The emergence of the digital age has certainly impacted almost every individual in some way or the other. Now, people have access to any type of information in the world at the palm of their hand. This digital boom has hugely impacted the way marketing is being done. Many new trends in marketing have emerged over the years, and E-Commerce is one of the major sectors that has been affected. It has certainly made shopping more accessible and easier, letting customers shop at the comfort of their homes or wherever else they might be, through their mobiles, tablets, laptops, desktops or any other device. Since the time it was first introduced in the market, E-Commerce technology has undergone a lot of changes, this wants us to look forward to what is next in the digital E-Commerce industry?
Evolution of E-Commerce through technology
The last decade was the biggest in the history of the E-Commerce industry. Not only did we see heightened consumer interest and participation — the industry also recorded enormous sales figures. According to eMarketer, China pulled in almost $900 billion from E-Commerce storefronts in 2016, with the U.S. earning more than $423 billion in sales revenue. Overall, the E-Commerce world received approximately $1.915 trillion in 2016. Technology is propagating this massive tide of good fortunes. Far from the days when it was just the foundation of E-Commerce, technology today is turning the industry into what might be the pinnacle of modern-day retailing. But how exactly is technology impacting the E-Commerce scene?
Impact of Social Media on E-Commerce
The growth of M-Commerce has not only impacted the way consumers do shopping but has also enhanced their overall buying journey. It has a vast impact on how companies and the consumers stay connected with each other, and how companies market their products. Today, almost every person has access to a smartphone, making it easier for marketers and advertisers to reach consumers where they are. Online marketing campaigns have now replaced traditional ad campaigns. There are numerous channels for online marketing campaigns, such as e-mail, social media, online games, apps, websites, blogs, etc.
With the evolution of E-Commerce, the potential of online marketing has become practically limitless to help them reach and persuade customers during every stage of their buyer journey.
The latest innovation in this sphere has been the emergence of social buying as a concept. It refers to selling a product on different social media platforms and has opened many avenues for the businesses by providing them with multiple benefits. They can reach a wider audience, engage in an interaction with them, know about their interests and hobbies by following their social timeline, and can target a more specific audience by following these steps.
For example, Twitter introduced “buy now” buttons, which is described by brands as a way for customers to discover and purchase their products in real time. Instagram and Facebook also enabled actionable advertisements, along with buy now options as well by making your own online store through these portals. Now, its fairly easy for a start-up business to have their own online set-up, especially when they can’t afford to have a website created for their shop.
According to an Accenture millennial shopping study: “89 percent said having access to real-time product availability information would influence their shopping choices in terms of which stores they would frequent.”
As advertisers attempt to capitalize on millennial shopping, more companies that sell to retailers and consumers are shaping their online store to accommodate this audience.
Mobile Apps for E-Commerce
Perhaps one of the most important evolutions of E-Commerce in recent years is the ability to browse, compare, and shop from beautiful, responsive mobile sites or apps via a smartphone or tablet. Mobile commerce or M-commerce represents a vast majority of people that now would rather experience the full spectrum of the buyer’s journey through smaller screens. People can make purchasing decisions and buy products without ever entering a brick and mortar retail location, all from their mobile device.
Even though mobile commerce is still yet to be adopted by the masses of smartphone device users, there were still large advancements on the earlier end of this decade. The number of people who used a phone to pay their products and services had jumped to 9 million US mobile subscribers in 2008.
As the app marketplaces developed on Android and iOS, app-based mobile commerce had the opportunity to create much more interactivity and engagement through these platforms. Push notifications are an advantage that mobile shopping apps have in re-engaging their customers and promoting sales. Desktop E-Commerce platforms don’t have this luxury outside of email newsletters.
Following Is a List of the best E-Commerce Mobile Apps That Have Been Super Successful Amongst Their Users:
Future of E-Commerce – What is next in the digital E-Commerce industry?
Exciting things are coming in the near future for the E-Commerce industry. Mobile platforms are the future of E-Commerce and are more important than ever. Subscription services look to gain a larger percentage of the digital market. The way products are marketed and showcased is about to take a major leap forward.One of the biggest global trends in E-Commerce will be product visualization.Even with these changes, recent technological advances in 3D, augmented reality, and virtual reality are poised to change the way products are visualized.
Product customization will grow from recommended items and remarketing ads to truly personalized offerings. The ability to customize products is also an important component of the previous trend; subscription-based services.
Businesses are integrating Chatbots in their system to delight their customers and to improve brand image. Chatbots and virtual assistants are the future of any business. With the help of Chatbots you can order food, checking luggage at the airport, booking a hotel room, schedule flight and can get many recommendations regarding anything you can think of.
From the IKF Desk
E-Commerce has come a long way since it began in the 1970s. It started out as an almost non-existent business model and is now one of the most frequent business practices being exercised in the modern era. With new technologies emerging such as VR, AR, biometrics, AI and more, E-Commerce will only continue to grow and thrive. Technology is functioning as the rubber that propels the E-Commerce industry. It’s only a matter of time before it expands in an entirely new directions. Question is – how are we so sure its headed in the right direction?