The goal of any e-commerce entity is customer delight and with the quickly changing world e-commerce businesses must work on their ability to quickly define what the customer wants and exceed it by delivering excellent customer experiences. To do all this businesses need to understand these five factors that are changing e-commerce.
The market for e-commerce software applications as well as digitally connected platforms and businesses processes is huge. This factor has been changing e-commerce for quite some time now and the total market size of e-commerce software back in 2013 even was estimated to be worth $3 billion and it has significantly grown since then.
Fueling E-Commerce Growth
There are industries that are termed most favorable for e-commerce. Industries like travel, entertainment, retail, lifestyle and distribution are the top ones that are fueling e-commerce growth in the past few years. These industries are quickly building strong digital infrastructure for better and safe e-commerce transactions in accordance with the customer expectations.
The whole traditional retail system has been revolutionized with the use of web and mobile systems. The most advantage has been to the manufacturers with brands that have been struggling in the traditional market because of competition from private label retail brands, now most of them are doing their business online and are offsetting the loss on revenue from private label brands. E-commerce has been providing a favorable environment for brands by reducing their direct sales cost, storage and warehousing costs and better exposure through multi-channel targeted sales strategies.
Impact of Mobile, Social and Other
Mobile and social are the two major reasons why experts today are looking at e-commerce differently. Also with the popularity of cloud platforms and Enterprise Resource Planning (ERP), today there is more to e-commerce than just selling, experts are getting more and more data about their online customers and are devising strategies by using that data to know as well as predict the needs to their targeted users and even insights about specific business, competition and industry have been made possible with the proliferation of these technologies and platforms.
Lifestyle shopping has become a huge trend across e-commerce industries. The power of image-based social networking platforms like Instagram, Pinterest and even Facebook has enabled customers to organize their own collection online and share it with thousand others. This trend is fueling personal expression in shopping and is making others reflect (positively/negatively) on their purchases too. This trend is engaging more and more online shoppers and it has given birth to influencer marketing and personal recommendations.
Bottom Line: E-commerce Businesses need to pay attention to these factors that are changing the whole scenario of online selling if they want to succeed in this rapidly-changing market. Businesses reshaping their e-commerce strategies to account for these factors would not only result in increased customer satisfaction but will stay as preferred business in the minds of their customers in the long-term.