Technology is moving fast and the impact is something we are all aware of. With many changes due to technological advancement, the world of e-commerce has been the most influential. Even today's customers are tech savvy and prefer online shopping. Customers are getting smarter than before because they can be affected by price and product quality. They know more than we think and are thinking about how to find the perfect store to place their order.
With the speed of technology, it is easy to track orders online and can also choose how you want to communicate with online retailers. E-commerce retail sales have declined since 2014. In 2017, sales rose to $2.3 trillion by 2021, and are expected to grow to $4.88 trillion.
Increase in e-commerce sites:
There has been a significant increase in e-commerce sites. Almost all business is done online today because they know that online shoppers are waiting for them. Nobody has time to shop in stores due to their busy schedules, but with so many options online it is easy. Most of the online stores have started offering offers and discounts to attract customers.
There are offers like "Get 20% off your first purchase", etc. Today, there is nothing better than spending time at home and shopping for your favorite dress from your favorite brand. Then it is delivered to the house. Who does not want this luxury? It also saves retailers money by not requiring the store to offer more than 1,000 products.
Increase in mobile applications for e-commerce:
Every online business goes to the mobile world. It becomes easier for them to do business even while traveling. Shoppers love to use their cell phones. 55% of companies have websites, mobile apps optimized for mobile, or both. Every dollar out of every $4 e-commerce is spent on a mobile device. Below is an overview of the third quarter of 2017.
Facilitates communication with users through mobile applications. They can take advantage of offers on the go and can complete purchases directly through various payment options and payment gateways. Having the brand application on your phone attracts you to search for new arrivals or new offers, which is like the mind of the customer and thus increases the mobile application.
electronic payment:
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 buying and selling products easy and simple. International payment facilities that facilitate cross-border shopping are also available with online payment solutions such as PayU.
With these customers, they can pay on the go without having to use their cards or other details. It saves a lot of time and money for customers as well as businesses. Payment gateways like PayPal have 70% higher payment transactions than transactions outside of PayPal.
Fast delivery and huge discounts:
Who wouldn't want a product at a lower price without having to bargain with store owners? Those who do not want to have their product delivered on the same day without going to the store. Competition and demand for both is increasing. This can be difficult at times, but with stores offering the option of same-day delivery for an additional fee, it is becoming popular among consumers. Amazon is a website loved by all consumers today.
Social media:
Social media has played a huge role in bringing customers closer to retailers. Customers can send messages directly to brands and get their inquiries quickly. It has greatly enhanced customer service. In fact, brands have also started using social media platforms like Facebook, Twitter, Instagram, Pinterest etc for promotions. In fact, there are call-to-action buttons like 'Shop Now' 'Buy Now' on these platforms that allow customers to buy directly from the page. They give customers a chance to discover the brand and learn more to offer them.
Here are some of the ways technology has impacted e-commerce in a big way. These are not the only ways but just some of the popular ways that have affected e-commerce and online businesses. These methods have played a major role in transforming e-commerce and making it as big as it is today. Offers, discounts, and multiple payment options are open doors for small businesses to start an online business with little investment.
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