be befooled with the prices and the product quality. They know more than we think and know how to find the perfect store to place their orders.
With technology being so fast, it gets easier to track the orders online and they can also choose how they wish to communicate with their retailers online. The retail e-commerce sales have gone since 2014. In 2017 the sales went up to 2.3 trillion US Dollars by 2021 it is expected to grow up to 4.88 trillion US Dollars.
Increase in e-Commerce Sites
There has been a tremendous increase in the e-commerce sites. Almost every business is moving online today because they know their shoppers are waiting for them online. No one has the time to shop in stores because of their busy schedules, but with so many options online everything has become easy. Most of the online stores have started displaying offers & discounts to attract customers. There are offers like “Get 20% off on Your 1st Purchase”, etc. Today, there is nothing better than getting the time to sit at home and shop for your favorite dress from your favorite brand. And then it is delivered home. Who does not want this luxury? It also saves the money of the retailers, by not needing a store to display more than 1000s of products.
- Average e-commerce conversion rates vary from 3% to 4%.
- U.S.e-commerce sales reached $396 billion in 2016 and are predicted to grow to a massive 684 billion by 2020.
Increase in Mobile Apps for e-commerce
Every online business is moving to the mobile world. it becomes easy for them to do business even while they are traveling. And shoppers love using their mobile. 55% of companies have a mobile-optimized website, mobile app, or both. Every 1 in 4 e-commerce dollars is spent on a Mobile Device. Here is a glimpse of the 3rd Quarter of 2017.
It makes it easier to connect with your users through a mobile app. They can avail the offers while on-the-go and can directly complete purchases through the various payment options and payment gateways. Having a brand’s app on your phone tempts you to look into it for new arrivals or new offers, similar is the customer’s mind, hence mobile apps are increasing.
With the growth in e-commerce, there is an increasing demand for advanced and dynamic online payment options. There is also a growth in payments technologies through websites and mobile apps. This makes selling and buying of products easy and simple. There are international payment facilities also available that makes it easy for cross-border shopping with online payment solutions like PayU. With this customers can pay while on-the-go without the need to use their cards or other details. It saves a lot of time & money for both the customers as well as the businesses. Payment Gateways like PayPal have 70% higher checkout transactions than non-PayPal transactions.
Retailers take customers attention
Over the years email notifications are quickly being swarmed out by advertisers for mobile push notifications. With these features, marketers can get consumer attention like never before.
Promotional messages that were considered spam at one time can now directly be seen by the users on his mobile screen, updating them about the new offers or products.
Personal Shopping Experience is growing
Nothing has changed when it comes to personal attention while shopping. Every shopper wants a personalized experience with the growth in technology. Technology ensures that every shopper feels good with some personalized offers only for them. Making use of technology to send a birthday and anniversary offer gives them a feeling of being important and remembered.
Express Delivery & Huge Discounts
Who does not want a product at a lesser price without having to bargain with the shopkeepers? Who does not want their product delivered same day without going to the store. The competition and demand for both are increasing. This is challenging sometimes, but with stores offering a same-day delivery option with extra charges is getting popular among the consumers. Amazon is one such site that all consumers are fond of today.
Social Media has played a huge role in bringing the customers closer to the retailers. Customers can directly send messages to the brands and get replies quickly to their queries. It has enhanced customer service to a great extent. In fact, brands have also started using social media platforms like Facebook, Twitter, Instagram, Pinterest, etc. for promotions. In fact, there is a direct call to action buttons like “Shop Now’ ‘Buy Now’ on these platforms that allow customers to buy directly from the page. They are giving the customers a chance to discover the brand and see what more it has to offer them
These are few ways technology has impacted e-commerce to a great extent. These are not the only ways but just a few of the popular means that have impacted e-commerce and the businesses online. These ways have played a major role in transforming e-commerce and making it this large as it is today. Offers, discounts, and multiple payment options have open doors for small businesses to start online businesses with little investment.
Mobile friendly websites and mobile apps have changed the way people look at e-commerce. It has become the most preferred way of shopping for most of the people. Along with social media mobile apps are helping businesses to get bigger profits through these platforms. In fact, some of them are starting their online businesses from home with little investment.