We've learned over the last few years that things can change in an instant, changes we thought would take years to prepare for, behaviours we thought we'd stick to forever, and expectations we have of ourselves and the organisations. This holds true for the way we live, work, and shop and buy as consumers. In the year 2021, as per to a survey thousands of consumers since the pandemic's inception, discovered that 80 percent of consumers are changing their shopping habits, 60% are now visiting stores less frequently than before the pandemic, and 43 percent are shopping online for products they would have previously purchased in stores. One of the major effects of Covid-19 was the establishment of E-commerce businesses, and now for many of us, geographical location is no longer an issue as long as we have the internet access. The concept of E-Commerce platform not only allowed consumers to move away from urban areas in order to live a happy & serene life, but also provided the flexibility to trade as well.
Experiences are Ever-Evolving
People's online shopping habits are changing as a result of e-commerce. The intensity of human connection between company and consumer has become quite opaque, with the consumer's overwhelming preference for online shopping being the consumer's first choice.The ability to shop from anywhere at any time led an impact on consumer purchasing habits.They are no longer required to wait until the store opens before making a purchase. While the ability to research and shop online has been available for some time, mobile phones have taken E-Commerce to a new level because customers can use the device at any point during the sales cycle.
Customer’s expectations of the companies they buy from have risen as a result of the evolution of eCommerce.So, what do customers anticipate? They expect a personalised, seamless shopping experience that is reliable despite of the device they are using or the stage of the purchasing process they are in.However, E-commerce has revolutionised the entire shopping experience, with more than 60% of people worldwide using the internet to buy things, choose services, and obtain goods.It enables people to purchase items from the comfort of their office chair, home lounge couch, or even while travelling with a simple click of their finger.E-commerce is not only beneficial to customers and consumers; it is also a holy grail for retailers.They can now expand their business all over the world using E-commerce, which was previously impossible and required a significant investment.
Expand your Business with a Simple Click
Ecommerce had an positive impact on business in the recent few years. On the other hand, the platform allows businesses to reach a much larger audience at a lower cost if the traditional retail method were used. There is no need to acquire expensive high-street stores with ecommerce.You can manufacture or store your goods in a remote upcountry location while still advertising and selling them globally by developing a good website which is substantial and less expensive than leasing expensive high-traffic store fronts.Furthermore, once your website is up and running, you will be able to reach a large number of customers.
On the other hand, established enterprises, the majority of which are vertically integrated, are finding it more difficult to maintain their market share than ever before.More adaptable competitors are entering the market previously dominated by these established firms, making competition fiercer than ever.To remain competitive, traditional businesses must adapt to new technologies and invest in developing new capabilities.Blockbuster, the world's leading video rental and franchise, had enjoyed many years of success.However, Netflix, an ecommerce firm, entered the market and took away a significant
market share from Blockbuster, forcing it to rethink its business model in order to offer ecommerce services. Another good example of how ecommerce which is changing the business landscape is Amazon & Flipkart, that has taken a significant market share away from the small retailers forcing them to begin selling online as well.
Social media and E-Commerce: A match made in heaven
Social media platforms have all created their own versions of marketplaces based on a user's likes, followers, and interactions, such as Facebook Marketplace and
animated Instagram stories. They have enabled many brands to use this to expand their reach, from catered ads to influencers' sponsored recommendations. Under the guise of targeted advertising, the underlying feeling of human connection remains highly interactive and experiential. Not only are these ads inherently leveraging data and analytics to further push sales to a targeted audience, but clever marketing strategies that feel much more informal are also propelling experiential e-commerce with tactics like live streaming a new product, brands interacting with users on social platforms, or giveaways. Many brands have also enlisted the help of influencers to help pitch their product, which encourages relatability. This also informs a casual approach because interactions to join a giveaway or use a promo code feel as if a user is simply listening to a friendly recommendation to purchase, rather than a traditional ad, making incentives interactive. This subtle experiential approach will not only easily attract Consumers, but will also keep them engaged with a brand based on their tailored interactions with incentives, which can solidify conversion and brand loyalty.
Innovations Ahead
To say that this year has been unique would be an understatement. Storefronts have gone digital, kitchen tables have been converted into conference rooms, and our entire way of living, working, and shopping has been turned upside down.What hasn't changed is the significance of providing an exceptional customer experience for businesses.The year 2021 ripped a hole in time's fabric, and the e-commerce roadmap fell through it.
As we all know, the year 2022 will usher in the era of Cloud , augmented reality, block chain technology, and artificial intelligence.This is one of the most widely- accepted technologies that every company wants to implement in their operations right now. But which technologies are most likely to provide the most value? In the online world, margins are too narrow to simply deploy a slew of systems and see what sticks.In the future, retailers will need to carefully direct their investment toward tools and services that provide the highest return on investment. And, from where we are now, it appears that four key advancements are driving the e-commerce charge-:
Chatbots
Chatbots, as annoying as they can be at times, add a conversational element to e-commerce, allowing customers to find what they want quickly and easily at a low cost to the retailer. As chatbot technology improves and becomes more capable of ingesting and interpreting both spoken and written language, we can expect them to supplement the entire sales process, streamline customer service, collect data for marketing and trend prediction, and even generate sales leads.
Mobile Platforms
Every day, new apps and services emerge, all with the goal of making it easier to draw customers and get better shopping experience.The trend is so strong that some market analysts have classified "m-commerce," or mobile e-commerce, as a distinct new channel.
Augmented/Virtual Reality
Part of the new and exciting shopping experiences made possible by e-commerce will take place in augmented and virtual reality environments.The metaverse's foundation, in fact, is a fully immersive ecosystem in which users can play, socialise, and shop as if it were the real world, only better.
Artificial Intelligence
In the midst of the COVID-19 pandemic, Artificial intelligence (AI) is quickly emerging as a critical sales and marketing tool.It's also making its way into the supply chain, where it can rise above many of the major impediments to products reaching buyers on time.According to all The Research, the market for artificial intelligence in the logistics and supply chain sectors is growing at a compound annual rate of 24% and is expected to reach $12 billion by 2027. Activity is high on both the supply side with companies like IBM, Google, and Amazon investing heavily and the demand side with UPS, FedEx, and other carriers looking for ways to improve performance while lowering costs.
Final Thougts
The e-commerce industry has a direct impact on micro, small, and medium-sized businesses by providing financing, technology, and training, and it has a positive cascading effect on other industries as well.In the long run, technology-enabled innovations such as digital payments, hyper-local logistics, analytics-driven customer engagement, and digital advertisements will almost certainly contribute to the sector's growth, resulting in increased employment, export revenues, tax collection by exchequers, and better products and services for customers.
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