Technology is changing rapidly and the effect is something we are all aware of. With so many changes due to advancements in technology, the world of e-commerce has been hit the hardest. Even customers these days are tech-savvy and prefer to shop online. Customers are much smarter than before where they could be deceived by prices and 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 becomes easier to track online orders and they can also choose how they want to communicate with their online retailers. E-commerce retail sales have been growing since 2014. In 2017, sales reached US$2.3 trillion by 2021, they are expected to reach US$4.88 trillion.
Increase in e-commerce sites
There has been a huge increase in e-commerce sites. Almost every business goes online today because they know their customers are waiting for them online. Nobody has time to shop in store because of their busy schedule, but with so many options online, everything has become easy. Most online stores have started showing offers and discounts to attract customers. There are offers like “Get 20% off your 1st purchase”, etc. Today there is nothing better than taking the time to sit down at home and buy your favorite dress from your favorite brand. And then it is delivered to your home. Who doesn’t want this luxury? It also saves retailers money because they don’t need a store to display more than 1000 products.
A few facts
Average e-commerce conversion rates range from 3% to 4%.
E-commerce sales in the United States reached $396 billion in 2016 and are expected to reach $684 billion by 2020.
Increase in mobile applications for e-commerce
Every online business is moving towards the mobile world. it becomes easy for them to do business even when they are travelling. And shoppers love to use their mobile. 55% of businesses have a mobile-optimized website, mobile app, or both. Every 4th e-commerce dollar is spent on a mobile device. Here is an overview of the 3rd quarter of 2017.
It makes it easy to connect with your users through a mobile app. They can take advantage of offers on the go and make purchases directly through the various payment options and payment gateways. Having a brand’s app on your phone makes you seek it out for new arrivals or new offers, just like the mind of the customer, hence the rise of mobile apps.
With the growth of e-commerce, there is an increasing demand for advanced and dynamic online payment options. There is also growth in payment technologies via websites and mobile apps. This makes selling and buying products easy and simple. There are also international payment facilities that facilitate cross-border purchases with online payment solutions like PayU. With this, customers can pay on the go without needing to use their cards or other details. This saves a lot of time and money for both customers and businesses. Payment gateways like PayPal have 70% higher payment transactions than non-PayPal transactions.
Retailers grab customers’ attention
Over the years, email notifications are quickly overrun by advertisers for mobile push notifications. With these features, marketers can grab consumers’ attention like never before.
Promotional messages that were once considered spam can now be seen directly by users on their mobile screen, informing them of new offers or products.
The personal shopping experience is growing
Nothing has changed when it comes to personal attention when shopping. Every buyer wants a personalized experience with the growth of technology. Technology ensures that every shopper feels good with offers personalized just for them. Using technology to send a birthday and anniversary offer makes them feel important and remembered.
Express delivery and huge discounts
Who doesn’t want a product at a lower price without having to haggle with merchants? Who doesn’t want their product to be delivered the same day without going to the store? Competition and demand for both are increasing. This is sometimes difficult, but stores offering a same-day delivery option with additional charges are becoming popular among consumers. Amazon is one of those sites that all consumers are fond of today.
Social media has played a huge role in bringing customers closer to retailers. Customers can message brands directly and get their questions answered quickly. It has improved 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 “Buy Now” “Buy Now” on these platforms that allow customers to purchase directly from the page. They give customers a chance to experience the brand and see what more it has to offer them
These are a few ways that technology has had a big impact on e-commerce. These are not the only ways, but some of the popular ways that have impacted e-commerce and online businesses. These means have played a major role in the transformation of e-commerce and made it as important as it is today. Offers, discounts and multiple payment options open the door for small businesses to start online business with little investment.
Mobile-friendly websites and mobile apps have changed the way people view e-commerce. It has become most people’s favorite way of shopping. In addition to mobile social media apps, companies are helping businesses to get bigger profits through these platforms. In fact, some of them start their online business from home with little investment. Overall, technology has had a positive impact on the growth of e-commerce and all online businesses.