How technology has changed the field of e-commerce
Technology is advancing rapidly and the effect is something that we are all aware of. With so many changes due to the advancement of technology, the world of e-commerce has been affected the most. Even customers these days are tech-savvy and prefer to shop online. Customers are much smarter than before, where they could be cheated on prices and product quality. They know more than we think and they know how to find the perfect store to place your orders.
With technology so fast, it’s easier to track orders online, and they can also choose how they want to communicate with their online retailers. E-commerce retail sales have been going since 2014. In 2017, sales increased to US$2.3 trillion by 2021 and are expected to grow to US$4.88 trillion.
Rise of e-commerce sites
There has been a tremendous increase in e-commerce sites. Almost all businesses move online today because they know their buyers are waiting for them online. No one has time to shop in stores due to their busy schedules, but with so many options online everything has become easy. Most of the online stores have started displaying sales and discounts to attract customers. There are offers like “Get 20% off your first purchase” etc. Nowadays, there is nothing better than having time to sit 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 by not needing a store to display 1000+ products.
Average ecommerce conversion rates range from 3% to 4%.
US e-commerce sales reached $396 billion in 2016 and are projected to grow to $684 billion by 2020.
Increase of Mobile Apps for electronic commerce
All online businesses are moving to the mobile world. they find it easy to do business even while on the go. And shoppers love using their mobile. 55% of businesses have a mobile-friendly website, a mobile app, or both. Every 1 in 4 ecommerce dollars is spent on a mobile device. Here’s a look at the third quarter of 2017.
It facilitates the connection with its users through a mobile application. They can take advantage of offers while on the go and can complete purchases directly through the various payment options and payment gateways. Having a brand app on your phone tempts you to look for news or new offers, similar is the mind of the customer, hence mobile apps are on the rise.
Pay on line
With the growth of e-commerce, there is a growing demand for advanced and dynamic online payment options. There is also a growth in payment technologies through websites and mobile applications. This makes selling and buying products easy and simple. There are also international payment facilities available making cross-border purchases easy with online payment solutions like PayU. With this, customers can pay on the go without the need to use their cards or other details. It saves a lot of time and money for both customers and businesses. Payment gateways like PayPal have 70% more payment transactions than non-PayPal transactions.
Retailers capture the attention of customers
Over the years, advertisers are rapidly removing email notifications for mobile push notifications. With these features, marketers can capture the consumer’s attention like never before.
Promotional messages that were once considered spam can now be viewed directly by users on their mobile screen, updating them on new offers or products.
The personal shopping experience is growing
Nothing has changed when it comes to personalized attention during purchases. Every buyer wants a personalized experience with the growth of technology. The technology ensures that every shopper feels good with some personalized offers just for them. Making use of technology to send a birthday and anniversary offer gives them the feeling of being important and remembered.
Express delivery and big discounts
Who does not want a product at a lower price without having to haggle with the shopkeepers? Who doesn’t want their product delivered the same day without going to the store? Competition and demand for both are increasing. This is challenging at times, but stores that offer a same-day delivery option with additional charges are becoming popular with consumers. Amazon is one of those sites that all consumers appreciate today.
Social networks have played a very important role in bringing customers closer to retailers. Customers can message brands directly and get quick answers to their queries. Customer service has improved greatly. In fact, brands have also started using social media platforms like Facebook, Twitter, Instagram, Pinterest, etc. for promotions. In fact, there are 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 the opportunity to discover the brand and see what else it has. to offer them
Here are some of the ways technology has greatly impacted eCommerce. These are not the only ways but just some of the popular media that have impacted e-commerce and online business. These forms have played a major role in transforming eCommerce and making it as big as it is today. Offers, discounts and multiple payment options have the doors open for small businesses to start online businesses with little investment.
Mobile-friendly websites and mobile apps have changed the way people view e-commerce. It has become the preferred way of shopping for most people. Along with social media mobile apps, they are helping businesses earn higher profits through these platforms. In fact, some of them are starting their online businesses from home with little investment. In all, technology has impacted in the most positive way to help in the growth of electronic commerce and all online businesses.